Relevancia de los intangibles para la valoración de las acciones de las empresas en el mercado: evidencias desde el contexto argentino

• Cecilia Rita Ficco ^[1] ; Eliana Werbin ^[2] ; Margarita Díaz ^[2] ; María Begoña Prieto Moreno ^[3]
  1. [1] Universidad Nacional de Río Cuarto

     Universidad Nacional de Río Cuarto

     Argentina

     
  2. [2] Universidad Nacional de Córdoba

     Universidad Nacional de Córdoba

     Argentina

     
  3. [3] Universidad de Burgos

     Universidad de Burgos

     Burgos, España

     

  Mostrar afiliaciones +
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 66, Nº. 3, 2021
• Idioma: español
• DOI: 10.22201/fca.24488410e.2021.2558
• Títulos paralelos:
  • The relevance of intangibles for the valuation of companies shares in the market: Evidence from the Argentine context
• Enlaces
  • Texto completo (pdf)
• Dialnet Métricas: 1 Cita
• Resumen
  • español

    El objetivo de este trabajo es analizar la influencia de la información sobre activos intangibles y capital intelectual en la valoración de las acciones de las empresas que cotizan en el MCA, donde no se han constatado trabajos publicados de esta naturaleza. El análisis se realiza aplicando un modelo de construcción propia, basado en Ohlson (1995). Los datos corresponden al período 2009-2018 y han sido recolectados directamente de fuentes originales. Se obtuvieron de los estados financieros anuales consolidados de las empresas y de los registros de negociación de sus acciones en el Mercado de Valores de Buenos Aires. Los resultados revelan que los activos intangibles identificables, el capital humano y el estructural poseen relevancia valorativa, lo que contribuye a acrecentar la evidencia existente en torno al papel de los intangibles en la valoración externa de las empresas, la cual es particularmente limitada para mercados poco desarrollados.

  • English

    The objective of this paper is to analyze the influence of the information on intangible assets and intellectual capital in the valuation of companies’ shares in the argentine capital market, where there are no published works of this nature. The analysis is carried out applying a self-constructed model, based on Ohlson (1995). The data correspond to the period 2009-2018 and have been collected directly from original sources. They were obtained from the companies’ consolidated annual financial statements and from the stock trading records of Buenos Aires Stock Market. The results reveal that identifiable intangible assets, human and structural capital are value relevant, contributing to increase the existing evidence regarding the role of intangibles in the external valuation of companies, which is particularly limited for under developed markets.

