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O niektórych problemach metodologicznych wyceny kapitału intelektualnego przedsiebiorstwa

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Sokołowski J., Jóźwicki R., Społeczna Akademia Nauk; Wydział Zarządzania; Katedra Zarządzania
Acta Universitatis Lodziensis. Folia Oeconomica
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2012
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vol. 267
EN
The aim of the modern enterprise is an increase in the broader values. An important component and also factor in the company's value is its intellectual capital. One of the most important problems of theory and practice in this area is the measurement and reporting of intellectual capital of the company. There are two kind of approaches, namely the approach of intellectual capital valuation based on market value of the company and approach to valuation of various components of intellectual capital. This article addresses the methodological problems of estimating the value of intellectual capital in the first of these approaches. The Authors have indicated that the previous methodology for valuation of intellectual capital, in particular, in the formula based on the difference of the market value of companies and its book value has an important methodological flaw. Therefore the Authors proposed two slightly different formulas for estimating the value of intellectual capital.
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Information Asymmetry, Capital Structure and Equity Value of Firms Listed on the WSE

80%
Gralewska M., Białek-Jaworska A.
Journal of Banking and Financial Economics
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2022
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issue 1(17)
17-41
EN
The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with instrumental variables. Data retrieved from the Notoria, Bloomberg and Orbis databases were used. The results show that despite its impact on reducing the cost of capital, increasing debt does not lead to an increase in equity value. Therefore, the benefi ts of higher short-term leverage are limited and visible only for long-term debt. On the other hand, despite bigger information asymmetry, companies are valued higher, which means that asymmetrical information does not necessarily hurt valuation in the short term but in the long term. The results contribute to the literature on firms’ use of leverage under information asymmetry, showing higher trust in cash flow than profits in books.
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