Información del artículo
RESUMEN
Este trabajo pretende analizar la relación entre la percepción de las empresas del País Vasco sobre la importancia de la valoración de los intangibles y los resultados que obtienen. Para el logro de este objetivo se ha realizado una encuesta a 440 directores financieros. Del análisis de sus respuestas y de los resultados económico-financieros de sus empresas, se concluye que las empresas que consideran importante la valoración financiera de sus intangibles, especialmente por motivos internos, obtienen mejores resultados aunque las mejoras no son estadísticamente significativas. Asimismo, las empresas más interesadas en la valoración de sus intangibles por motivos externos presentan una mayor necesidad de presentar garantías frente a terceros sobre su capacidad de generar rendimientos.
PALABRAS CLAVE:
Intangibles
Valoración Financiera de Intangibles
Opinión Directivos
Resultados Empresariales
CLASIFICACIÓN JEL:
M10
O16
G30
ABSTRACT
This paper aims to analyse the Basque Country companies' view about the financial valuation of intangibles relevance and its influence on business performance. To achieve this objective, a field study has been done with 440 telephone calls to Basque Country companies' financial managers. Then, their responses and theirs firm's performance are analysed. The results show that the companies that are interested in the financial valuation of the intangibles, specially for internal motivation, perform better, however, this improvement is not statistically significant. Otherwise, the companies that are more interested in the valuation of their intangibles for external reasons need to provide information to stakeholders about their ability to generate income.
KEY WORDS:
Intangibles
Financial Valuation of Intangibles
Managers' Opinion
Business Performance
JEL CLASSIFICATION:
M10
O16
G30
El Texto completo está disponible en PDF
BIBLIOGRAFÍA
[ABOODY and LEV, 2000]
D. ABOODY, B. LEV.
“Information asymmetry, R&D and Insider gains”.
Journal of Finance, 55 (2000), pp. 747-766
[AMIT and SCHOEMAKER, 1993]
R. AMIT, P. SCHOEMAKER.
“Strategic assets and organizational rent”.
Strategic Management Journal, 14 (1993), pp. 33-46
[ANDRIESSEN, 2004]
D. ANDRIESSEN.
Making sense of Intellectual Capita, Designing a method for valuation of intangibles, Elsevier Butterworth Heinemann, (2004),
[ANDRIESSEN and TISSEN, 2000]
D. ANDRIESSEN, R. TISSEN.
Weightless Wealth: Find Your Real Value in a Future of Intangibles Assets, Financial Times Prentice Hall, (2000),
[APELLÁNIZ, 2004]
T. APELLÁNIZ.
“El fondo de comercio en las fusiones de empresas. Un caso particular de la valoración de activos intangibles”.
ESIC-Market, (2004), pp. 49-82
[APELLÁNIZ and ZARDOYA, 1995]
P. APELLÁNIZ, A. ZARDOYA.
“La publicación de información por segmentos no regulada: perfil característico de las empresas españolas”.
pp. 47-68
[BARNEY, 1986]
J.B. BARNEY.
“Strategic factor markets: expectations, luck and business strategy”.
Management Science, 32 (1986), pp. 1231-1241
[BARNEY, 1991]
J.B. BARNEY.
“Firm resources and sustained competitive advantage”.
Journal of Management, 17 (1991), pp. 99-120
[BARUCH, 1996]
Y. BARUCH.
“Self-performance appraisal versus direct-manager appraisal: a case of congruence”.
Journal of Managerial Psychology, 11 (1996), pp. 50-65
[BASSI and VAN BUREN, 1999]
L.J. BASSI, M.E. VAN BUREN.
“Valuing investments in intellectual capital”.
International Journal of Technology Management, 18 (1999), pp. 414-432
[BETTIS and HITT, 1995]
R.A. BETTIS, M.A. HITT.
“The new competitive landscape”.
Strategic Management Journal, 16 (1995), pp. 7-19
[BEZANT and PUNT, 1997]
M. BEZANT, R. PUNT.
The use of intellectual property as security for debt transactions, The Intellectual Property Institute, (1997),
[BLACK and BOAL, 1994]
J.A. BLACK, K.B. BOAL.
“Strategic resources: Traits, configurations and paths to sustainable competitive advantage”.
Strategic Management Journal, 15 (1994), pp. 131-148
[BOISOT, 1998]
M.H. BOISOT.
