Title: Assessing the value of intangible assets: evidence from Japanese firms

Authors: Pablo Gonzalo Ramirez, Toyohiko Hachiya

Addresses: Science of Institutional Management of Technology (SIMOT), Department of Industrial Engineering and Management, Tokyo Institute of Technology, 2-12-1 Ookayama, Meguro-ku, Tokyo 152-8550, Japan. ' Science of Institutional Management of Technology (SIMOT), Department of Industrial Engineering and Management, Tokyo Institute of Technology, 2-12-1 Ookayama, Meguro-ku, Tokyo 152-8550, Japan

Abstract: This study contributes to the literature on market signalling and resource-based view by examining the relationship between intangible assets, value, value outperformance and its sustainability within a sample of public Japanese firms. Results suggest that intangibles are positively related to either firm|s value (R&D intensity and human capital) or value outperformance (R&D intensity and advertising intensity). Besides, our findings also suggest that intangible investments above industry average (human capital) increase the odd of being an outperformer firm.

Keywords: resource-based view; intangible assets; firm value; value outperformance; outperformance sustainability; Japan; market signalling; R&D intensity; research and development; human capital; advertising intensity.

DOI: 10.1504/IJAMS.2008.020039

International Journal of Applied Management Science, 2008 Vol.1 No.1, pp.55 - 74

Published online: 21 Aug 2008 *

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