84 2021, XXIV, 1
Business Adminis a ion and Managemen
DOI: 10.15240/ ul/001/2021-1-006
EMPIRICAL STUDY ON THE IMPACT
OF EVALUATION OF INTANGIBLE ASSETS
ON THE MARKET VALUE OF THE LISTED
COMPANIES
C is ina Gab iela Cosmulese1, Ma ian Socoliuc2,
Ma ius-So in Ciubo a iu3, Ve onica G osu4, Do el Ma eş5
1 “S e an cel Ma e” Uni e si y, Facul y o Economics and Public Adminis a ion, Depa men o Accoun ing,
Audi and Finance, Romania, ORCID: 0000-0002-8406-7004, [email p o ec ed];
2 “S e an cel Ma e” Uni e si y, Facul y o Economics and Public Adminis a ion, Depa men o Accoun ing,
Audi and Finance, Romania, ORCID: 0000-0001-6378-6686, [email p o ec ed];
3 “S e an cel Ma e” Uni e si y, Facul y o Economics and Public Adminis a ion, Depa men o Accoun ing,
Audi and Finance, Romania, ORCID: 0000-0002-8560-9223, [email p o ec ed]. o;
4 “S e an cel Ma e” Uni e si y, Facul y o Economics and Public Adminis a ion, Depa men o Accoun ing,
Audi and Finance, Romania, ORCID: 0000-0003-2465-4722, [email p o ec ed]. o;
5 Wes Uni e si y o Timişoa a, Facul y o Economics and Business Adminis a ion, Depa men o Accoun ing,
Romania, ORCID: 0000-0001-7158-8794, [email p o ec ed].
Abs ac : The accele a ed pace o economic de elopmen , he digi al e olu ion and he
in e na ionaliza ion o business has mean o some en i ies he c ea ion o acquisi ion o in angible
asse s (IA), which ha e become inc easingly impo an o he economic p ospe i y and o
de e mining he global alue o a company, also becoming an impo an incen i e in c ea ing
added alue. The aim o his pape is ocused on analyzing he impac o in e nally gene a ed
in angible asse s on he ma ke alue o he companies. In o de o achie e his aim, we conduc ed
an empi ical s udy in ol ing a sample o 180 NASDAQ and NYSE lis ed en i ies be ween 2007
and 2016. The sample has ob ained by applying he inclusion and exclusion c i e ia on he
500 la ge-capi aliza ion companies (S&P 500 Index). Making use o eg essi e echniques, he
au ho s unde ook an econome ical model o es whe he he impac o in angible asse s on he
ma ke alue o he en i ies inc eases when a e p o ided comple e, clea and easy- o-unde s and
accoun ing in o ma ion abou he in angible asse s alue, which aid business o p ope ly es ima e
co po a e alue a io and educe implici bias, due o mainly aking in o accoun hose epo ed
alues when measu ing an en i y’s alue. The esul s e ealed an impac o he alue o he epo ed
and un epo ed IA on he ma ke alue o he en i ies, o manu ac u ing companies ela i e o
se ice companies, which gene a es an added alue on he capi al ma ke and implica es a close
linkage o disclosu e compliance and he associa ed indus y sec o . The p oposed model can be an
inspi a ion o he legisla o o change he s uc u e o inancial epo ing, o an icipa ed a aluable
in o ma ional sou ce o inc easing he quali y o in eg a ed epo ing o economic en i ies.
Keywo ds: In e nally gene a ed in angible asse s, alua ion, book alue, ma ke alue, econome ic
model.
JEL Classi ica ion: M41.
APA S yle Ci a ion: Cosmulese, C. G., Socoliuc, M., Ciubo a iu, M.-S. G osu, V., & Ma eş,
D. (2020). Empi ical S udy on he Impac o E alua ion o In angible Asse s on he Ma ke
Value o he Lis ed Companies. E&M Economics and Managemen , 24(1), 84–101. h ps://doi.
o g/10.15240/ ul/001/2021-1-006
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In oduc ion
The sho comings in adi ional inancial
epo ing ha e become mo e han ob ious, i
we look a he esul s o di e en esea ches
o s udies in he ield, bu especially acco ding
o he hesis suppo ed by Robe Eccles, om
Ha a d Business School, which shows ha
only 25% o he ma ke alue o a company
can be a ibu ed o i s accoun ing alue, he
es o 75% coming om he e alua ion o he
alue c ea ed by IA (such as s a egies, p oduc
inno a ion, cus ome loyal y, u u e p o i s,
goodwill, e c), which a e ully accoun ed o
only ex ao dina y e en s, such as acquisi ions
and me ge s o companies, o he sale o hei
subsidia ies (Eccles, 1991). Thus, only a small
pa o he ac o s ha con ibu e o he c ea ion
o alue a e iden i ied and p esen ed in he
epo ing used by in es o s, which ob iously
c ea es an obs acle in unde s anding he
mechanisms o alue c ea ion, aking in o
accoun he s a egic impo ance o IA.