Knowledge assets: securing competitive advantage in the information economy, Oxford University Press, (1998),
[BOLLEN et al., 2005]
L. BOLLEN, P. VERGAUWEN, S. SCHNIEDERS.
“Linking intellectual capital and intellectual property to company performance”.
Management Decisions, 43 (2005), pp. 1161-1185
[BONTIS, 1998]
N. BONTIS.
“Intellectual capital: An exploratory study that develops measures and models”.
Management Decision, 36 (1998), pp. 63-76
[BONTIS, 1999]
N. BONTIS.
“Managing Organizational Knowledge by Diagnosing Intellectual Capital: Framing and advancing the state of the field”.
International Journal of Technology Management, 18 (1999), pp. 433-462
[BONTIS, 2001]
N. BONTIS.
“Assessing knowledge assets: a review of the models used to measure intellectual capital”.
International Journal of Management Reviews, 3 (2001), pp. 41-60
[BONTIS, 2002]
N. BONTIS.
“Managing organizational knowledge by diagnosing Intellectual Capital: framing and advancing the sated of the field”.
World Congress on intellectual capital readings, pp. 621-642
[BONTIS, 2003]
N. BONTIS.
“Intellectual capital disclosure in Canadian corporations”.
Journal of Human Resource Costing and Accounting, 7 (2003), pp. 9-20
[BONTIS and FITZ-ENZ, 2002]
N. BONTIS, J. FITZ-ENZ.
“Intellectual capital ROI: a causal map of human capital antecedents and consequents”.
Journal of Intellectual Capital, 3 (2002), pp. 223-247
[BONTIS et al., 2000]
N. BONTIS, W.C. KEOW, S. RICHARDSON.
“Intellectual capital and business performance in Malaysian industries”.
Journal of Intellectual Capital, 1 (2000), pp. 85-97
[BOTOSAN, 1997]
C. BOTOSAN.
“Disclosure Level and the Cost of Equity Capital,”.
The Accounting Review, 72 (1997), pp. 323-349
[BRENNAN, 1995]
M. BRENNAN.
“Corporate finance over the past 25 years”.
Financial Management, 24 (1995), pp. 9-22
[BRENNAN, and CONNELL, 2000]
N. BRENNAN, B. CONNELL.
“Intellectual capital: current issues and policy implications”.
Journal of Intellectual Capital, 1 (2000), pp. 206-240
[BROOKING, 1996]
A. BROOKING.
Intellectual Capital, Core assets for the third Millenium Entreprise, International Thomson Business Press, (1996),
[BUENO, 1998]
E. BUENO.
“El capital intangible como clave estratégica de la competencia actual”.
Boletín de Estudios Económicos, (1998), pp. 207-229
[Model for the measurement and management of Intellectual Capital, 2003]
“Model for the measurement and management of Intellectual Capital: Intellectus Model”.
Intellectus Documents, no 5,
[BUSHMAN et al., 1995]
R.M. BUSHMAN, R.J. INDJEJIKIAN, A. SMITH.
“Aggregate performance measures in business unit manager compensation: The role of intrafirm interdependencies”.
Journal of Accounting Research, 33 (1995), pp. 101-128
[CABALLER and MOYA, 1997]
V. CABALLER, I. MOYA.
“Companies valuation: an analogical stock market empirical approach”.
Contemporary Developments in Finance,
[CAMFFERMAN and COOKE, 2002]
K. CAMFFERMAN, T. COOKE.
“An analysis of disclosure in the annual reports of U.K. and Dutch companies”.
Journal of International Accounting Research, 1 (2002), pp. 3-30
[CAÑIBANO, 1999]
L. CAÑIBANO.
“La medición de los intangibles: Nuevo desafío para la contabilidad en el siglo XXI”.
Libro de ponencias presentadas al X Congreso AECA, La empresa española ante el siglo XXI, pp. 24-26
[CAÑIBANO et al., 2002]
CAÑIBANO, L., SÁNCHEZ, P., GARCÍA-AYUSO, M. y CHAMINADE, C. (2002): MERITUM Project. Guidelines for Managing and Reporting on Intangibles (Intellectual Capital Report), Vodafone Foundation, Madrid.
[CAÑIBANO et al., 1999]
L. CAÑIBANO, M. GARCÍA-AYUSO, P. SÁNCHEZ.
“La relevancia de los intangibles para la valoración y gestión de empresas: revisión de la literatura”.
