PL EN


2018 | 66 | 7 | 665 – 680
Article title

IMPACT OF INTANGIBLES ON FIRM VALUE: EMPIRICAL EVIDENCE FROM EUROPEAN PUBLIC COMPANIES

Content
Title variants
Languages of publication
EN
Abstracts
EN
This paper examines the value relevance of intangibles expressed by R&D expenditures and intangible fixed assets, and other variables with the firm value. Using the regression approach for 1 520 observations in years 2011 – 2015, we found out that R&D expenses to total assets can significantly explain market to book value ratio of selected companies. Results of our analysis indicate the more accelerated increase of firm value with the increase of R&D expenses to total assets in comparison with the increase in relation to other regressions. An interesting fact is that intangible fixed assets to total assets are not statistically significant, indicating that the market does not evaluate passive strategy of externally acquiring intangible assets instead of their own development.
Contributors
author
  • Technical University of Košice, Faculty of Economics, Department of Banking and Investment, Němcovej 32, 04200 Košice, Slovak Republic
References
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.cejsh-b02e2125-017b-437d-9564-10a1dd012999
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.