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The Strengthening Program for Rural Banks (SPRB) in the Philippines has allowed universal banks to purchase rural banks, and this policy highlights the possible advantages of expanding business combinations for intangible assets. Considering the SPRB, this paper examines the intangible motivation behind banks' actions to purchase capital-deficient financial institutions. This study aims to address sources of intangible assets for Philippine banks as Tobin's q measures. Using Tobin's q as a measure of intangible value allows for identifying contributing factors that determine it based on financial data. The study subjects are actively traded Philippine Universal Banks between 2009 and 2018. The influence of variables in the study on intangible asset value, as Tobin's q measures, was determined using an Ordinary Least Squares model. Operational factors significantly influencing intangible value are investments in subsidiaries and associates, the return on assets, and bank deposits. Activities intended to reach target customers, such as those captured by marketing and advertising expenditures, positively influence intangible value. These findings imply that merely purchasing more assets does not improve the value of intangible resources. Instead, asset productivity, funds to make more loans, and informing the public of bank activities benefit intangible asset values. The implications of these findings offer insight into the sources of intangible assets that investors value. [ABSTRACT FROM AUTHOR]

Professional football clubs invest vast amounts of money in the recruitment of players. This article presents the latest advances in statistical modeling of the factors that market actors take into consideration to determine the transfer prices of professional football players. It extends to a global scale the econometric approach previously developed by the authors to evaluate the transfer prices of players under contract with clubs from the five major European leagues. The statistical technique used to build the model is multiple linear regression (MLR), with fees paid by clubs as an independent variable. The sample comprises over 8000 transactions of players transferred for money from clubs worldwide during the period stretching from July 2014 to March 2024. This paper shows that a statistical model can explain up to 85% of the differences in the transfer fees paid for players. Despite the specific cases and other possible distortions mentioned in the discussion, the use of a statistical model to determine player transfer prices is thus highly relevant on a global scale. [ABSTRACT FROM AUTHOR]

The tourism industry has grappled with the challenges posed by the onset of the coronavirus disease (COVID-19) since the start of 2020, experiencing a complete lockdown that profoundly affected travel activities. This viral outbreak had a critical impact on both the financial and non-financial aspects of life, including the intellectual capital (IC) of the tourism and hospitality sectors. However, there is a scarcity of studies addressing this issue within the context of tourism-related businesses. Thus, this paper aims to investigate the changes in the overall IC and its components before and during the COVID-19 pandemic, with a specific focus on understanding the transformation of IC in the tourism industry of Thailand, a country that is highly dependent on tourism. The study involved 37 tourism-related companies listed on the Stock Exchange of Thailand (SET). Organizational data from financial and annual reports published between 2019 and 2020 were collected for analysis. The assessment of value added intellectual capital (VAICTM) was employed to evaluate the performance of the overall IC and its components during the pandemic. The results, based on the testing of four hypotheses, indicated that most hypotheses were accepted, signifying a substantial transformation in the overall IC performance of tourism-related companies during the pandemic crisis. This transformation was observed in the IC components of physical and human capitals. However, the structural capital was the only IC component that did not experience a significant impact from COVID-19. To comprehend the reasons and effects of the IC transformations during the pandemic, this study delved into the relevant literature. Additionally, the paper includes implications to support firms in preparing for future challenges. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the past decades, intangibles assets have become an important source of productivity and economic growth in developed countries. Despite the transforming properties of intangibles across economies and the large and dynamic literature on the impact of intangible investments on productivity growth in frontier countries, there is not much evidence for the Latin America context. This paper contributes to the empirical literature on intangible investments along various dimensions. First, we make use of a large firm-level longitudinal data set from Peru, a Latin America middle income country, which contains separated information on intangible assets, which allow us to measure the impact of them on both wages and productivity at the firm level. Second, the analysis at the firm level and the panel structure of the data allows us to control for the endogeneity of variable inputs applying different control function approaches. In addition, the production function estimates provide us with a measure of unobservables, which we include in the wage equation to retrieve consistent estimates for the impact of intangible assets on wages. Third, our data allow us to explore how the impact of intangibles on wages and productivity is affected by the differences in the composition of the bundle of intangibles, changes in the product mix at the firm level and for the presence of imperfect competition in the labor market. We find that an increase in the share of intangible assets by one standard deviation is associated with 6.8% to 7.2% higher total factor productivity, depending on the model's specification. We also find that the capital productivity premium of intangible assets over tangible ones is substantial with estimates suggesting that intangibles are up to 2 times more productive than tangible assets. We also find that this capital productivity premium is not entirely offset by an increase in wages. Finally, we conclude that the main channels for appropriability are the specificity of the ideas generated by intangible investments at the firm level and the wage compression due to imperfect competition in the labor market. [ABSTRACT FROM AUTHOR]