Revista Española de Financiación y Contabilidad, (1999), pp. 17-88
[CHAMINADE, 2001]
C. CHAMINADE.
“La Sociedad del Conocimiento y su impacto en la empresa: la medición y gestión de los intangibles”, Revista Electrónica de Madri+d,.
[CHEN et al., 2004]
J. CHEN, Z. ZHU, H. YUAN.
“Measuring intellectual capital: a new model and empirical study”.
Journal of Intellectual Capital, 5 (2004), pp. 195-212
[CHEN et al., 2005]
M. CHEN, S. CHENG, Y. HWANG.
“An empirical investigation of the relationship between intellectual capital and firm's market value and financial performance”.
Journal of Intellectual Capital, 6 (2005), pp. 159-176
[CHEN, 2005]
P. CHEN.
“Intellectual capital performance of commercial banks in Malaysia”.
Journal of Intellectual Capital, 6 (2005), pp. 385-396
[CHOW and WONG-GOREN, 1987]
CH. CHOW, A. WONG-GOREN.
“Voluntary financial disclosure by Mexican corporations”.
The Accounting Review, Vol. LXII (1987), pp. 533-541
[CHRISTOPHER and HASSAN, 1995]
T. CHRISTOPHER, S. HASSAN.
“Voluntary disclosure of cash for information: Australian evidence”.
Working Paper, BAA Conference, (1995),
[COOKE, 1996]
T.E. COOKE.
“The influence of the keiretsu Japanese corporate disclosure”.
Journal of International Financial Management and Accounting, 7 (1996), pp. 191-214
[CRASWELL and TAYLOR, 1992]
A. CRASWELL, S. TAYLOR.
“Discretionary disclosure of reserves by oil and gas companies: An economic analysis”.
Journal of Business Finance& Accounting, 19 (1992), pp. 441-456
[CUERVO, 1991]
CUERVO, A. (1991): Rentabilidad y creación de valor en la empresa. Discurso de ingreso en la Real Academia de Ciencias Económicas y Financieras, Real Academia de las Ciencias Económicas y Financieras, Barcelona
[DANISH AGENCY OF TRADE AND INDUSTRY (DATI), 2000]
DANISH AGENCY OF TRADE AND INDUSTRY (DATI).
A Guideline for Intellectual Capital Statements - A Key to Knowledge Management, Ministry of Trade and Industry, (2000),
[DÍAZ et al., 2006]
N. DÍAZ, I. AGUIAR, P. DE SAÁ.
“El conocimiento organizativo tecnológico y la capacidad de innovación. Evidencia para la empresa industrial española”.
Cuadernos de Economía y Dirección de la Empresa, (2006), pp. 33-60
[DÍEZ et al., 2007]
J.M. DÍEZ, M.L. OCHOA, M.B. PRIETO, A. SANTIDRIÁN.
“Identificación, medición y gestión del capital intelectual len las empresas de Castilla y León”. Ponencia presentada al II Congreso Catalán de Contabilidad y Dirección Barcelona, mayo.
[EDVINSSON, 1997]
L. EDVINSSON.
“Developing intellectual capital at Skandia”.
Long Range Planning, 30 (1997), pp. 266-373
[EDVINSSON and MALONE, 1997]
L. EDVINSSON, M.S. MALONE.
Intellectual capital: realizing your company's true value by finding brainpower, Harper Business, (1997),
[ENGSTRÖM et al., 2003]
T.E.J. ENGSTRÖM, P. WESTNES, S.F. WESTNES.
“Evaluating intellectual capital in the hotel industry”.
Journal of Intellectual Capital, 4 (2003), pp. 287-303
[FASB, 2002]
FASB.
Disclosure about intangible assets, Financial Accounting Standards Board, Connecticut.
[FIRER and WILLIAMS, 2003]
S. FIRER, S.M. WILLIAMS.
“Intellectual capital and traditional measures of corporate performance”.
Journal of Intellectual Capital, 4 (2003), pp. 348-360
[GALBREATH, 2004]
GALBREATH, J. T. (2004): Determinants of firm success: a resource-based analysis, Tesis Doctoral, Curtin University of Technology, Perth, WA, Australia.
[GALLEGO and RODRIGUEZ, 2005]
I. GALLEGO, L. RODRIGUEZ.
“Situation of intangible assets in Spanish firms: an empirical analysis”.
Journal of Intellectual Capital, 6 (2005), pp. 105-126
[GARCÍA MERINO et al., 2008]
D. GARCÍA MERINO, A. RODRÍGUEZ CASTELLANOS, B. VALLEJO ALONSO, G. ARREGUI AYASTUY.
“Importancia y valoración de los intangibles: la percepción de los directivos”.
