بررسی عوامل مؤثر بر سرمایه‌گذاری‌های نامشهود شرکت‌ها در ایران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار حسابداری، دانشگاه الزهرا

2 استادیار گروه حسابداری دانشگاه یزد

چکیده

هدف این پژوهش شناسایی و بررسی عوامل مؤثر بر سرمایه‌گذاری‌های شرکت‌ها در دارایی‌های نامشهود می‌باشد. جهت اندازه‌گیری دارایی‌های نامشهود از مدل عارف‌منش و رحمانی (1394) بهره گرفته شد و عوامل مؤثر با توجه به ادبیات شناسایی شدند. جهت بررسی عوامل مؤثر بر سرمایه‌گذاری‌های نامشهود از مدل یابی معادلات ساختاری با کمک روش حداقل مربعات جزئی و نرم‌افزار PLS3 استفاده شد. نتایج پژوهش برای 143 شرکت طی دوره 1386 تا 1392 بیانگر تأثیر ویژگی‌های خاص شرکت بر میزان سرمایه‌‌گذاری‌های نامشهود شرکت‌ها دارد. اهرم مالی و سودآوری، تأثیر مثبت و معنی‌دار و اندازه شرکت تأثیر منفی و معنی‌دار بر میزان سرمایه‌گذاری در دارایی‌های نامشهود دارند. همچنین نتایج پژوهش حاکی از تأثیر مثبت نوع صنعت بر ارزش دارایی‌های نامشهود است. به‌عبارت‌دیگر شرکت‌های فعال در صنایع با فناوری بالا و به‌طور متوسط بالا، سرمایه‌گذاری بیشتری در دارایی‌های نامشهود دارند. بعلاوه، نتایج بیانگر تأثیر منفی موانع ورود به صنعت بر میزان سرمایه‌‌گذاری‌های نامشهود شرکت‌ها دارد. بر اساس یافته‌های پژوهش از متغیرهای سازوکارهای راهبری شرکتی، اندازه هیئت‌مدیره و مالکیت نهادی تأثیر منفی و معنی‌دار و استقلال هیئت‌مدیره تأثیر مثبت و معنی‌دار بر میزان سرمایه‌‌گذاری‌های نامشهود شرکت‌ها دارد.

کلیدواژه‌ها


عنوان مقاله [English]

Determinants of Intangible Investments in Iranian Firms

نویسندگان [English]

  • Ali Rahmani 1
  • Zohreh Arefmanesh 2
1 alzahra university
2 yazd university
چکیده [English]

The aim of this research is to investigate determinants of firm's intangible investments. The model of Arefmanesh and Rahmani (1394) was used to measure unrecorded and total intangibles. According to literature, Determinants were identified. Structural Equation Model by Partial Least Squares (PLS) path modeling was used to analyze determinants of firm's intangible investments. Analyzing of data panel of 143 firms from 1386 to 1392 indicate firm specific characteristics have significant influence in intangible investments. Firm's Profitability and leverage have positive influence and firm's size has negative influence on firm's intangible investments. Furthermore, results indicate positive effects of industry kind on intangible assets. On the other hand, high and intermediate high tech firms do more intangible investments. Additionally results show that barriers to entry have negative effect on firm's intangible investments. According to research findings from corporate governance mechanisms, only size of board of directors and institutional owners have negative influence and independence of board have positive influence on intangible assets.

کلیدواژه‌ها [English]

  • intangible assets
  • Barriers to Entry
  • Firm Specific Characteristics
  • Industry Specific Characteristics
  • Corporate Governance
-      Abbasi, Ibrahim & Yazerlou, V.(1392). “The impact of ownership structure on intangible assets” financial accounting, No. 18, pp. 81-62

-      Ahmadpor, Ahmad, Malekian, Esfandiar, Bahnamiri Zare, Mohammad Javad & Nadi, Z.(1391).” the  Role of the Board of IC companies phased approach, case study pharmaceutical companies in Tehran Stock Exchange". Knowledge of accounting, No. 8. Pp 73-93[in persion]

-      Andonova V & Ruíz-Pava G. (2016). "The role of industry factors and intangible assets in company performance in Colombia". Journal of Business Research 69 , pp: 4377–4384  

-      Andrissen Daneil, Frijlink Martine, Gisbergen Inge van & Blom Jan. (1999). A Core Competency Approach to valuing Intangible Assets. International Symposium, Measuring and Reporting Intellectual capital: Experiences, Issues and Prospects, Amsterdam.  

-      Arefmanesh, zohre & Rahmani, A.(1394). “A Model for valuation of intangible assets in companies listed in Tehran Stock Exchange", Management Accounting. No 26. Pp 81-112.[in persion]

-      Arrighetti Alessandro, Landini Fabio & Lasagni Andrea. (2014). "Intangible assets and firm heterogeneity: Evidence from Italy". Research Policy, 43, pp:202-213.

-      Basu, S., & Waymire, G. (2008). "Has the importance of intangibles really grown? And if so, why?" Accounting and business research, 38:3, pp 171-190.

