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Management under Limited Information - The Measurement of Off-Balance Sheet Assets at Hungarian firms


  • Péter Juhász


Relying on three questionnaire-based surveys from 2004, 2009 and 2013, each covering around 300 top financial managers of different Hungarian manufacturing and service companies, this article analyzes how the perception and measurement of intellectual capital (IC) elements has changed. Instead of focusing on stock exchange prices or case studies of individual firms, this research is unique for using a database on the opinion of top managers over a decade. After the managers, IC has slightly gained importance giving 48-51 percent of the firm value during the years analyzed, still, most companies give little attention to measuring these items correctly. This is dangerous, as by just focusing on traditional accounting measures or relying on outdated methods, top managers are less likely to take shareholder value maximizing decisions. Encouragingly, those who measure do it better: book value has lost popularity while more appropriate market value based estimates have gained importance.

Suggested Citation

  • Péter Juhász, 2016. "Management under Limited Information - The Measurement of Off-Balance Sheet Assets at Hungarian firms," Central European Business Review, University of Economics, Prague, vol. 2016(4), pages 23-33.
  • Handle: RePEc:prg:jnlcbr:v:2016:y:2016:i:4:id:164:p:23-33
    DOI: 10.18267/j.cebr.164

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    References listed on IDEAS

    1. Paula – Angela VIDRASCU & Andrei Mihai CRISTEA & Oana Camelia IACOB & Ana-Maria VOLINTIRU, 2014. "Synthesizing And Exposure Of The Assessment Methods Of The Intangible Assets," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 35(1), pages 83-94, September.
    2. Nicoleta Radneantu, 2009. "Making the Invisible Visible: the Intangible Assets Recognition, the Valuation and Reporting in Romania," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(2), pages 221-226.
    3. Zéghal, Daniel & Maaloul, Anis, 2011. "The accounting treatment of intangibles – A critical review of the literature," Accounting forum, Elsevier, vol. 35(4), pages 262-274.
    4. Ljiljana Kontić & Slađana Čabrilo, 2009. "A Strategic Model For Measuring Intellectual Capital In Serbian Industrial Enterprises," Economic Annals, Faculty of Economics, University of Belgrade, vol. 54(183), pages 89-118, October -.
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    More about this item


    valuation; invested capital; intellectual capital;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting


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