Acco ding o he abo e, some yea s la e , in
a epo o he In e na ional In eg a ed Repo ing
Council (IIRC) i is shown ha he sha e o IA
would ha e eached much highe alues, in he
sense ha he endency o inc ease he weigh
o in angible asse s egis e ed om 1975 o
2009, compa ed o he ma ke alue o he
companies included in he S&P 500 Index, i
wen om 17% in 1975 o among 80 and 81%
be ween 2005 and 2009 (IIRC, 2011). Some
o hese asse s a e p esen ed in he inancial
s a emen s, bu ano he impo an pa is no
included, which p ac ically comp omises he
accu acy o he in o ma ion p o ided by his
ype o epo ing.
The e o e, i becomes inc easingly
bu densome o an en i y o main ain a le el
o compe i i eness in he mode n, globalized
wo ld, which no longe elies on angible asse s.
In his con ex , we s a om he p emise ha
he economic doc ine, no mally iden i ied by
a pa adigm o s uc u e and adap ed o he
equi emen s o hese s uc u es, ne e heless
p esen s a limi when i ails, o explain why he
companies ha ope a e in he same sec o and
who ollow simila s a egies, s ill ob ain esul s
ha a e no iden ical. Wha exac ly makes he
company mo e e icien han he o he , e en i
i ope a es in he same sec o and ollows he
same s a up? Howe e , he e is he heo y
o esou ces and compe ences, consolida ed
since he la e 1980s ha p o ides a imely
answe o his ques ion (Ba ney, 1991, 2001).
The di e ences in esul s be ween companies
belonging o he same sec o and wi h simila
s a egic beha io s consis in he supe io
endowmen o he dis inc i e esou ces and
compe ences o in he possession, o each
company, o hose angible and in angible
asse s ha a e di icul o imi a e o ep oduce
by o he subjec s (Badicu & Mihaila, 2016).
In he cu en con ex , i is e en mo e
necessa y no only o de elop dis inc skills,
such as “ha ing knowledge” and “knowing
how o apply hese know-how”, bu also o
make hem isible by making hem explici
in he economic and social sys em o which
hey belong. In ac , in angible esou ces a e
inc easingly conside ed he ounda ion o he
company’s compe i i e powe , as i plays a key
ole in c ea ing compe i i e ad an ages (Iancu
e al., 2014; Mihaila, 2014; Bu ciu & Kicsi, 2015).
Fo his pu pose, we will examine he gene ally
ecognized c i e ia and an accep ed doc inal
le el o he iden i ica ion and classi ica ion
o in angible asse s, bu also a e iew o he
c i e ia o e alua ing and ecognizing hese
esou ces in inancial s a emen s, as well as
hose ha a e di icul o iden i y o sepa a e
om he o he asse s ha emain ou side he
balance shee . The e o e, he aim o he pape
is ocused on c ea ing an econome ic model
o e alua ing he alue o in e nally gene a ed
in angible asse s and including hese alues in
he adi ional epo ing o economic en i ies,
as his disc imina ion ea men be ween
companies p oducing IA and hose ha
pu chase s ill exis . In o de o achie e his aim,
he ollowing objec i es ha e been se :
1. To analyse and sys ema ize ecen li e a u e
on he in angible asse s;
2. To iden i ica e and e alua e impac o
in e nally gene a ed in angible asse s
(IGIA) on he ma ke alue o companies;
3. To iden i ica e and discuss he main solu ions
o p oposals ega ding he ex ension o he
s uc u e o he balance shee ha also
includes he alue o un epo ed in e nally
gene a ed in angible asse s (UIGIA).
The s uc u e o he pape : in he i s
sec ion o pape , he li e a u e e iew on he
in angible asse s and i s impac s is p o ided,
ollowed by he esea ch me hodology
who p esen s an desc ip i e and analy ical
app oach, h ough which we wan o de elop
a ool o es ing hypo heses and alida ing
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Business Adminis a ion and Managemen
he esul s ha can inally be accep ed by he
academic, p ac i ione s and legisla o s. In his
sec ion a e also desc ibed he dependen and
independen a iables selec ed. The s uc u e
con inues wi h he esul s analysis ha
p o ides he empi ical esul s and implemen s
a ious obus ness checks o he alidi y o
he benchma k indings. The s udy ends wi h
a conclusion o he indings o he s udy, as well
as obse a ions on hei limi a ions.
