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Value of intangibles arising from R&D activities

Author

Listed:
  • Ana Maria Bandeira

    (Instituto Superior de Contabilidade e Administração do Porto, EDGE and Faculdade de Economia da Universidade do Porto)

  • Óscar Afonso

    (CEF.UP, OBEGEF and Faculdade de Economia, Universidade do Porto, Portugal)

Abstract

This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the results show that: (i) the increase in the return on equity following from an increase in the share of investment in R&D is greater in the long run; (ii) there is a positive relationship between the results (and the value of firms) and R&D activities; (iii) by updating the additional periodical results generated by investment in R&D, the present value of the intangible asset can be determined.

Suggested Citation

  • Ana Maria Bandeira & Óscar Afonso, 2010. "Value of intangibles arising from R&D activities," FEP Working Papers 372, Universidade do Porto, Faculdade de Economia do Porto.
    • Handle: RePEc:por:fepwps:372
    as

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    File URL: http://www.fep.up.pt/investigacao/workingpapers/10.04.27_wp372.pdf
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    Citations

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    Cited by:

    1. Sydler, Renato & Haefliger, Stefan & Pruksa, Robert, 2014. "Measuring intellectual capital with financial figures: Can we predict firm profitability?," European Management Journal, Elsevier, vol. 32(2), pages 244-259.
    2. Ana Santos & Ana Bandeira & Patrícia Ramos, 2024. "The Impact of Research and Development Investment on the Performance of Portuguese Companies," Risks, MDPI, vol. 12(8), pages 1-13, August.

    More about this item

    Keywords

    R&D; Financial information; Value of intangibles; Market value; Panel Data;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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