Estudios de Economía Aplicada, 26 (2008), pp. 27-55
[GINER, 1997]
B. GINER.
“The influence of company characteristics and accounting regulation on information disclosed by Spanish firms”.
The European Accounting Review, 6 (1997), pp. 45-68
[GISBERT and CAÑIBANO, 2003]
A. GISBERT, L. CAÑIBANO.
“Principales cambios en la valoración contable de los activos intangibles”.
Revista del Instituto de Estudios Económicos, (2003), pp. 187-222
[GÓMEZ JIMÉNEZ, 2007]
GÓMEZ JIMÉNEZ, J. V. (2007): Divulgación de información sobre intangibles en las empresas cotizadas españolas: factores determinantes e impacto en los mercados financieros y en la reputación corporativa, Tesis Doctoral, Universidad de Deusto, San Sebastián.
[GONZÁLEZ and NIETO, 2005]
N. GONZÁLEZ, M. NIETO.
“Efectos de la ambigüedad causal sobre los resultados empresariales: Un análisis en las mayores empresas manufactureras españolas”.
Cuadernos de Economía y Dirección de la Empresa, (2005), pp. 83-102
[GRANT, 1991]
R.M. GRANT.
“The resource-based theory of competitive advantages: implications for strategy formulation”.
California Management Review, 33 (1991), pp. 114-135
[GRANT, 1996]
R.M. GRANT.
“Toward a Knowledge-Based Theory of the Firm”.
Strategic Management Journal, 17 (1996), pp. 109-122
[GRANT, 2002]
R.M. GRANT.
Contemporary strategy analysis: concepts, techniques, applications, Blacwell Publishing, (2002),
[GRAY et al., 2004]
D. GRAY, G. ROSS, T. RASTAS.
“What intangible resources do companies value, measure, and report? A synthesis of UK and Finnish research”.
International Journal of Learning and Intellectual Capital, 1 (2004), pp. 242-261
[GU and LEV, 2001]
F. GU, B. LEV.
“Intangible assets: measurement, drivers, usefulness”.
[GUIMÓN, 2005]
J. GUIMÓN.
“Intellectual capital reporting and credit risk analysis”.
Journal of Intellectual Capital, 6 (2005), pp. 28-42
[HALL, 1992]
R.H. HALL.
“The strategic analysis of intangible resources”.
Strategic Management Journal, 13 (1992), pp. 135-144
[HALL, 1993]
R.H. HALL.
“A framework linking intangible resources and capabilities to sustainable competitive advantage”.
Strategic Management Journal, 14 (1993), pp. 607-618
[HOOPES and MADSEN, 2003]
D.G. HOOPES, T.L. MADSEN, G. WALKER.
“Guest editors' introduction to the special issue: Why is there a resource-based view? Toward a theory of a competitive advantage”.
Strategic Management Journal, 24 (2003), pp. 889-902
[ÍÑIGUEZ SÁNCHEZ and LÓPEZ ESPINOSA, 2005]
R. ÍÑIGUEZ SÁNCHEZ, G. LÓPEZ ESPINOSA.
“Valoración de los activos intangibles en el mercado de capitales español”.
Revista Española de Financiación y Contabilidad, (2005), pp. 459-500
[ITAMI and ROEHL, 1987]
H. ITAMI, T. ROEHL.
Mobilizing Invisible Assets, Harvard University Press, (1987),
[JOHANSON et al., 2001]
U. JOHANSON, M. MARTENSSON, M. SKOOG.
“Measuring to understand intangible performance drivers”.
The European Accounting Review, 10 (2001), pp. 407-437
[JOHNSON and KAPLAN, 1987]
T.H. JOHNSON, R.S. KAPLAN.
Relevance Lost: The Rise and the Fall of Management Accounting, Harvard Business School Press, (1987),
[KANNAN and AULBUR, 2004]
G. KANNAN, W.G. AULBUR.
“Intellectual capital: Measurement effectiveness”.
Journal of Intellectual Capital, 5 (2004), pp. 389-413
[KAPLAN and NORTON, 1992]
R.S. KAPLAN, D.P. NORTON.
“The balanced scorecard - measures that drive performance”.
Harvard Business Review, enero-febrero (1992), pp. 71-79
[KAPLAN and NORTON, 1996]
R.S. KAPLAN, D.P. NORTON.