Non-fungible tokens are transferable rights to digital assets such as artwork, videos, in-game items, collectibles or music. Non-fungible tokens relate only to a specific unique item and carry information about the owner. The non-fungible token market has received widespread attention and has grown enormously since the beginning of 2021. Despite significant growth in the market, there needs to be more surveys, especially in the context of the Czech Republic. This article, therefore, aims to evaluate the level of awareness of non-fungible tokens in the Czech Republic. The paper presents the basics of the non-fungible token market, its potential and uncertainty, and the interdisciplinary nature of non-fungible token research. First, the characteristics of nonfungible tokens are described based on a literature review. The methodological part outlines an empirical analysis based on a quantitative survey in which 103 respondents in the Czech Republic took part. Based on the research results, it was found out that in the Czech Republic, there is low level of awareness of non-fungible tokens and also low level of trust in digital assets in general. In conclusion, it is possible to say that this article provides an overall understanding of the phenomenon of non-fungible tokens in the Czech Republic. [ABSTRACT FROM AUTHOR]

Several prior studies indicate that financial analysts exhibit systematic underreaction to information; others illustrate systematic overreaction. We assume that cognitive biases influence analysts' behavior and that these misreactions are not systematic, but they depend on the nature of news. As cognitive biases intensify in situations of high ambiguity, we distinguish between bad and good news and investigate the impact of intangible assets—synonymous with high uncertainty and risk—on financial analysts' reactions. We explore the effect of information conveyed by prior-year earnings announcements on the current-year forecast error. Our findings in the Saudi financial market reveal a tendency for overreaction to positive prior-year earnings change (good performance) and positive prior-year forecast errors (good surprise). Conversely, there is an underreaction to the negative prior-year earnings change (bad performance) and negative prior-year forecast error (bad surprise). Notably, analysts exhibit systematic optimism rather than systematic underreaction or overreaction. The results also highlight that the simultaneous phenomena of overreaction and underreaction is more pronounced in high intangible asset firms compared to low intangible asset firms. [ABSTRACT FROM AUTHOR]

We study the link between a previously neglected form of intangible firm asset—country reputation—and corporate sales. By exploiting variation in nationalities of foreign victims in local terror attacks, we detect unanticipated distortions in reputations of local countries in foreign countries and we pin down reductions in sales of local country firms in foreign markets. The reductions in sales are economically and statistically significant, persistent, and more pronounced after attacks with high levels of foreign media coverage. Local country firms, whose names resemble names from their countries of origin, experience greater deteriorations in their sales. The distortions in country reputations are associated with depreciations in overall firm value, sales growth, and profitability. This paper was accepted by Gustavo Manso, finance. Funding: M. I. Canayaz thanks Oxford University Centre for Corporate Reputation for financial support. This work was supported by the Singapore Ministry of Education [Academic Research FundTier 1, RG170/18]. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4753. [ABSTRACT FROM AUTHOR]

Copyright of Zeszyty Teoretyczne Rachunkowości is the property of Stowarzyszenie Ksiegowych w Polsce Rada Naukowa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study explores the relationship between intellectual capital (IC) and the financial performance of 250 publicly traded companies in France, Germany, and Switzerland from 2009 to 2018, addressing the gaps in prior research regarding the differential impacts of IC components across countries and industries in Western and Central Europe. Using the Value-Added Intellectual Coefficient (VAIC™) approach, this study evaluates human capital efficiency (HCE), structural capital efficiency (SCE), and capital employed efficiency (CEE). Panel regression analyses at the country and industry levels were conducted to assess their effects on financial metrics, such as return on equity (ROE), return on assets (ROA), and asset turnover ratio (ATO). The findings reveal a significant positive association between SCE, CEE, and firm performance, with CEE showing the most substantial effect, while HCE had a relatively weaker impact. Additionally, the study uncovers a trade-off between the accumulation of patents and trademarks and short-term financial performance, raising new considerations for intellectual property management. This research contributes to the literature by providing a nuanced understanding of how IC components influence financial outcomes across different contexts and offers practical insights for firms aiming to optimize structural capital and capital-employed strategies for improved financial performance while acknowledging the limitations regarding the sample of publicly traded firms. [ABSTRACT FROM AUTHOR]