1. Li e a u e Re iew
Cu en ly, companies a e u ning o he
gene a ion and de elopmen o unique asse s
ha , al hough p esen a high isk, a e mean
o gua an ee he sus ainabili y o he en i ies
ha own hem. Scien i ic s udies (Ocean
Tomo, 2015) show ha he ma ke alue o he
en i ies is much highe han he book alue, his
disc epancy se ing as p oo ha he asse s
ha a e no e lec ed in he en i y’s balance
shee play a majo ole in gene a ing co po a e
weal h. An in-dep h s udy o he specialized
li e a u e shows us a con inuous conce n o he
esea che s, bu also o he bodies esponsible
o de eloping he s anda ds ega ding he
assessmen and ecogni ion o IA in he asse s
o lis ed o unlis ed en i ies, many o hem
(G osu, 2013; Salameh & Bashi , 2013; Bunge
e al., 2014) claiming ha he iden i ica ion and
ecogni ion o all ypes o IA has no ye been
su icien ly in es iga ed and he e o e hei
es ima ion is conside ed a complex ask, and
can be de e mined as he di e ence be ween
he eal alue (ma ke alue) and he cu en
(book alue) o an economic en i y. Al hough
a ious me hods o aluing in angible asse s
a e c ea ed o p oposed (Smi h & Pa , 1994;
Su oca e al., 2010; OECD, 2012; Gamayuni,
2015; Pas o e al., 2017), hei applica ion in
p ac ice o in empi ical s udies is di icul o
ma e ialize.
Main aining a compe i i e ad an age o e
he o he compe i o s and inc easing he s ock
ma ke alue o he sha es is de e mined by he
eal alue o he IA, bo h epo ed and un epo ed
(Smal & McComb, 2016; Bužinskienė, 2017;
Lampinen, 2018). This hypo hesis is con i med
by nume ous s udies in he ield (Nonaka &
Takeuchi, 1995; Bon is, 1998; Le , 2001; OECD,
2008; Volko & Ga anina, 2008; Nakamu a,
2010; G eco e al., 2013; Chen e al., 2016;
Clausen & Hi h, 2016; Jo dao & de Almeida,
2017; Osinski e al., 2017; Fejes, 2018) who
a gued ha cu en accoun ing ea men applied
o in angible asse s does no help o e lec
he eal alue o IA, and implici ly he alue
o he en i y. Mo eo e , i p esen s gaps and
sho comings ha ha e educed o e ime he
ele ance o he inancial s a emen s, an aspec
due o he con inuous inc ease o he alue o IA
and a he same ime he limi a ions ega ding
hei ecogni ion.
In he las decades he need o
imp o emen o ex ension o he s uc u e o
inancial s a emen s wi h new in o ma ion,
signi ican alues o he epo ing en i y, has
been inc easingly el (Cosmulese e al., 2019)
In hese ci cums ances, i is ine i able no o ask
ou sel es: wha would be he limi s o epo ing
in e nally gene a ed in angible asse s? As
we men ioned in he i s pa o he pape , IA
ep esen s hose elemen s ha con e a cen al
posi ion in explaining he success o a company
and which explains why he en i y is no only
an o ganized sys em ha pu chases inpu s,
bu ans o ms hem and ans e s hem o he
ma ke ha ing inco po a ed a ce ain le el o
added alue.
Judging om he analysis o he nume ous
s udies ca ied ou in he ield, he pe cep ions
di e acco ding o he pu pose o he s udies.
Fo example, pa o he in e na ional IFRS
e e en ial only hose in angible asse s which
a e non-mone a y and a e di e en om he
o he asse s can be iden i ied and epo ed in
he balance-shee a a jus i ied cos (IAS 38,
Ac i e in angibile, pa ag aph 8–17; IFRS 3,
pa ag aph 12). Ye , he e a e some au ho s
who ecommend ex ending he capi aliza ion
o in e nally gene a ed in angible asse s
by adjus ing hei ecogni ion c i e ia, while
o he s call o a undamen al change in he
adi ional accoun ing model, owa ds a ull
assessmen / eassessmen o he en i e se
o asse s a ai alue, which would be mo e
able o e lec he alue o IA (Skinne , 2008).
Also in his con ex , we conside ha , besides
he cha ac e is ics o na u e o he company,
he cha ac e is ics o he a ious indus ies o
which he company epo s a ec he deg ee o
disclosu e o he in angible asse s, one o he
ac o s ha could a ec he ela i e ba gaining
powe o he en i y, is he deg ee o indus y
concen a ion. When an indus y is agmen ed
and concen a ion is low, compe i ion in he
indus y is p obably mo e in ense and he
ba gaining powe o he i m is low. The e o e,
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Ande son e al. (2004) indica e ha a highe
concen a ion may p o ide mo e ma ke powe ,
which may lead o highe in angible asse s. In
his ega d, Rao e al. (2004) examining he link
be ween in angible asse s and le e age, inds
ha en i ies wi h highe g ow h oppo uni ies
ha e a low le e age alue. Howe e , p e ious
s udies (e.g. McConnell & Se aes, 1990)
show ha i ms wi h high le e age can enjoy
a iscal ad an age. They can deduc in e es
cos s, which esul s in a la ge cash low and
hus imply a posi i e ela ionship wi h in angible
asse s. The in ensi y o capi al also a ec s he
alue o in angible asse s, as i is a p oxy o
in es men oppo uni ies.