-      Beattie, V., & Thomson, S. J. (2004). "A comprehensive analysis of intellectual capital categories as a precursor to empirical investigation of disclosures in annual reports". Paper presented at the Annual Financial Reporting and Business Communication Conference, Cardiff, Wales, July.

-      Chun H and Nadiri M. I. (2016). " INTANGIBLE INVESTMENT AND CHANGING SOURCES OF GROWTH IN KOREA", The Japanese Economic Review Vol. 67, No. 1,pp: 50-76.

-      Fukui Y., Ushijima T. (2007). "Corporate diversification, performance, and restructuring in the largest Japanese manufacturers", Journal of the Japanese and International Economies 21.pp: 303–323.

-      Gleason, K.I. Klock, M. (2006). "Intangible capital in the pharmaceutical and chemical industry", The Quarterly Review of Economics and Finance 46 .pp:300–314.

-      Han, D. & Han, I., (2004). “Prioritization and Selection of Intellectual Capital Measurement Indicators Using Analytic Hierarchy Process for the Mobile Telecommunications Industry.” Expert Systems with Applications 26: 519-527.

-      Huang Hao-Chen, Lai Mei-Chi & Lin Tzong-Huei. (2011). "Aligning intangible assets to innovation in biopharmaceutical industry". Expert Systems with Applications 38,pp: 3827–3834.

-      Jo, H. & Harjoto, M. (2011). "Corporate governance and firm value". Journal of Business Ethics, 103, 351-383.

-      Kumar Gaurav. (2013). "Voluntary disclosures of intangibles information by U.S.-listed Asian companies", Journal of International Accounting, Auditing and Taxation 22 ,109– 118.

-      Lee Yee Meei & Whiting H.Rosalind. (2011). "Technology, Intellectual Capital Disclosure and Cost of Capital" Paper_accepted_for_presentation_at_AFAANZ_Conference,Darwin,_Australia. 1-33

-      Lev, B. (2001). "Intangibles: Management, measurement and reporting". Washington, DC: Brookings Institution Press.

-      Lim C. S, Macias J. A, & Moeller T. (2014). "Intangible assets and capital structure". Available at: www.ssrn.com .

-      Maleki, amen.(1389).” The combination of technological exports on economic growth”. Journal of Commerce , No 56, pp. 176-149

-      Marr, B &  Schiuma, G. (2001). "Measuring and Managing Intellectual Capital andKnowledge Assets in New Economy Organisations, in Bourne", M. (ed.), Handbook ofPerformance Measurement, Gee, London.

-      Mashayekhi,bita& khaknegati.(1394). Profits and predictability with regard to value: The Role of staff costs. Accounting and auditing knowledge management. No. 16, pp: 43-35

-      Mashayekhi, Bita, Beirami ,Haniyeh & Beirami ,Hani. (1393)” The value of intangible assets by using artificial neural network". Empirical research in accounting. No 14.pp 223-238.[in persion]

-      McConnell, J. & Servaes, H. (1990). "Additional evidence on equity ownership and corporate value". Journal of Financial Economics, 27, 595-612.

-      Mishra R.K. & Jhunjhunwala Shitla. (2009). "Valuation of intangibles". Study sponsored by ICAI, Accounting Research Foundation

-      Molodchik A.M, Jardon, C& Barajas A. (2015). "THE FIRM SIZE EFFECT ON PERFORMANCE DUE TO INTANGIBLE RESOURCES", WORKING PAPERS, National Research University Higher School of Economics

-      Mkumbuzi  P.Walter. (2015). " Firm Resources, Corporate Governance and the Disclosure of Intangible Assets". Asian Social Science; Vol. 11, No. 24;pp. 113-138.

-      Petty Richard, Guthrie James (2000). "Intellectual capital literature review: Measurement, reporting and management".  Journal of Intellectual Capital, Vol. 1 Iss: 2, pp.155 – 176.

-      Oliveira L. ´dia & Rodrigues Lu ´cia Lima. (2006). "Firm-specific determinants of intangibles reporting: evidence from the Portuguese stock market". Journal of Human Resource Costing & Accounting. Vol. 10 No. 1, pp. 11-33.

-      Rahmani, Ali & Asmailykya, gharibe. (1393).” Intangible assets in connection stock companies and its impact on the value of profits". Empirical studies accounting Maly.No 43.pp 1-23[in persion]

-      Rao, V. R., Agarwal, M. K., & Dahlhoff, D. (2004). “How Is Manifest Branding Strategy Related to the Intangible Value of a Corporation?” Journal of Marketing 68(4): 126-141.

-      Salamudin Norhana, Ridzwan Bakar, Muhd Kamil Ibrahim & Faridah Haji Hassan. (2010). "Intangible assets valuation in the Malaysian capital market". Journal of Intellectual Capital, Vol. 11 No. 3, pp. 391-405.

-     Tsai Chih-Fong,  Lu Yu-Hsin &  Yen C.David (2012). "Determinants of intangible assets value: The data mining approach". Knowledge-Based Systems 31.67–77.