In the present study, I explore the link between COVID-19 vaccine patents and their financialization within the institutional economics framework. Thorstein Veblen's main assumptions related to financialization of intangible assets are valid for the pharmaceutical firms that produced COVID-19 vaccines during the pandemic. In this context, the effects of patent applications on the financialization of pharmaceutical firms are investigated for companies that took government grants for vaccine production. These firms are examined in a comparative way in the present study. The market figures, the investigation of the relevant firm-level data, and the institutional setting suggest that the COVID-19 vaccine patents-financialization nexus is well defined in the Veblenian framework during the pandemic. [ABSTRACT FROM AUTHOR]

This study investigates the impact of Research and Development (R&D) investment on the performance of Portuguese companies, specifically addressing the gap in understanding how R&D influences a company's value and performance. We employ a dynamic panel data model estimated using the Generalized Method of Moments (GMM) to account for potential endogeneity issues. This approach allows us to analyze the influence of R&D investment on the Return on Operating Assets (ROA) for Portuguese companies with significant R&D investments between 2012 and 2019. The analysis reveals that while R&D investment itself may not have a statistically significant short-term impact on ROA, lagged financial performance, leverage, asset turnover ratio, and accounts payable turnover all demonstrate a statistically significant relationship with the dependent variable. [ABSTRACT FROM AUTHOR]

This study proposes the integration of change management with a knowledge management framework to address knowledge retention and successful change management in the context of Industry 5.0. Using the ADKAR model, it is suggested to implement strategies for training and user acceptance testing. The research highlights the importance of applying the human capital life cycle in knowledge and change management, demonstrating the effectiveness of this approach in adapting to Industry 5.0. The methodology includes a review of the state of the art in intangible asset management, change management models, and the integration of change and knowledge management. In addition, a case study is presented in a food production company that validates the effectiveness of the ADKAR model in implementing digital technologies, improving process efficiency and increasing employee acceptance of new technologies. The results show a significant improvement in process efficiency and a reduction in resistance to change. The originality of the study lies in the combination of the ADKAR model with intangible asset and knowledge management, providing a holistic solution for change management in the Industry 5.0 era. Future implications suggest the need to explore the applicability of the ADKAR model in different industries and cultures, as well as its long-term effects on organisational sustainability and innovation. This comprehensive approach can serve as a guide for other organisations seeking to implement successful digital transformations. [ABSTRACT FROM AUTHOR]

This study delves into the impact of intangible and tangible investments on future earnings volatility within the European financial market context. Drawing from International Accounting Standards (IAS) 16 and 38, we examine the intricate relationship between fixed assets, expenses, and the uncertainty surrounding forthcoming earnings. Our analysis reveals that intangible assets, often associated with heightened uncertainty and risk, contribute to increased earnings volatility compared to capital expenditures. Furthermore, we find that capitalizing intangible assets serves to alleviate uncertainty, resulting in lower earnings volatility compared to expensing them. Our exploration of industries' effects further reinforce these findings, with the effect of intangible and tangible investments on earnings volatility being more pronounced in high-tech industries than in low-tech industries. Additionally, our robustness test, utilizing goodwill as a proxy for intangible assets and property, plant, and equipment as a proxy for tangible assets, yields consistent results, further bolstering our findings. [ABSTRACT FROM AUTHOR]