Al hough since he 90s he in e es o
academics on he opic has exploded, he
esea che s ha e no been able o p o ide
an e ec i e and conc e e me hod/me hod o
e alua ing he IA ha could de e mine he
legisla o o allow en i ies o epo his alue
h ough he balance shee , hus con ibu ing o
he elimina ion o disc imina ion be ween he
en i ies ha p oduce hese ypes o asse s and
hose ha pu chase hem (Ba eja e al., 2017).
The as majo i y o esea ches ha e p omo ed
esea ch p ocedu es o plans ha ha e limi s,
because hey a e no easible in p agma ic
e ms, in o he wo ds hey do no jus i y hei
applicabili y a he le el o an economic en i y,
ei he because hey could be oo expensi e o
because o he a alanche o in o ma ion does
no jus i y i s use ulness o he s akeholde s
o he en i y (Zhang, 2013; Podho ska &
Siekelo a, 2016; No ák, 2018).
In conclusion, we can say ha he conce n
and he inc eased in e es o his opic in he
academic en i onmen a e ob ious, which is
why we conside ed i app op ia e o con inue
hese challenges by iden i ying new p oblems
ha emain un esol ed and p oposing
app op ia e solu ions.
2. Resea chMe hodologyandDa a
2.1 Resea ch Pu pose and Hypo heses
As desc ibed in he p e ious sec ions, his
s udy aimed o analyzed he impac o in e nally
gene a ed in angible asse s on he ma ke alue
o he companies by c ea ing an econome ic
model in o de o include he alues o epo ed
and un epo ed in angible asse s in he
adi ional epo ing o economic en i ies, as his
disc imina ion ea men be ween companies
p oducing IA and hose ha pu chase s ill exis .
In o de o each he p oposed objec i e,
he ollowing esea ch hypo heses (H) ha e
been es ablished:
H1: The impac o he alue o in angible
asse s gene a ed in e nally and no epo ed on
he ma ke alue o economic en i ies is g ea e
han he alue o he in angible asse s epo ed.
H2: The highe he alue o a epo ed
in angible asse (RIA), he g ea e he impac
on he en i y’s ma ke alue.
H3: The impac o he alue o he epo ed
and un epo ed in angible asse s on he ma ke
alue o he en i ies is s onge o manu ac u ing
companies ela i e o se ice companies.
H4: As he global alue o in angible asse s
inc eases, he ma ke alue o he en i ies
inc eases.
This assump ion is based on he ac ha
all changes in alue ha a e associa ed wi h
he p o ision o new accoun ing in o ma ion o
he ex e nal ma ke /en i onmen depend on he
accu acy o he in o ma ion, which epo s he
o al alue o he in angible asse .
2.2 SampleSelec ion
In o de o ca y ou he empi ical esea ch, in he
phase o collec ing he necessa y in o ma ion,
we used media ed da a collec ion echniques,
using in o ma ion om he annual inancial
s a emen s and he adminis a o s’ epo s
published on he o icial websi es o each en i y
in he analyzed sample S anda d & Poo ’s 500
Index (SPX), bu also om seconda y sou ces,
h ough specialized po als on schola ships,
such as he Gu u ocus.com sc eened playback
si e. O he da a used we e ob ained by
calcula ions and own p ocessing, ollowing he
applica ion o s a is ical-ma hema ical me hods,
using MS Excel so wa e.
The s udy sample is composed o 180
NASDAQ and NYSE lis ed en i ies be ween
2007 and 2016, selec ed on he basis o
inclusion and exclusion c i e ia om he 500
la ge-capi aliza ion companies (S&P 500
Index), he sample being he e ogeneous
in he sense ha i was no kep accoun o
he ield o ac i i y, he ype o ma ke o he
geog aphical a ea on which hese companies
ope a e. Rega ding he inclusion c i e ia, hey
mainly ocused on: he p ima y cha ac e o he
in o ma ion – only in insic and ep esen a i e
indica o s we e in oduced in he s udy o
gene a e he model; homogenei y o da a – only
in o ma ion on indica o s wi h a high deg ee o
88 2021, XXIV, 1
Business Adminis a ion and Managemen
homogenei y has been in oduced in he s udy
o allow ep esen a i e ou pu s o be ob ained;
connec ion wi h he ma ke – quo a ion
indica o s we e in oduced in he s udy o
allow he analysis o he impac o IA on he
ma ke alue o he holding en i ies; e lec ion
a e inancial epo ing o IA – elemen s we e
in oduced in o he s udy o highligh he e ec
o goodwill on he ma ke alue o he company.
