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The impact of customer capital on company's market value: An empirical study from 100 U.S. stock market leaders

Author

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  • Lehenchuk Serhii

    (Department of Information Systems in Management and Accounting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine.)

  • Zavalii Tetiana

    (Department of Management and Entrepreneurship, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine.)

Abstract

Objective The aim of the paper is to establish the relationship between the customer capital and the company's market value (MV). Examining this impact seems justified as the topic has been rarely investigated till now. Methods The regression analysis was used to achieve the research objective. We analyzed reports of 100 U.S. stock market leaders for 2018, which were prepared in accordance with the requirements of International Financial Reporting Standard 3 > and included information about customer capital. Findings The hypothesis that the customer capital has a direct impact on the company's MV is confirmed by the results of this study. Practical implication The proposed regression model (Model 3) can be used for needs of value-based management. Originality/value Customer capital as a tool of value-based management is a poorly studied topic in the context of understanding the importance of the role of intangibles in creating value for company.

Suggested Citation

  • Lehenchuk Serhii & Zavalii Tetiana, 2021. "The impact of customer capital on company's market value: An empirical study from 100 U.S. stock market leaders," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 57(4), pages 299-312, December.
    • Handle: RePEc:vrs:ijomae:v:57:y:2021:i:4:p:299-312:n:6
    DOI: 10.2478/ijme-2021-0025
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    More about this item

    Keywords

    customer capital; goodwill; intangible assets; market value; research and development costs;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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