The Balanced Scorecard: Translating Strategy into Action, Harvard Business School Press, (1996),
[KAPLAN and NORTON, 2004]
R.S. KAPLAN, D.P. NORTON.
“Measuring the strategic readiness of intangible assets”.
Harvard Business Review, 82 (2004), pp. 52-63
[KHOURY, 1998]
S. KHOURY.
“Valuing intellectual proprieties”.
Profiting from intellectual capital: extracting value from innovation, pp. 335-356
[KIM and SORENSEN, 1986]
W.S. KIM, E.H. SORENSEN.
“Evidence on the impact of the agency costs of debt on corporate debt policy”.
Journal of Financial and Quantitative Analysis, 21 (1986), pp. 131-144
[KRISTANDL and BONTIS, 2007]
G. KRISTANDL, N. BONTIS.
Constructing a definition for intangibles using the resource based view of the firm.
Journal of Management Decision, 45 (2007), pp. 1510-1524
[LEADBEATER, 2000]
C. LEADBEATER.
New Measures for the New Economy, ICAEW, (2000),
[LELAND, 1998]
H.E. LELAND.
“Agency Costs, Risk Management, and Capital Structure”.
The Journal of Finance, 53 (1998), pp. 1213-1243
[LEV, 1989]
B. LEV.
“On the usefulness of earnings and earnings research: lessons and directions from two decades of empirical research”.
Journal of Accounting Research, 27 (1989), pp. 153-192
[LEV, 2001]
B. LEV.
Intangibles: Management, measurement and reporting, Brooking Institution Press, (2001),
[LEV and ZAMBON, 2003]
B. LEV, S. ZAMBON.
“Intangibles and intellectual: capital an introduction to a special issue”.
European Accounting Review, 12 (2003), pp. 597-603
[LEV and ZAROWIN, 1998]
B. LEV, P. ZAROWIN.
“The boundaries of financial reporting and how to extend them”.
Working Paper, New York University -Stern School of Business, (1998),
[LEV et al., 2000]
B. LEV, A. SARATH, T. SOUGIANNIS.
“R&D reporting biases and their consequences”.
Working Paper, New York University; Stern School of Business, (2000),
[LIEBOWITZ and SUEN, 2000]
J. LIEBOWITZ, C. SUEN.
“Developing knowledge management metrics for measuring intellectual capital”.
Journal of Intellectual Capital, 1 (2000), pp. 54-67
[LIPPMAN and RUMELT, 1982]
S.A. LIPPMAN, R.P. RUMELT.
“Uncertain imitability: An analysis of interfirm differences in efficiency under competition”.
Bell Journal of Economics, 23 (1982), pp. 418-438
[LÖNNQVIST et al., 2008]
A. LÖNNQVIST, P. KUJANSIVU, V. SILLANPAA.
“Intellectual capital management practices in Finnish companies”.
International Journal of Innovation and Regional Development, 1 (2008), pp. 130-146
[LÓPEZ, 1996]
J. LÓPEZ.
“Los recursos intangibles en la competitividad de las empresas: un análisis desde la teoría de los recursos”.
Economía Industrial, (1996), pp. 25-35
[MACAGNAN, 2005]
MACAGNAN, C. B. (2005): Factores explicativos de la revelación de información de activos intangibles de empresas que cotizan en España, Tesis Doctoral, Universidad Autónoma de Barcelona, Barcelona.
[MANN and WHITNEY, 1947]
H.B. MANN, D.R. WHITNEY.
“On a test of whether one of two random variables is stochastically larger than the other”.
Annals of Mathematical Statistics, 18 (1947), pp. 50-60
[MARR and GRAY, 2002]
MARR, B. y GRAY, D. (2002): “Measuring Intellectual Capital - The internal and external drivers for measuring and reporting the intangibles of an organization”. Ponencia presentada en el Congreso The Transparent Enterprise. The Value of Intangibles, Madrid.
[MARR et al., 2003]
B. MARR, D. GRAY, A. NEELY.
“Why do firms measure their intellectual capital?”.
Journal of Intellectual Capital, 4 (2003), pp. 441-464
[MARSHALL, 1890]
A. MARSHALL.
Principles of economics, MacMillan, (1890),
[MARTÍN DE CASTRO et al., 2009]
G. MARTÍN DE CASTRO, E.M. ALAMA, J.E. NAVAS, P. LÓPEZ.
“El papel del capital intelectual en la innovación tecnológica: una aplicación a las empresas de servicios profesionales de España”.