Purpose: In recent years, the development of the crypto market has grown exponentially compared to other investment assets. Using the lens of institutional entrepreneurship theory, our research seeks to understand the antecedents of public engagement on crypto market in Indonesia. Design/methodology/approach: To capture this phenomenon, we use institutional and legitimacy theories to explain how social constructs toward cryptocurrency can be formed and accepted by society. Based on the survey of 213 individuals actively engaging in the crypto market, we confirm that public engagement in the crypto market is associated with three different types of legitimacy Findings: The main contribution of this research is that it shows that normative and cognitive legitimacies play a big role in public engagement in the crypto market. This study also found that, in general, individuals engaged in crypto are individuals who only focus on personal gain. They can engage with the crypto market if their personal goals are met. Research limitations/implications: This research is only carried out within the geographical boundaries of Indonesia. It is imperative to conduct investigations in various contexts in order to comprehend how diverse cultural contexts can potentially impact public engagement in the crypto market. Practical implications: This study provides support for the notion that public engagement in the crypto market is correlated with different levels of legitimacy. The results of this study show that public participation in the crypto market is significantly influenced by normative and cognitive legitimacies. Social implications: This research can be helpful for policymakers and industries able to consider the institutional development of crypto ecosystems and will generate fresh insight into our understanding of the nature of legitimacy-seeking behavior among cryptocurrency adopters Originality/value: We propose a new mechanism explaining how institutional frameworks could help explain the emergence of public engagement on Crypto Market. [ABSTRACT FROM AUTHOR]

The aim of the present study is to assess the impact of structural capital intensity and utilization on firm profitability in an international setting: the European Union countries, plus Norway, Switzerland and the United Kingdom. The indicators are calculated based on financial data downloaded from the Refinitiv Eikon database. Two financial ratios are used as proxies for the intensity and utilization of structural capital. The balanced panel consists of 625 companies from 25 countries, over the period from 2013 to 2022. The panel includes financial information on two industries that are considered innovation-oriented, namely technology and healthcare. Alternative model specifications are proposed to test the robustness of the basic model, including dynamic models (with lagged dependent variables). The present study indicates that a higher proportion of structural capital (intangible assets, excluding goodwill) is a negative factor for company profitability in the technology and healthcare sectors. There is no indication that a more intense use of intangible assets and more investments in R&D positively contribute to company profitability in the respective industries, for a large sample of listed companies. A higher proportion of intangible assets, as reported in financial statements, is possibly related to inefficiencies in the management of structural capital. The inverse relationship between profitability and investments in intangible assets is likely due to failures in cost accounting. Limitations and future research propositions are provided in the conclusions. [ABSTRACT FROM AUTHOR]

The wide-spread reporting of non-GAAP earnings suggests efficiency gains from doing so. By estimating a dynamic investment model, we examine the real implications of investors using both GAAP and non-GAAP earnings to value firms. When investors use the firm's GAAP earnings only, the firm's manager—who cares about current stock prices—underinvests, and his investment is sensitive to transitory earnings. Non-GAAP earnings can improve investment efficiency by adjusting for these transitory earnings, but can also hide inefficient investment by introducing opportunistic bias. Although non-GAAP earnings induce overinvestment, they dominate GAAP-only reporting. Counterfactual analysis reveals supplementing GAAP earnings with biased non-GAAP earnings increases firm value by 3.4 percent relative to GAAP-only reporting. Precluding bias reduces overinvestment and further increases firm value by 1 percent. Data Availability: Data are available from the sources cited in the text. JEL Classifications: E22; G31; G34; M40. [ABSTRACT FROM AUTHOR]

The Strengthening Program for Rural Banks (SPRB) in the Philippines has allowed universal banks to purchase rural banks, and this policy highlights the possible advantages of expanding business combinations for intangible assets. Considering the SPRB, this paper examines the intangible motivation behind banks' actions to purchase capital-deficient financial institutions. This study aims to address sources of intangible assets for Philippine banks as Tobin's q measures. Using Tobin's q as a measure of intangible value allows for identifying contributing factors that determine it based on financial data. The study subjects are actively traded Philippine Universal Banks between 2009 and 2018. The influence of variables in the study on intangible asset value, as Tobin’s q measures, was determined using an Ordinary Least Squares model. Operational factors significantly influencing intangible value are investments in subsidiaries and associates, the return on assets, and bank deposits. Activities intended to reach target customers, such as those captured by marketing and advertising expenditures, positively influence intangible value. These findings imply that merely purchasing more assets does not improve the value of intangible resources. Instead, asset productivity, funds to make more loans, and informing the public of bank activities benefit intangible asset values. The implications of these findings offer insight into the sources of intangible assets that investors value.