The exclusion c i e ia imply: he en i y’s
a ilia ion wi h he banking ac i i y; lack o IA
epo ed om annual inancial s a emen s; he
p inciple o con inui y o quo a ion (main aining
he ma ke o he whole pe iod analyzed);
a ypical beha io s ega ding capi al policy;
p oblems o e u n o asse s wi h low yield.
A e applying he selec ion c i e ia,
namely, he possibili y o calcula ing he 17
indica o s ini ially selec ed o modeling,
180 lis ed en i ies emained in ou po olio,
mos o hem g ouped in o sec o s such as:
ene gy, heal h, mo o s ehicles and pa s,
echnology, elecommunica ions and he ood,
be e age and obacco sec o s. The collec ion
o in o ma ion was a challenge o he p esen
esea ch, as he inancial da a, hose ega ding
he IGIA we e manually calcula ed.
The sample aken in o accoun (180 S&P
500 companies) is ep esen a i e o he
p oposed objec i e, namely: he analysis o
he impac o IGIA on he ma ke alue o he
holding en i ies, as i ep esen s 36% o hei
o al numbe .
The s uc u e o he sec o al sample was
analyzed acco ding o he accumula ions o IA
epo ed in he balance shee – IA associa ed
wi h inancial in o ma ion/ epo ed in e nally
gene a ed in angible asse s (RIA/RIGIA), no ing
ha he classi ica ion is no a ele an one
because hey mus be iewed in co ela ion wi h
he accumula ions o angible asse s, he size
o he en i y’s capi aliza ion being e y di e en
depending on he sec o o ac i i y, o in ela ion
o i s p o i abili y, which ep esen s he main
pu pose o he employe s and he managemen
o he companies. F om he analysis o he
s uc u e o he sec o al sample acco ding o
he accumula ions o capi al, i is no ed ha in
he elecommunica ions and ene gy sec o he
accumula ions o equi y exceed he a e age o
he gene al accumula ion, which means ha
he en i ies in hese sec o s p edominan ly
base hei ac i i y on he exploi a ion o IA and
nume ous pe sonnel esou ces. The analysis
Fig. 1: S uc u e o he sampling on sec o s o ac i i y
Sou ce: own
O he

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Business Adminis a ion and Managemen
o he sample acco ding o he a e age alue
o he sha es, shows us ha in e ms o s ock
quo es, he mos a ac i e companies a e
hose ha o e business se ices (consul ing),
he IT sec o and he public ood sec o . The
easons o he high quo a ion alue a e s ic ly
ela ed o he p o i abili y o he business which,
in he case o consul ing se ices o IT se ices,
is e y high in ela ion o he cos s in ol ed in
he business, and in he public ood sec o ,
his p o i abili y esul s om he ac ha he
ma ke is ex emely la ge, he ield o ac i i y
add essing o he sa is ac ion o a p ima y need
such as he need o ood, o which he e is
a po en ially unlimi ed demand.
Thus, he diag am o he sample
ep esen a i eness in e ms o RIA in angible
asse s epo ed in he balance shee is
p esen ed in Fig. 1.
2.3 Va iablesUsed,Da aP ocessing
andResul s
As ega ds he a iables used, i s ly we desc ibe
he dependen a iable and hen we de ine he
independen a iables conside ed app op ia e
o he de elopmen o his empi ical s udy.
The empi ical da a needed o his pa o he
s udy we e collec ed using he andom sampling
me hod and he con en analysis me hod. A majo
di icul y in p epa ing he eg ession model was
he selec ion o a a iable ha would cap u e
he isola ed e ec o UIGIA. The e o e, wi hin
his line o analysis i is expec ed ha a smalle
pe cen age o he in angible asse s egis e ed in
ela ion o he o al asse s will esul in a highe
e u n on he asse s, because he o al asse s
a e unde alued ( h ough he absence o UIGIA),
and in he companies whe e he e a e al eady
egis e ed (acqui ed) ele an IA, hey will educe
he e u n on asse s (ROA). In his con ex , we
de eloped a “p oxy” – In e nally Gene a ed
In angible Asse s (IGIA), calcula ed as ollows:
ma ke alue o equi y a he balance shee da e
minus he book alue o equi y plus he book
alue o IA eco ded in he balance shee .