Cuadernos de economía y dirección de la empresa, (2009), pp. 83-109
[MARTÍNEZ OCHOA, 1999]
MARTÍNEZ OCHOA, L. (1999): “Relevancia de la información contable y activos intangibles”. Ponencia presentada en el X Congreso de la Asociación Española de Contabilidad y Administración de Empresas (AECA), Septiembre, AECA, Zaragoza, pp. 1-30.
[MCCUTCHEON, 2007]
G. MCCUTCHEON.
“PAVE/VRO, a Valuation Model for Intellectual Asset Rich Businesses”.
Ponencia presentada en IC Congress 2007 Intellectual Capital: the Future of Business Navigation, INHOLLAND University, (2007),
[MCKINNON and DALIMUNTHE, 1993]
H. MCKINNON, L. DALIMUNTHE.
“Voluntary disclosure of segment information by Australian diversified companies”.
Accounting and Finance, 35 (1993), pp. 33-50
[MEEK et al., 1995]
G. MEEK, C. ROBERTS, S. GRAY.
“Factors influencing voluntary annual report disclosures by U.S., U.K. and Continental European multinational corporations”.
Journal of International Business Studies, 26 (1995), pp. 555-571
[MEYER and GUPTA, 1994]
M.W. MEYER, V. GUPTA.
“The performance paradox”.
Research in Organizational Behavior, 16 (1994), pp. 309-369
[MILLER and SHAMSIE, 1996]
D. MILLER, J. SHAMSIE.
“The resource-based view of the firm in two environments: The Hollywood films studios from 1936 to 1965”.
Academy of Management Journal, 39 (1996), pp. 519-543
[MITCHEL et al., 1995]
G.R. MITCHEL, C. CHIA, A. LOH.
“Voluntary disclosure of segment information: further Australian evidence”.
Accounting & finance, 35 (1995), pp. 1-16
[MONTGOMERY and WERNERFELT, 1988]
C.A. MONTGOMERY, B. WERNERFELT.
“Diversification, Ricardian rents, and Tobin's Q”.
Journal of Economics, 19 (1988), pp. 623-632
[MORCK and YEUNG, 2003]
R. MORCK, B. YEUNG.
“Why firms diversify: internalization vs agency behaviour”.
Intangible Assets: Values, Measures, and Risk, pp. 269-302
[NARAYANAN et al., 2000]
V.K. NARAYANAN, G.E. PINCHES, K.M. KELM, D.M. LANDER.
“The influence of voluntarily disclosed qualitative information”.
Strategic Management Journal, 21 (2000), pp. 707-722
[NEELY et al., 1996]
A. NEELY, J. MILLS, M. GREGORY, H. RICHARDS.
“Performance measurement system design: should process-based approaches be adopted?”.
International Journal of Production Economics, 46–47 (1996), pp. 423-431
[NEVADO and LÓPEZ, 2007]
D. NEVADO, V.R. LÓPEZ.
“Medir los intangibles: claves para determinar el valor de la empresa”.
Estrategia Financiera, (2007), pp. 53-62
[NIETO and PÉREZ, 2006]
M. NIETO, C. PÉREZ.
“Características del conocimiento tecnológico y mecanismos de apropiación de innovaciones”.
Revista Europea de Dirección y Economía de la Empresa, 15 (2006), pp. 93-106
[OCHOA et al., 2007]
M.L. OCHOA, M.B. PRIETO, A. SANTIDRIÁN.
“Estado de la gestión del capital intelectual: Evidencia empírica e ideas para la reflexión”, Documento de trabajo 09/07, Universidad de Burgos.
[OLIVÉ, 2008]
A. OLIVÉ.
“Cómo valorar una empresa a partir de sus activos intangibles”.
Harvard Deusto, Finanzas&Contabilidad, (2008), pp. 42-56
[PORTER, 1980]
M.E. PORTER.
Competitive Strategy, Free Press, (1980),
[PORTER, 1996]
M.E. PORTER.
“What is strategy?”.
Harvard Business Review, noviembre-diciembre (1996), pp. 61-78
[PRAHALAD and HAMEL, 1990]
C.K. PRAHALAD, G. HAMEL.
“The core competence of the corporation”.
Harvard Business Review, 68 (1990), pp. 79-91
[PRAHALAD, 1983]
C.K. PRAHALAD.
“Developing strategic capability: an agenda for Management”.