• Referencias bibliográficas
  • Andriessen, D. (2004). Making sense of intellectual capital: Designing a method for the valuation of intangibles. Burlington, USA: Elsevier...
  • Azofra, V., Ochoa, M., Prieto, B. y Santidrián, A. (2017). Creando valor mediante la aplicación de modelos de capital intelectual. Innovar,...
  • Azofra, V. y Prieto, M. B. (1996). La teoría positiva de la contabilidad en los sistemas de información contable internos. Madrid: ICAC –...
  • Badu, B. y Appiah, K. (2018). Value relevance of accounting information: an emerging country perspective. Journal of Accounting & Organizational...
  • Baltagi, B. (2013). Econometric Analysis of Panel Data. (5th Ed.). New York: John Wiley & Sons.
  • Barbosa, J., Coelho, A. y Weersma, L. (2019). The mediating effect of strategic orientation, innovation capabilities and managerial capabilities...
  • Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
  • Barth, M., Beaver, W. & Landsman, W. (2001). The relevance of the value relevance literature for financial accounting standard setting:...
  • Barth, M. y Clinch, G. (2009). Scale effects in capital markets-based accounting research. Journal of Business Finance & Accounting, 36(3-4),...
  • Bayraktaroglu, A., Calisir, F. y Baskak, M. (2019). Intellectual capital and firm performance: An extended VAIC model. Journal of Intellectual...
  • Bepari, M. y Mollik, A. (2017). Regime change in the accounting for goodwill: Goodwill write-offs and the value relevance of older goodwill....
  • Bollen, L., Vergauwen, P. y Schnieders, S. (2005). Linking intellectual capital and intellectual property to company performance. Management...
  • Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures and models. Management Decision, 36(2), 63-76. https://doi.org/10.1108/00251749810204142
  • Bontis, N., Chong, W. y Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual...
  • Cabrita, M. y Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry. International Journal of...
  • Cameron, A. y Trivedi, P. (2005). Microeconometrics: Methods and Applications. New York: Cambridge University Press.
  • Cañibano, L., Sánchez, M. García, M. y Chaminade, C. (2002). Proyecto Meritum: Directrices para la gestión y difusión de información sobre...
  • Choi, W., Kwon, S. y Lobo, G. (2000). Market valuation of intangible assets. Journal of Business Research, 49(1), 35-45. https://doi.org/10.1016/s0148-2963(98)00121-0
  • Da Silva, A., Rodrigues, T. y Klann, R. (2017). A influência dos ativos intangíveis na relevância da informação contábil. Revista Contemporânea...
  • Dahmash, F., Durand, R. y Watson, J. (2009). The value relevance and reliability of reported goodwill and identifiable intangible assets....
  • Dapena, J. (2012). Instrumentos de Inversión y Mercados Financieros. Buenos Aires: Fundación BCBA.
  • De Jager, P. (2008). Panel data techniques and accounting research. Meditari Accountancy Research, 16(2), 53-68.https://doi.org/10.1108/10222529200800012
  • Díaz, M. y Vargas, J. (2017). Estrategias metodológicas para datos de panel. El caso de los bancos típicos en Argentina. Ponencia, Congreso...
  • Edvinsson, L. y Malone, M. (1997). Intellectual Capital. Realizing your company´s true value by findings its hidden brainpower. New York:...
  • Ellis, H. y Seng, D. (2015). The value relevance of voluntary intellectual capital disclosure: New Zealand evidence. Corporate Ownership and...
  • Ely, K. y Waymire, G. (1999). Accounting standard-setting organizations and earnings relevance: Longitudinal evidence from NYSE common stocks,...
  • Ferraro, O. y Veltri, S. (2011). The value relevance of intellectual capital on the firm’s market value: An empirical survey on the Italian...
  • Ficco, C. (2019). Los activos intangibles en la normativa contable argentina y en las normas internacionales de información financiera. Contabilidad...
  • Forte, W., Matonti, G. y Nicolò, G. (2019). The impact of intellectual capital on firms’ financial performance and market value: Empirical...
  • Forte, W., Tucker, J., Matonti, G. y Nicolò, G. (2017). Measuring the intellectual capital of Italian listed companies. Journal of Intellectual...
  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
  • García, L., Rodríguez, A. y García, J. (2018). Impact of investments in training and advertising on the market value relevance of a company’s...
