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;
Source: OAI

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.

  • Source
    [Show abstract] [Hide abstract]
    ABSTRACT: Purpose – The purpose of this work is to analyze, both from a theoretical and an empirical point of view, the significance of intangible assets in Spanish firms. Design/methodology/approach – To perform this study Spanish firms listed in the Spanish Securities and Exchange Commission (CNMV) were examined, in which intangible assets play a significant role in their business models. Using a questionnaire of 25 items, the final sample consisted of 39 firms (response rate =15.2 per cent) that could be used for the analyses. From the information thus gathered, a statistical treatment was implemented using the SPSS computer program and the answers to each of the 25 items were analysed. An analysis of principal components in the question was also established, in order to summarize all 12 reasons proposed into just a few factors. Findings – Among others, certain relevant conclusions about intangible assets indicated that: Spanish firms have moved from an industrial economy toward a knowledge-based economy; the disclosure of information about intangible assets in Spanish firms is still limited; some of the most relevant intangible assets are customer relationships, employee experience, information technologies, brand image, procedures and systems; and the number of indicators used by Spanish firms is about 20. Research limitations/implications – To select the sample for the questionnaire the database of the CNMV was used. The final sample thus comprised 257 firms, but the authors finally received answers from 39 firms. Practical implications – The paper is a very useful source of information for the Spanish firms and for investigators in this subject. Originality/value – This paper is pioneering in the analysis of the situation of intangible assets in Spanish firms, as well as in determining some of the most relevant intangible assets used by those firms.
    Journal of Intellectual Capital 01/2005; 6(1):105-126.
  • Source
  • [Show abstract] [Hide abstract]
    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.
    Social Responsibility Journal 03/2012; 8(1):4-20.


Available from