Human Resources Management, 22 (1983), pp. 237-254
[PRENCIPE, 2004]
A. PRENCIPE.
“Proprietary costs and determinants of voluntary segment disclosure: evidence from Italian listed companies”.
The European Accounting Review, 13 (2004), pp. 319-340
[PRIETO and REVILLA, 2006]
I.M. PRIETO, E. REVILLA.
“Assessing the impact of learning capability on business performance: empirical evidence from Spain”.
Management Learning, 37 (2006), pp. 499-522
[PULIC, 1998]
A. PULIC.
“Measuring the performance of intellectual potential in knowledge economy”.
[PULIC, 2000]
A. PULIC.
“An accounting tool for IC management”.
[QUINN, 1992]
J.B. QUINN.
Intelligent enterprise: A knowledge and service based paradigm for industry, The Free Press, (1992),
[REED et al., 2006]
K. REED, M. LUBATKIN, N. SRINIVASAN.
“Proposing and Testing an Intellectual Capital-Based View of the Firm”.
Journal of Management Studies, 43 (2006), pp. 867-893
[REED and DE FILLIPI, 1990]
R. REED, R. DE FILLIPI.
“Causal ambiguity, barriers to imitation, and sustainable competitive advantage”.
Academy of Management Review, 15 (1990), pp. 88-102
[RIAHI-BELKAOUI, 2003]
A. RIAHI-BELKAOUI.
“Intellectual capital and firm performance of US multinational firms: A study of the resource-based and stakeholder views”.
Journal of Intellectual Capital, 4 (2003), pp. 215-226
[RIAHI-BELKAOUI, 2003]
A. RIAHI-BELKAOUI.
“Intellectual capital and firm performance of US multinational firms”.
Journal of Intellectual Capital, 4 (2003), pp. 215-225
[RICHARDSON and WELKER, 2001]
A. RICHARDSON, M. WELKER.
“Social disclosure, financial disclosure and the cost of equity capital”.
Accounting, Organizations and Society, 26 (2001), pp. 597-616
[RODOV and LELIAERT, 2002]
I. RODOV, P.H. LELIAERT.
“FiMIAM: financial method of intangible assets measurement”.
Journal of Intellectual Capital, 3 (2002), pp. 323-336
[RODRÍGUEZ CASTELLANOS and ARAUJO DE LA MATA, 2005]
RODRÍGUEZ CASTELLANOS, A. y ARAUJO DE LA MATA, A. (2005): “Métodos para la valoración económico-financiera de los intangibles”, Capital Intelectual, No 0, 1er trimestre, pp. 19-27.
[RODRÍGUEZ CASTELLANOS et al., 2006]
A. RODRÍGUEZ CASTELLANOS, G. ARREGUI AYASTUY, D. GARCÍA MERINO.
“Intangibles financial valuation: a method grounded on an IC-based taxonomy”.
Decisiones basadas en el conocimiento y en el papel social de la empresa, pp. 117-133
[RODRÍGUEZ-CASTELLANOS et al., 2007]
A. RODRÍGUEZ-CASTELLANOS, G. ARREGUI-AYASTUY, A. VALLEJO-ALONSO.
“The financial valuation of intangibles: A method grounded on an IC-Based Taxonomy”.
Strategies for information technology and intellectual capital: Challenges and opportunities, pp. 66-90
[RODRÍGUEZ DOMÍNGUEZ, 2004]
L. RODRÍGUEZ DOMÍNGUEZ.
“Valoración y gestión de activos intangibles: Aproximación teórica y estudio empírico”.
[RODRÍGUEZ PÉREZ and ORDOÑEZ DE PABLOS, 2003]
J. RODRÍGUEZ PÉREZ, P. ORDOÑEZ DE PABLOS.
“Knowledge management and organizational competitiveness: a framework for human capital analysis”.
Journal of Knowledge Management, 7 (2003), pp. 82-91
[ROSS and ROSS, 1997]
G. ROSS, J. ROSS.
“Measuring your company's intellectual performance”.
Long Range Planning, 30 (1997), pp. 413-426
[RUMELT, 1984]
R.P. RUMELT.
“Toward a strategic theory of the firm”.
Competitive strategic management, pp. 167-185
[RYLANDER et al., 2000]
A. RYLANDER, K. JACOBSEN, G. ROOS.
“Towards improved information disclosure on intellectual capital”.
International Journal of Technology Management, 20 (2000), pp. 715-741
[SÁENZ, 2005]
J. SÁENZ.
“Human capital indicators, business performance and market-to-book ratio”.
