The impact of intangibles on value creation: Comparative analysis of the Gu and Lev methodology for the United States software and hardware sector

• Autores: Leonardo Fernando Cruz Basso, Juliana Oliveira Albuquerquer Saliba de, Herbert Kimura, Erica Braune Sumoyama Braune
• Localización: Investigaciones europeas de dirección y economía de la empresa, ISSN 1135-2523, Vol. 21, Nº 2, 2015, págs. 73-83
• Idioma: inglés
• DOI: 10.1016/j.iedee.2014.09.001
• Títulos paralelos:
  • Impacto de los intangibles sobre la creación de valor: análisis comparativo de la metodología de Gu y Lev en el sector de software y hardware de Estados Unidos
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    El objetivo de este trabajo fue analizar la contribución de los activos intangibles en la creación de valor de las empresas utilizando la metodología propuesta por Gu y Lev (2003, 2011). La base de datos utilizada fue recogida en Datastream con información que abarca el período de 2001-2010. Los principales resultados indican que: (i) las variables RD y SGA y RD, SGA y CAPEX representan proxies de intangibilidad para el sector del software y hardware, respectivamente; (ii) el comprehensive value explica el valor de mercado para los dos sectores, y (iii) los índices de intangibilidad ICBV y RI y MtCV, ICM y RI presentan una relación positiva y significativa con el rendimiento para los accionistas en el sector del software y hardware, respectivamente. La principal consecuencia de este artículo fue obtener una relación positiva y significativa entre el comprehensive value y su valor de mercado. Si esta variable realmente explica el valor de mercado, se trata de una solución a un problema que afecta a los contables, que es cómo contabilizar los activos intangibles en el balance general.

  • English

    The aim of this paper was to analyze the contribution of intangible assets in the value creation of companies, using the methodology proposed by (, ). The database used was collected in Datastream with information covering the period from 2001 to 2010. The main results indicate that: (i) the variables RD and SGA and RD, SGA and CAPEX represent intangibility proxies for the software and hardware sector, respectively; (ii) comprehensive value explains the market value for the two sectors; and (iii) the intangibility indices ICBV and RI and MtCV, ICM and RI present a positive and significant relationship with shareholder return for the software and hardware sector, respectively. The principal implication of the paper is having found a positive and significant relationship between comprehensive value and market value. Accordingly, if this variable really explains the market value, it is a solution to a problem that afflicts accountants, which is how to account for intangibles in the balance sheet.

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