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Tangible and intangible non-current assets: Evidence of information content during economic crisis period

In: Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century

Author

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  • Zaleha Abdul Shukor
  • Hamezah Md Nor
  • Muhd Kamil Ibrahim
  • Jagjit Kaur

Abstract

In this paper, we investigate the information content of non-current assets (NCA) among firms listed on the main board of Bursa Malaysia. Specifically, we investigate the information content of tangible and intangible NCA during the economic crisis period of 1997–1998. Our empirical analysis uses time-varying and fixed effects models for the period 1995–1999. We measure information content based on the association of analysts’ earnings forecasts errors (AFE) with both capitalized tangible and intangible NCA. We find evidence of higher information content in tangible NCA compared to intangible NCA during the Asian economic crisis period of 1997–1998. Our evidence is consistent with the assumption that tangible assets are more reliable compared to intangible assets for prediction of expected cash flows during economic crisis periods.

Suggested Citation

  • Zaleha Abdul Shukor & Hamezah Md Nor & Muhd Kamil Ibrahim & Jagjit Kaur, 2005. "Tangible and intangible non-current assets: Evidence of information content during economic crisis period," Contemporary Studies in Economic and Financial Analysis, in: Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century, pages 115-137, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-3759(05)86006-1
    DOI: 10.1016/S1569-3759(05)86006-1
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