La relevancia de los intangibles para la valoración y la gestión de empresas: revisión de la literatura (1)

Revista española de financiación y contabilidad, ISSN 0210-2412, Nº 100, 1999, pags. 17-88 01/1999;
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ABSTRACT This paper presents a survey of the economics, business and accounting literature focusing on the analysis of intangibles. First, it addresses the analysis of the economic nature of intangibles, discusses several alternative definitions, and reviews the classifications proposed in the literature, as well as the accounting criteria for the recognition, valuation and depreciation of intangible assets. Then, a discussión on the relevance of specific intangible assets for firm valuation is presented, paying special attention to the risks of underestimating the value of intangibles. The paper then delves on the managerial implications of intangibles, discusing the relevance of organizational innovation and the strategic management of intangibles. Finally, several proposals for the disclosure of information on intangibles are reviewed. Este trabajo presenta una revisión de la literatura publicada en el terreno de la economía, la administración de empresas y la contabilidad, que ha centrado su atención en el análisis de los intangibles. En primer lugar, revisando algunas de las definiciones y clasificaciones propuestas en la literatura y discutiendo los criterios contables adoptados para el reconocimiento, valoración y amortización de los activos intangibles. A continuación, se analiza la relevancia de algunos intangibles para la valoración de la empresa, concediendo especial atención a los riesgos que pueden derivarse de la infravaloración o la no consideración de los intangibles en el análisis. Las implicaciones de los activos intangibles para la gestión de empresas se analizan considerando su importancia en relación con la innovación organizativa y la gestión y la gestión estratégica. Finalmente, se discuten algunas propuestas para la revelación de información financiera sobre los intangibles de la empresa.

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    ABSTRACT: Purpose – The purpose if this paper is to investigate the determinants of corporate disclosure on human resources. Design/methodology/approach – The paper examines the extent to which 105 Spanish listed companies present information about human resources in their annual report. It distinguishes information about human capital, which includes the items about human resources usually integrated in intellectual capital, and social and ethical aspects of information about employees. A content analysis of 105 companies' annual reports was conducted. Once the information was quantified, using a regression analysis the influence certain company characteristics have on this disclosure was examined. Findings – The results confirm the impact of variables like size, type of industry and property concentration on human resource disclosure. Practical implications – The disclosure of the most competitive companies suggests that they are more concerned about employees' welfare than the rest. This may motivate a change of the disclosure policy of the rest of the firms who may follow the behavior of the most competitive ones. Originality/value – Content analysis has been carried out in some papers referring to human capital disclosure but with a descriptive character. In addition, considering different types of information about employees will permit the observation of the existence of any difference in the determinants depending on the users of this disclosure: shareholders or stakeholders (more concerned about social matters). Furthermore, using a variable to distinguish competitive companies from the rest has allowed us to see what human resources issues are relevant for competitive businesses.
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    Edited by Instituto de Contabilidad y Auditoria de Cuentas, 01/2014; Instituto de Contabilidad y Auditoria de Cuentas., ISBN: 724-14-004-8


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