In o de o highligh he a iables a ibu ed o
he di e ence be ween he ma ke alue and he
accoun ing alue o a lis ed en i y, we will eso
o a syn hesis o he a iables ha , acco ding
o he specialized li e a u e, in luence he IA
and implici ly on he ma ke alue o he en i y
and also p o ide a b ie explana ion o hem,
om a heo e ical poin o iew, conside ing
he calcula ion me hod and hei connec ion/
co ela ion wi h he in angible asse s.
In o de o de e mine he impac o IGIA
on he ma ke alue o he coiled en i ies, ou
econome ic models wi h a de e mined uni a y
dependen a iable and simila ins umen al
a iables we e elabo a ed, es ing he
homogenei y o he model being pe o med by
ixing di e en eg esso s. Fo he elabo a ion
o he econome ic models, we c ys allized he
model equa ions o IGIA, as ollows:
IGIAi =α0 +β1TD_Ai – β1TA_Ai +
+ β3 Capi alizi +εi
(1)
IGIAi =α0 +β1GPi – β1Ti +β3NIi +εi (2)
IGIAi =α0 +β1R&Dexpi – β1ASPi +
+β3EVi +εi (3)
IGIAi =α0 +β1EBITi – β2EBITDAi –
–β3ROEi –β4ROICi + β5ROAi +εi (4)
Thus, o he calcula ions o he models he
dependen a iable was aken in o accoun :
IGIA = In e nally Gene a ed In angible Asse s,
his being es ed in ela ion o he eg esso s:
TD_A = o al deb s adjus ed, eco ded
a he balance shee da e; TA_A = o al
adjus ed asse s, eco ded a he balance
shee da e; Capi aliz = ma ke capi aliza ion;
T = u no e ; GP = g oss p o i ; NI = ne
income; R&Dexp = esea ch and de elopmen
expenses; ASP = he a e age ading p ice
o a sha e; EV = he alue o he en e p ise;
EBIT = Ea nings be o e in e es and axes;
EBITDA = Ea nings Be o e In e es , Taxes,
Dep ecia ion and Amo iza ion; ROE = Re u n
on equi y; ROIC = Re u n on in es ed capi al;
ROA = Re u n on Asse s.
Conside ing he mul iple linea eg ession
models, de ined by he ela ionships abo e, we
e i ied du ing he esea ch pape he ollowing
hypo heses ha mus be espec ed in o de o
pe o m s a is ical modeling (Jemna, 2012):
Independen a iables: T, TA_A, TD_A,
Capi aliz, NI, ASP, ROA, ROIC, ROE, EBIT,
EBITDA a e non-s ochas ic;
1. M(ε) = cons an = 0;
he e oscedas ici y V(εi) = M(εi
2) = σ2;
2. No mali y o e o s, εi ~ N(0, σ2);
3. Non-co ela ion o e o s, co (εi, εj) = 0;
4. Lack o co ela ion be ween he independen
a iables and he e o a iable,
co (εi, X1) = ... = co (εi, X9) = 0;
90 2021, XXIV, 1
Business Adminis a ion and Managemen
5. The e is no linea connec ion be ween he
independen a iables.
3. Resea chResul s
Following he collec ion o ele an da a, in
o de o ob ain ele an esul s and a he same
ime o deepen he p oposed opic, a se ies
o indexes and sco es co esponding o each
a iable we e c ea ed, which subsequen ly
helped o comple e he mul iple eg ession
equa ions. The da a hus ob ained we e
analyzed using he s a is ical so wa e p og am
GRETL e sion 2019d.
In o de o e i y he eliabili y o he op imal
model p oposed, o hose a iables, which
we e included in he mul iple linea eg ession
model, we applied s a is ical es s as well;
dispe sion, adjus ed dispe sion, s uden es ,
he e oskedas ici y, Pea son coe icien s and
Akaike c i e ia, Schwa z and Hannan-Quinn
c i e ia, which demons a ed he eliabili y o he
model by he alid alues ob ained.
Gi en ha in e nally gene a ed in angible
asse s (wi h he excep ion o hose asse s
acqui ed as a esul o a sepa a e acquisi ion
o business combina ion) a e no ecognized in
he balance shee , o cap u e hose in e nally
gene a ed in angible elemen s ha in luence he
alue o he en i y decisi ely and signi ican ly
a p oxy, named by us – UIGIA. No e ha in
p e ious s udies a ious p oxies we e used. Fo
example, Gu and Wang (2005) use esea ch
and de elopmen expenses, ad e ising
expenses and in angible asse s acqui ed in
his espec , while Ba h e al. (2001) added
o he dep ecia ion expenses. Howe e , ou
s udy ocuses on he capi aliza ion o in angible
asse s and he e o e we wan ou esul s o be
compa able o hose o Ma olcsy and Wya
(2006) and Chalme s e al. (2012), which is why
we choose o use a p oxy p oposed by hem,
which is h ough he o mula: he ma ke alue
o equi y minus he book alue o equi y plus
in angible asse s capi alized in he balance
shee . We men ion ha he e a e se e al
s udies ha suppo he use o his calcula ion
o mula (Chung & P ui , 1994; Smi h & Wa s,
1992).
