The increasing gap between market and book value allows us to understand that firms’ value is based not only onphysical but also on intangible assets. Intellectual capital resources are very important, especially in knowledgeintensivebut also in capital-intensive industries.The main aims of this work are: (1) to propose a methodology based on the value added components, starting from Pulic’spoint of view (Pulic, 1998; 2000; 2008), which is able to discriminate between knowledge-intensive and capital-intensiveindustries; (2) to investigate the relationship between intellectual capital efficiency and market value (and between physicalcapital efficiency and market value) for firms belonging to both knowledge and capital-intensive sectors.
Capital Efficiency and Market Value in Knowledge and Capital Intensive Firms: an Empirical Study
IAZZOLINO, Gianpaolo;Migliano G;
2013-01-01
Abstract
The increasing gap between market and book value allows us to understand that firms’ value is based not only onphysical but also on intangible assets. Intellectual capital resources are very important, especially in knowledgeintensivebut also in capital-intensive industries.The main aims of this work are: (1) to propose a methodology based on the value added components, starting from Pulic’spoint of view (Pulic, 1998; 2000; 2008), which is able to discriminate between knowledge-intensive and capital-intensiveindustries; (2) to investigate the relationship between intellectual capital efficiency and market value (and between physicalcapital efficiency and market value) for firms belonging to both knowledge and capital-intensive sectors.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
