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Importancia y valoración de los intangibles: La percepción de los directivos



    () (Departamento de Economía Financiera II. UNIVERSIDAD DEL PAÍS VASCO)


    (Departamento de Economía Financiera II. UNIVERSIDAD DEL PAÍS VASCO)


    (Departamento de Economía Financiera II. UNIVERSIDAD DEL PAÍS VASCO)



This paper aims, on the one hand, to investigate the Basque Country companies’ view about the intangibles relevance and the interest and causes to their valuation, on the other hand, to determine their main intangibles and finally to verify the applicability of the financial valuation method proposed by Rodríguez-Castellanos et al. (2006a, 2007). To get the objectives, a field study has been done with 517 telephone survey to the Basque Country companies’ financial managers. The results show that the companies of the sample are very interested in the financial valuation of the intangibles and that the mainly intangible resources are associated to core competences. Besides, the application of proposed financial valuation method is feasible, but it’s outstanding the need for carrying out previous efforts to improve the knowledge of their intangibles. Este trabajo pretende, en primer lugar, conocer la percepción de las empresas del País Vasco sobre la importancia y motivos para la valoración de los intangibles, en segundo lugar, constatar la tipología de intangibles predominantes en estas empresas; y finalmente verificar el grado de aplicabilidad del método de valoración financiera desarrollado por Rodríguez-Castellanos et al. (2006a, 2007). Para el logro de estos objetivos se han realizado 517 encuestas a directores financieros de empresas del País Vasco. Los resultados muestran el alto interés de las empresas por la valoración de los intangibles, siendo los intangibles asociados a competencias su principal factor de competitividad. Aún siendo posible la aplicación del método de valoración financiera contrastado, debe destacarse la necesidad de realizar esfuerzos previos para mejorar el conocimiento que las empresas tienen sobre sus intangibles.

Suggested Citation

  • Garcia Merino, Domingo & Rodríguez Castellanos, Arturo & Vallejo Alonso, Belen & Arregui Ayastuy, Gerardo, 2008. "Importancia y valoración de los intangibles: La percepción de los directivos," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 26, pages 27-56, Septiembr.
  • Handle: RePEc:lrk:eeaart:26_3_3

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    References listed on IDEAS

    1. John M. Abowd & John Haltiwanger & Ron Jarmin & Julia Lane & Paul Lengermann & Kristin McCue & Kevin McKinney & Kristin Sandusky, 2005. "The Relation among Human Capital, Productivity, and Market Value: Building Up from Micro Evidence," NBER Chapters,in: Measuring Capital in the New Economy, pages 153-204 National Bureau of Economic Research, Inc.
    2. Pakes, Ariel S, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," Econometrica, Econometric Society, vol. 54(4), pages 755-784, July.
    3. Bukh, P. N. & Larsen, H. T. & Mouritsen, J., 2001. "Constructing intellectual capital statements," Scandinavian Journal of Management, Elsevier, vol. 17(1), pages 87-108, March.
    4. Carol Corrado & John Haltiwanger & Dan Sichel, 2005. "Measuring Capital in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number corr05-1, June.
    5. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
    6. Jay B. Barney, 1986. "Strategic Factor Markets: Expectations, Luck, and Business Strategy," Management Science, INFORMS, vol. 32(10), pages 1231-1241, October.
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    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other


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