Professional football clubs invest vast amounts of money in the recruitment of players. This article presents the latest advances in statistical modeling of the factors that market actors take into consideration to determine the transfer prices of professional football players. It extends to a global scale the econometric approach previously developed by the authors to evaluate the transfer prices of players under contract with clubs from the five major European leagues. The statistical technique used to build the model is multiple linear regression (MLR), with fees paid by clubs as an independent variable. The sample comprises over 8000 transactions of players transferred for money from clubs worldwide during the period stretching from July 2014 to March 2024. This paper shows that a statistical model can explain up to 85% of the differences in the transfer fees paid for players. Despite the specific cases and other possible distortions mentioned in the discussion, the use of a statistical model to determine player transfer prices is thus highly relevant on a global scale.

This article provides a literature review on the impact of knowledge management (KM) practices on small and medium-sized enterprises (SMEs). It analyzes various dimensions of KM, such as technological capability and human capital, and their effects on financial and innovative performance in SMEs. The findings contribute to the existing literature by organizing and revealing the variables related to KM that are currently used by SMEs. The article also discusses the challenges faced by SMEs in adopting new technologies and emphasizes the importance of customer knowledge management. It concludes by highlighting the need for further research on the role of information and communication technologies (ICTs) in consolidating knowledge banks for SMEs. [Extracted from the article]

PURPOSE: The trends promoted for the strengthening of capacities that allow the interaction and valuation of knowledge as an intangible asset, deserve a management based on its transfer as a basis that drives innovation. Based on this, the purpose of the study is to examine the relationships between knowledge transfer (KT) and sustainable innovation (SI) in interorganizational contexts of small and medium-sized companies. METHODOLOGY: A process was carried out through the application of a questionnaire addressed to managers and owners of 109 small and medium-sized companies of activity in management and the development of information and communication technologies in two regions of Colombia. To show the significant differences between the two selected populations, a non-parametric Mann-Whitney test for independent samples was applied. Likewise, an application of the K-means algorithm was used to group the variables into subsets. The study of the data was complemented with the multivariate technique and the principal components analysis (PCA) to validate the contrasting of the declared hypotheses. FINDINGS: The results determine that by means of the Mann-Whitney non-parametric test for independent samples there are significant differences between the two selected populations. Likewise, the positive correlation between the variables of knowledge transfer and innovation is confirmed, as well as designing the interactions and the flow of processes between the components that support the aforementioned variables from the theoretical and empirical approach, whose interaction capacity between them has to promote the innovative potential under sustainability principles in small and medium-sized enterprises. IMPLICATIONS: Based on the results of the research carried out, scenarios are promoted through which it is sought to strengthen the interorganizational management of small and medium-sized enterprises, minimizing the barriers that weaken their stability. As well as promoting new ways of valuing knowledge as an intangible asset that, when transferred, generates effects in innovation management as part of the strengthening and interorganizational sustainability of small and medium-sized enterprises. ORIGINALITY AND VALUE: It is based on the generation of value through the proposal of a design of a system of relations between the components that promote the transfer of knowledge and sustainable innovation. Its structure is based on empirical results that allowed defining five strategic stages that show the relationships between the components that promote interorganizational and competitive management of tangible and intangible assets available in small and medium-sized enterprises. [ABSTRACT FROM AUTHOR]

Objective: To analyze the relationship between intangible assets and risk disclosure in financial companies listed on B3. Methods: The sample comprised 78 financial companies traded on B3 between 2015 and 2019. A quantitative approach was adopted along with descriptive statistics, the test of the difference between the means, correlation, and multiple linear regression with panel data for data analysis. Results: The results showed differences in financial, non-financial, and general risk disclosure means between intangible-intensive and tangible-intensive companies. Additionally, the regression estimates indicated a positive influence of intangible assets on the companies' risk disclosure. The results indicate that intangibility contributes to more transparent information about financial, non-financial, and general risks in financial companies listed on B3, favoring the adoption of strategies aimed at maximizing their economic value. Contributions: This study's findings expand the discussion on intangible assets and risk reporting. Additionally, managers may see how the representativeness and structure of intangibles can be used to guide practices associated with disclosing risks to external stakeholders and understand how to manage such assets to create and maintain a company's economic value. [ABSTRACT FROM AUTHOR]