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Endogenous value creation: managerial decisions on intangibles

机译：内在价值创造：无形资产的管理决策

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摘要

Purpose - This study aims to explore value creation through intangibles in corporations, taking into consideration the endogenous nature of managerial decisions. It is stated that intangibles bring extra information asymmetry into a company and make managers and investors' goals less aligned. Design/methodology/approach - A theoretical model is elaborated and empirically tested on the assumption that managers, while investing in intangibles, simultaneously make a company competitive and attractive to investors. The authors use a conceptual model of endogenous value creation to test how intangibles affect outperforming of a company and provoke the expectations of investors. The research is carried out on a sample of more than 1,650 European companies covering the period from 2004 to 2011. Structural equation modelling is applied for the purposes of empirical analysis. Findings - The authors reveal a diverse impact of intangibles on outperforming of a company measured by economic value added and its ability to create market value. The study discovers that managers are prone to indicate positive signals to investors rather than create sustainable competitive advantages. Practical implications - This research emphasizes on the particular importance of awareness of policymakers, namely, companies' top managers, about the outcomes of their decisions. Decision-making in public companies should involve as much deliberation as possible about the potential impact of what is decided. Originality/value - This work contributes primarily to the field of corporate finance in companies that use intangibles. The endogenous process of value creation is modelled and tested. As a result, a number of essential problems in agent relationships in intangible-intensive corporations are discovered.
机译：目的-这项研究旨在探讨公司无形资产创造的价值，同时考虑管理决策的内在本质。有人说，无形资产给公司带来了额外的信息不对称，并使经理和投资者的目标变得不太一致。设计/方法/方法-假设管理者在投资无形资产的同时使公司具有竞争力和吸引力，并以此为基础，对理论模型进行了详尽的阐述和实证检验。作者使用内生价值创造的概念模型来测试无形资产如何影响公司的表现并激发投资者的期望。该研究是对2004年至2011年期间1,650多家欧洲公司的样本进行的。结构方程模型用于实证分析。调查结果-作者通过经济增加值及其创造市场价值的能力来衡量无形资产对公司业绩的不同影响。研究发现，管理者倾向于向投资者表明积极信号，而不是创造可持续的竞争优势。实际意义-这项研究强调了决策者（即公司的最高管理者）对其决策结果的意识的特别重要性。上市公司的决策应尽可能多地考虑决策的潜在影响。原创性/价值-这项工作主要为使用无形资产的公司在公司财务领域做出了贡献。对价值创造的内生过程进行建模和测试。结果，发现了无形密集型公司的代理人关系中的许多基本问题。

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