As can be seen om abo e, some o ou
p oxy alues o IGIA a e nega i e, which was
he case in p e ious s udies using he same
p oxy (i.e. Ma olcsy & Wya , 2006; Chalme s e
al. (2012). Al hough nega i e alues ega ding
he alue o in angible asse s gene a ed
in e nally o a company a e no heo e ically
plausible, Ma olcsy and Wya (2006) explain
ha hese nega i e alues a e mos likely
he esul o a dec ease in ma ke alue ha
p eceded he impai men o in angible asse s
o he obse ed en i y. As I men ioned ea lie ,
o en i ies wi h highe le els o IA, analys s
should bene i he mos om he po en ially
impo an in o ma ion ha can be a ibu ed
o he capi aliza ion o hese asse s. F om
ou analysis i can be obse ed ha ou o
17 independen a iables, only 4 a iables
a e closely co ela ed wi h he IGIA, namely:
Capi aliz, T, GP, NI, OP (ope a ing p o i ). These
ou a iables ha e a s ong in luence on he
dependen a iable, be ween IGIA and T ha ing
a di ec ly signi ican connec ion o 4.93-E06.
We also obse e ha , a s anda d de ia ion
o he T agains he a e age alue is 1.60%,
in exchange o he a iables EV, S_N, he
de ia ion is highe 3.16%, espec i ely 9.38%.
In o de o elabo a e he empi ical esea ch,
we used a mode n and complex p oxy o
quan i ying in angible asse s no eco ded in
he balance shee , which we called IGIA. The
alue o in angible asse s gene a ed in e nally
and un eco ded (IAGIU) in he balance shee
was de e mined as he di e ence be ween he
ma ke alue o he en i y and he ne book alue
o he en i y (o o al asse s minus o al liabili ies
minus IA eco ded in he balance shee ). In
o de o imp o e he compa abili y be ween he
s udies pe o med so a and he obus ness o
ou es s, we will adop he es ima ion me hod
Two-S age leas squa es (2SLS), he me hod o
smalles squa es in wo phases, which allows
us o es ima e he unique s uc u al equa ion
ha in e es s us, wi hou modeling explici ly he
en i e ela ionship o he sys em, ha causes
simul anei y. To pe o m his eg ession we
used a se o ins umen al a iables ha a e
co ela ed wi h he eg ession a iables and
no co ela ed wi h he pe u ba ions (G eene,
2000).
F om he analysis o he independen da a,
namely he -s a is ic o model 1 and 3, we
ind ha he a iables Capi aliz and EV ha e
a signi icance o 4.5301 and 7.303 espec i ely,
wi h a signi icance below 0.1 compa ed o he
IGIA index. This means ha each in e nally
gene a ed in angible asse has a s ong
connec ion wi h he app ecia ion o he ma ke
alue. As can be seen, he nega i e codes o
he s a is ical coe icien o he a iables:
91
1, XXIV, 2021
Business Adminis a ion and Managemen
TA_A, T, ASP, show ha he a e age o he
independen a iable is lowe han he a e age
o he dependen a iable. This esul has he
same alue as he esea ch om Ga anina
and Pa lo a (2011), in which hey ound ha
he in angible alue has a posi i e co ela ion
wi h he ma ke alue index. E en ROE, ROIC,
ROA, EBITDA and EBIT ha e a nega i e
ela ionship, bu he alue o he e o is no
signi ican . The s uc u ed analysis allowed
us o pe o m p elimina y calcula ions o he
econome ic model gene a ion, based on which
i was possible o de e mine he es ima ed
equa ion o he mul iple linea eg ession
model o IGIA. Thus, i can be seen ha he
i s model is he mos signi ican /op imal
wi h R-squa ed = 0.846, in which we made
a co ela ion be ween he capi al elemen s, he
s ock ma ke capi aliza ion, he quan i ica ion
o he sha eholde s’ con ibu ion o he sha e
capi al le el, and he goodwill elemen s
capi alized in balance shee , all o which
ul ima ely indica e he impac o IA on he alue
o lis ed en i ies as being signi ican and which
gene a es an added alue on he capi al ma ke .
In he case o he o he models, hei R2 alue
is below he limi o 0.6 – a alue ha allows
us o s a e ha , he models ha e no been well
speci ied (applying he me hod o he smalles
squa es in wo phases, an analysis echnique
ha has he s a is ical p og am GRETL e sion
2019d, in he case o eg essions ega ding he
IGIA dependen a iable, was ob ained a se ies
o es ima ed alues o each o he 4 models.