Journal of Intellectual Capital, 6 (2005), pp. 374-384
[SALAS, 1996]
V. SALAS.
“Economía y gestión de activos intangibles”.
Economía Industrial, (1996), pp. 17-24
[SALOJÄRVI, 2004]
S. SALOJÄRVI.
“The role and nature of knowledge management in Finnish SMEs”.
International Journal of Learning and Intellectual Capital, 1 (2004), pp. 334-357
[SÁNCHEZ, 1996]
G. SÁNCHEZ.
“Diseño de la estrategia en organizaciones orientadas al servicio”.
Alta Dirección, 31 (1996), pp. 21-42
[SHI, 1999]
C. SHI.
“On the trade-off between the future benefits and riskiness of R&D: a bondholders' perspective”.
Working Paper, University of California, Irvine School of Business, (1999),
[SKANDIA, 1995]
SKANDIA (1995): Supplement to Skandia's 1994 Annual Report, Skandia, Stockholm.
[Stewart, 1997]
T.A. Stewart.
Intellectual Capital, the New Wealth of Organizations, Nicholas Brealey, (1997),
[SUBRAMANIAM and YOUNDT, 2005]
M. SUBRAMANIAM, M. YOUNDT.
“The Influence of Intellectual Capital on the Types of Innovative Capabilities”.
Academy of Management Journal, 48 (2005), pp. 450-463
[SVEIBY, 2000]
K.E. SVEIBY.
“Intellectual capital and knowledge management”.
[SVEIBY, 2001]
K.E. SVEIBY.
“Methods for measuring intangible assets”.
[SVEIBY, 1997a]
K.E. SVEIBY.
The new organizational wealth: managing & measuring knowledge-based assets, Berrett-Koestler Publishers, (1997),
[SVEIBY, 1997b]
K.E. SVEIBY.
“Intellectual assets monitor”.
[TAN et al., 2007]
H.P. TAN, D. PLOWMAN, P. HANCOCK.
“Intellectual capital and financial returns of companies”.
Journal of Intellectual Capital, 8 (2007), pp. 76-95
[TEECE, 1998]
D. TEECE.
“Capturing value form knowledge assets: the new economy, markets for know-how, and intangible assets”.
California Management Review, 40 (1998), pp. 55-79
[TEECE, 2000]
D. TEECE.
Managing Intellectual Capital: Organizational, Strategic, and Policy Dimensions and intangible assets, Oxford University Press, (2000),
[TEECE, 1980]
D. TEECE.
“Economies of scope and the scope of the enterprise”.
Journal of Economic Behaviour and Organization, 1 (1980), pp. 223-233
[VENTURA, 1996]
J. VENTURA.
Análisis dinámico de la estrategia empresarial: un ensayo interdisciplinar, Servicio de publicaciones de la Universidad de Oviedo, (1996),
[VICENTE, 2000]
J.D. VICENTE.
“Inversión en intangibles y creación de valor en la industria manufacturera española”.
Economía Industrial, (2000), pp. 109-123
[VICENTE, 2001]
J.D. VICENTE.
“Specifity and opacity as resource-based determinants of capital structure: evidence for Spanish manufacturing firms”.
Strategic Management Journal, 22 (2001), pp. 157-177
[VILLALONGA, 2004]
B. VILLALONGA.
“Intangible resources, Tobin's q, and sustainability of performance differences”.
Journal of Economic Behavior & Organization, 54 (2004), pp. 205-230
[VITALE et al., 1994]
M. VITALE, S.C. MAVRINAC, M. HAUSER.
“New process/financial scorecard: a strategic performance measurement system”.
Planning Review, 22 (1994), pp. 21-26
[WATSON et al., 2002]
A. WATSON, P. SHRIVES, C. MARTSON.
“Voluntary disclosure of accounting ratios in the U.K.”.
British Accounting Review, 34 (2002), pp. 289-313
[WILCOX-KING and ZEITHAML, 2001]
A. WILCOX-KING, C.P. ZEITHAML.
“Competences and firm performance: Examining the causal ambiguity paradox”.
Strategic Management Journal, 22 (2001), pp. 75-99
[WILLIAMS, 2001]
M. WILLIAMS.
“Are intellectual capital performance and disclosure practices related?”.
Journal of Intellectual Capital, 2 (2001), pp. 192-203
Copyright © 2010. Academia Europea de Dirección y Economía de la Empresa