  • Giner, B. y Pardo, F. (2007). La relevancia del fondo de comercio y su amortización en el mercado de capitales: Una perspectiva europea. Revista...
  • Ginesti, G., Caldarelli, A. y Zampella, A. (2018). Exploring the impact of intellectual capital on company reputation and performance. Journal...
  • Goebel, V. (2015). Estimating a measure of intellectual capital value to test its determinants. Journal of Intellectual Capital, 16(1), 101-120....
  • Gujarati, D. y Porter, D. (2010). Econometría. (Quinta Ed.). México: Mc Graw Hill.
  • Hail, L. (2013). Financial reporting and firm valuation: Relevance lost or relevance regained? Accounting and Business Research, 43(4), 329-358....
  • Iazzolino, G., Chiappetta F. y Chiappetta, S. (2018). Relational Capital and financial performance: an empirical analysis on a simple of Italian...
  • Infante, R y Ferrer, R. (2017). The impact of intangibles on the value relevance of accounting information: An empirical examination of listed...
  • Iñiguez, R. y López, G. (2005). Valoración de los activos intangibles en el mercado de capitales español. Revista Española de Financiación...
  • Jensen, M. y Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs and capital structure. Journal of Financial Economics,...
  • Kimouche, B. y Rouabhi, A. (2016a). The impact of intangibles on the value relevance of accounting information: Evidence from French companies....
  • Kimouche, B. y Rouabhi, A. (2016b). Intangibles and value relevance of accounting information: Evidence from UK companies. Jordan Journal...
  • Kwon, S. y Wang, G. (2020). The change in the value relevance of accounting information after mergers and acquisitions: evidence from the...
  • Larrán, M. y García, E. (2004). La relevancia de la información no financiera en la estrategia empresarial de divulgación voluntaria: Percepciones...
  • Lev, B. (2001). Intangibles: management, measurement and reporting. Washington: The Brookings Institution Press.
  • Lev, B., Radhakrishnan, S. y Evans, P. (2016). Organizational capital. A CEO’s guide to measuring and managing enterprise intangibles, Report,...
  • Lev, B., Radhakrishnan, S. y Zhang, W. (2009). Organization capital. Abacus, 45(3), 275-298. https://doi.org/10.1111/j.1467-6281.2009.00289.x
  • Lev, B. y Zarowin, P. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37(2), 353-385....
  • Liu, D., Tseng, K. y Yen, S. (2009). The incremental impact of intellectual capital on value creation. Journal of Intellectual Capital, 10(2),...
  • Mačerinskienė, I. y Survilaitė , S. (2019). Company’s intellectual capital impact on market value of Baltic countries listed enterprises....
  • Nimtrakoon, S. (2015). The relationship between intellectual capital, firms’ market value and financial performance: Empirical evidence from...
  • Nonaka, I. y Takeuchi, H. (1995). The knowledge creating company: How Japanese companies manage the dynamics of innovation. New York: Oxford...
  • Ocak, M. y Findik, D. (2019). The impact of intangible assets and sub-components of intangible assets on sustainable growth and firm value:...
  • Ochoa, M., Prieto, M. B. y Santidrián, A. (2012). Una revisión de las principales teorías aplicables al CI. Revista Nacional de Administración,...
  • Ochoa, M., Prieto, M. B. y Santidrián, A. (2010). Estado actual de los modelos de capital intelectual y su impacto en la creación de valor...
  • Ohlson, J. (1995). Earnings, book values and dividends in equity valuation. Contemporany Accounting Research, 11(2), 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
  • Oliveira, L., Rodrigues, L. y Craig, R. (2010). Intangible assets and value relevance: Evidence from the Portuguese stock exchange. The British...
  • Omarjee, F., Yasseen, Y. y Mohamed, W. (2019). The value relevance of aged goodwill: A South African study. Southern African Business Review,...
  • Özer, G. y Çam, Ä°. (2017). The moderating effect of human capital on innovation capital and firm market value relationship. An application...
  • Priotto, H., Quadro, M., Veteri, L. y Werbin, E. (2011). Los activos intangibles: Una prueba empírica en empresas argentinas. Ponencia, XVI...
  • Pulic, A. (2000). VAIC™ – an accounting tool for IC management. International Journal of Technology Management, 20(5-8), 702-714. https://doi.org/10.1504/ijtm.2000.002891