I can be obse ed ha , in he case
o model 1, he alue o he coe icien o
de e mina ion R2 is 0.846 (calcula ed as
he squa e o he co ela ion coe icien and
ep esen s he a ian weigh om he in e nally
gene a ed in angible asse s, explainable
h ough he model equa ion), which shows
ha he eg ession equa ion explains/
desc ibes in p opo ion o 84.59% he a ia ion
o he dependen a iable and o he whole
phenomenon. This pe cen age is a consis en
one ha a es s o he model’s c edibili y and
impac on he esea ch heme, a ac ein o ced
by he alue o he adjus ed co ela ion
coe icien ha alls wi hin he same con idence
limi o 84.42%. In con as , in he case o models
2 and 3, we can see ha R2 explains in a much
smalle p opo ion he phenomenon: 26.45%
and 52.06% espec i ely. Rega ding he esul
o model 4 (R2 = 3.5%), we a i m ha , one o
he easons why i has an insigni ican alue,
i may be due o he ac ha he coe icien o
de e mina ion R2 oscilla es wi h espec o i s
alue as we include mo e many a iables in
calcula ing he dependen a iable.
In he case o model 1 and 3, he analysis
o he a iance shows ha he a e age o
he dependency a iable is highe han he
s anda d de ia ion. Rega ding he dispe sion
R, his indica o is a alid one, gi en ha i s
limi ends o 0.0, o model 1, his condi ion
is ul illed. Since he alues F-s a is ic and
P ob (F-s a is ic), in he case o he i s model
a e 111.08 espec i ely −19,502.26, his ac
a es s ha he model signi ican ly in luences
he dependen a iable, he e o e we accep
he model as he mos app op ia e. The alues
ound in he F-s a is ic and P ob (F-s a is ic)
law, o model 3, a e signi ican 49.84493,
espec i ely −15,667.86, which deno es ha ,
om he poin o iew o he s a is ical es ,
we asse ha his model is also app op ia e.
Models 2 and 4 do no comply wi h he decision
ule ega ding he accep ance o he model
( he F-s a is ic has he highes alues, and
he P ob (F-s a is ic) he lowes alues), which
is why we conside hem o be inadequa e.
The Akaike c i e ia, he Schwa z c i e ion
and he Hannan-Quinn c i e ion a e used o
de e mine he consis ency o he model da a
by compa ison wi h ano he possible model, in
ou case he alue associa ed wi h he model
ep esen a i eness indica ed by he squa e R2
es which leads o he s a is ical alida ion o
he model 1.
Be o e pe o ming he eg ession analysis,
a Hausman es was pe o med o decide
whe he he eg ession o ixed o andom
e ec s was used. In his sense, i is es ed
whe he he unique e o s a e co ela ed wi h
he eg esso s; he null hypo hesis being
ha hey a e no co ela ed (G eene, 2000).
The e o e he asymp o ic alue o he Hi-squa e
es in co ela ion wi h he p- alue ha alls,
i we e e o he model 1, in he in e al
[0,1] (p- alue = 0.14742), indica es ha he
eg ession o he ixed e ec s is ac ually he
one be e me hod o da a analysis, meaning
ha he model is well de ined, consis en and
homogeneous.
The es o he null hypo hesis o he no mal
and squa e dis ibu ion o model 1 (= 0.03 > 0,
and i s p- alue o 0.974), indica es ha he
s a is ical se ies alls wi hin he e e ence
92 2021, XXIV, 1
Business Adminis a ion and Managemen
ange [0,1], which means ha he model is well
de ined , consis en and e o - ee. Wi hin hese
s a is ical de e mina ions he 95% con idence
in e al was calcula ed and he es was alid.
The s a is ical es o he no mali y o he
esidue indica es alues o he dis ibu ed
e o s, unde he condi ions o a p- alue ha
alls wi hin he e e ence ange [0,1]. Thus,
model 1 is con i med o be cons i uen and
wi hou signi ican e o s. A he same ime, he
es o inconsis en a iables ela ed o model 1
indica es a alue close o 0, which con i ms he
homogenei y o he model.
F om Fig. 2 we can obse e a homogeneous
dis ibu ion and a co esponding winding o
he alue a ound he o ecas s ep ela ed
o model 1. The ampli ude o he winding
e lec s he homogenei y o he model
da a. By using s a is ical modeling, a se o
econome ic co ela ions was ob ained whose
alues gene a e he es ima ion o he linea
ela ionship be ween he dependen a iables
and he de ined independen a iables. The
model was de eloped based on he me hod
o he smalles squa es, in wo phases. The
con idence in e al is a ep esen a i e one, and
Fig. 2: The Q-Q plo diag am o he eg ession models
Sou ce: GRETL e sion 2019d
99
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