Empirical Study on the Impact of Evaluation of Intangible Assets on the Market Value of the Listed Companies
Abstract
The accelerated pace of economic development, the digital revolution and the internationalization of business has meant for some entities the creation or acquisition of intangible assets (IA), which have become increasingly important for the economic prosperity and for determining the global value of a company, also becoming an important incentive in creating added value. The aim of this paper is focused on analyzing the impact of internally generated intangible assets on the market value of the companies. In order to achieve this aim, we conducted an empirical study involving a sample of 180 NASDAQ and NYSE listed entities between 2007 and 2016. The sample has obtained by applying the inclusion and exclusion criteria on the 500 large-capitalization companies (S&P 500 Index). Making use of regressive techniques, the authors undertook an econometrical model to test whether the impact of intangible assets on the market value of the entities increases when are provided complete, clear and easy-to-understand accounting information about the intangible assets value, which aid business to properly estimate corporate value ratio and reduce implicit bias, due to mainly taking into account those reported values when measuring an entity’s value. The results revealed an impact of the value of the reported and unreported IA on the market value of the entities, for manufacturing companies relative to service companies, which generates an added value on the capital market and implicates a close linkage of disclosure compliance and the associated industry sector. The proposed model can be an inspiration for the legislator to change the structure of financial reporting, or anticipated a valuable informational source for increasing the quality of integrated reporting of economic entities.
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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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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 chMe hodologyandDa 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 SampleSelec 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
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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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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 iablesUsed,Da aP ocessing
andResul 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 chResul 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
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