  • Rieg, R. y Vanini, U. (2015). Value-Relevance of Intangibles and intellectual capital Disclosure on market-tobook value ratio: A longitudinal...
  • Ríos, A., Torres, M., Tirado, P. y Carbonell, A. (2009). Stakeholders, intangibles y generación de valor en las empresas del IBEX-35: Una...
  • Ritter, A. y Wells, P. (2006). Identifiable intangible asset disclosures, stock prices and future earnings. Accounting & Finance, 46(5),...
  • Roos, G. (2017). Knowledge management, intellectual capital, structural holes, economic complexity and national prosperity. Journal of Intellectual...
  • Roos, G., Roos, J., Dragonetti, N. y Edvinsson, L. (2001). Capital Intelectual. Buenos Aires: Paidós. Ross, S. A. (1979). Disclosure regulation...
  • Sardo, F. y Serrasqueiro, Z. (2018). Intellectual capital, growth opportunities, and financial performance in European firms: Dynamic panel...
  • Sardo, F. y Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms’ intellectual capital, financial performance...
  • Scott, W. (2009). Financial Accounting Theory. (5th Ed.). Toronto: Pearson Prentice Hall. Sharma, P. (2018). Enterprise value and intellectual...
  • Smriti, N. y Das, N. (2018). The impact of intellectual capital on firm performance: A study of Indian firms listed in COSPI. Journal of Intellectual...
  • Soetanto, T. y Liem, P. (2019). Intellectual capital in Indonesia: Dynamic panel approach. Journal of Asia Business Studies, 13(2), 240-262....
  • Suherman, R. (2017). The impact of intellectual capital toward firm’s profitability and market value of retail companies listed in Indonesia...
  • Sveiby, K. (1997). The intangible assets monitor. Disponible en: https://www.sveiby.com/article/The-Intangible-Assets-Monitor. Consultado:...
  • Sveiby, K. (2018). Measuring intangibles: suggested indicators with cases. Disponible en: https://www.sveiby.com/ article/Measuring-Intangibles-Suggested-Indicators-with-Cases....
  • Swartz, G., Swartz, N. y Firer, S. (2006). An empirical examination of the value relevance of intellectual capital using the Ohlson (1995)...
  • Tejedo, F. y Alfaro, E. (2014). Asociación entre las características empresariales y la divulgación sobre capital intelectual: Un estudio...
  • Tejedo, F. y Araujo, J. (2018). Estrategia de gestión y divulgación del capital intelectual: Influencia del gobierno corporativo. Contaduría...
  • Tejedo, F., Ferraz, J. y Emmendoerfer, M. (2017). Mecanismos de gobierno corporativo y capital intelectual. Revista Brasileira de Gestão e...
  • Tolosa, L. (2013). El contenido informativo de los estados contables y de los precios de las acciones en la toma de decisiones de inversión....
  • Tyskbo, D. (2019). Managers’ views on how intellectual capital is recognized and managed in practice: A multiple case study of four Swedish...
  • Veltri, S. y Silvestri, A. (2011). Direct and indirect effects of human capital on firm value: Evidence from Italian companies. Journal of...
  • Villegas, E., Hernández, M. y Salazar, B. (2017). La medición del capital intelectual y su impacto en el rendimiento financiero en empresas...
  • Wahyuni, E., Dewantoro y Avianti, I. (2018). Has goodwill become more relevant after IFRS convergence in Indonesia? Journal of Accounting...
  • Wang, J. (2008). Investigating market value and intellectual capital for SyP 500. Journal of Intellectual Capital, 9(4), 546-563. https://doi.org/10.1108/14691930810913159
  • Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-180. https:// doi.org/10.1002/smj.4250050207
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4),...
  • Whiting, R. y Miller, J. (2008). Voluntary disclosure of intellectual capital in New Zealand annual reports and the “hidden value”. Journal...
  • Xu, J. y Li, J. (2019). The impact of intellectual capital on SMEs’ performance in China. Journal of Intellectual Capital, 20(4), 488-509....
  • Xu, J. y Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: evidence from the Korean manufacturing...
  • Yu, F. y Zhang, L. (2008). Does intellectual capital really create value? 4th International Conference on Wireless Communications, Networking...
  • Yu, H., Wang, W. y Chang, C. (2009). The pricing of intellectual capital in the IT industry, Working Paper, National Chengchi University....