Determinants of investment in fixed assets and in intangible assets for high-tech firms

Nunes, Paulo Maçãs; Serrasqueiro, Zélia; Matos, António Fernandes de

doi:10.14254/2071-8330.2017/10-1/12

Cited by 9 publications

(7 citation statements)

References 13 publications

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“…Some of them have argued that the shadow economy impeded the investment growth. However, there are a lot of studies identifying the shadow economy as an important determinant of the FDI attracted by a country (Wei, 2000;Cleeve, 2008;Al-Sadig, 2007;Asiedu, 2006;Morrissey et al, 2012;Omidie et al, 2017, Formankova et al, 2018Nunes et al, 2017).…”

Section: Drivers Of Shadow Economy and Investment Activitiesmentioning

confidence: 99%

Shadow Economy and its Impact on Demand at the Investment Market of the Country

Bilan¹,

Vasilyeva²,

Lyeonov³

et al. 2019

EBER

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The objective of the research is to study the link between drivers of the shadow economy and the demand level on the investment market. Research Design & Methods: Based on the Shapiro-Wilk test, the normality of capital investment distribution and the shadow economy level of the European Union countries and Ukraine are evaluated. Spearman and Shapiro-Wilk tests are used to identify the most relevant indicators of impact. Findings: The analysis of the changing dynamics regarding the capital investment volume and the shadow economy level in Ukraine and the EU countries during 2010-2016 shows that there is an inverse link between them-the growth of the shadow economy has a negative impact on the capital investment volume in the country. Implications & Recommendations: This research proves significant influence of the shadow economy on the demand level on the investment market and underlines the necessity to review the current state policy to stimulate the demand on the investment market from the viewpoint of the most relevant shadow drivers. Contribution & Value Added: The scientific contribution of the article is that existing research on the impact of shadow economy on the economic development of countries remains fragmented, as well as studies assessing its effect on a country's investment attractiveness. The constructed econometric model may provide some insight into better understanding of the most influential factors affecting a country's investment attractiveness and the immediate response to it. Article type: research article

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Section: Drivers Of Shadow Economy and Investment Activitiesmentioning

confidence: 99%

Shadow Economy and its Impact on Demand at the Investment Market of the Country

Bilan¹,

Vasilyeva²,

Lyeonov³

et al. 2019

EBER

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“…As control variables, the following variables were selected: age, intangible assets, and total assets (Haque & Arun, 2016;Khan, Yang, & Waheed, 2019;Nunes, Serrasqueiro, & Matos, 2017). Löfsten and Lindelöf (2002) report that performance depends on the age of the company.…”

Section: Sample Variables and Methodologymentioning

confidence: 99%

The effect of incubation on business performance: A comparative study in the Centro region of Portugal

Almeida

Pinto

Henriques

2021

RBGN

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Purpose -The role that incubators play in business performance is a topic that has been discussed in the literature. They help to create the necessary conditions for the development of entrepreneurship and business innovation, but studies on their real contribution are lacking, especially in contexts such as the Portuguese one. Business incubators have been strong drivers of entrepreneurship and innovation. The main objective of this study is to assess whether business incubation offers benefits to incubated companies compared to non-incubated ones, particularly in terms of performance.Design/methodology/approach Data were collected from incubated and nonincubated companies in the central region of Portugal. These two groups of companies (incubated and non-incubated) were initially compared using the t-test and the Mann-Whitney test. Then, using linear regression models, the impact of incubation on performance variables was estimated, adjusting for the effect of control variables, when significant. FindingsThe results suggest that in the first years of life, incubated companies present a higher level of performance than non-incubated ones, an effect that decreases as companies become more mature.Originality/value -The study contributes to deepening the understanding of the role that business incubators play, providing further evidence that in their early life incubated companies outperform non-incubated ones.

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“…Selain menguji relevansi nilai aset tak berwujud, penelitian terdahulu (Nunes et al, 2017;Yang and Zhou, 2017;Chiarello et al, 2014;Arrighetti et al, 2011;Al-Twaijry, 2009;Rezaie dan Salehi, 2015;Ibadin dan Oladipupo, 2015;Omoye, 2013;Kang dan Gray, 2011) juga menguji faktor-faktor yang mempengaruhi investasi aset tak berwujud dan pengungkapannya. Ukuran perusahaan merupakan faktor penting yang menentukan perusahaan berinvestasi dalam aset tak berwujud.…”

Section: Pendahuluanunclassified

“…Perusahaan besar memiliki modal intelektual p-ISSN : 2089-7219 e-ISSN : 2477-4782 yang lebih besar sehingga dapat memproduksi modal tak berwujud yang baru dengan biaya yang lebih rendah dan meningkatkan efisiensi penggunaan modal tak berwujud yang ada sehingga meningkatkan probabilitas untuk berinvestasi dalam aset tak berwujud (Yang dan Zhou, 2017). Hal ini didukung oleh penelitian terdahulu menemukan bahwa ukuran perusahaan berpengaruh positif signifikan terhadap investasi aset tak berwujud (Nunes et al, 2017;Yang and Zhou, 2017;Arrighetti et al,2011;Rezaie dan Salehi, 2015) dan juga berpengaruh positif terhadap pengungkapannya (Ibadin dan Oladipupo, 2015;Kang dan Gray, 2011). Namun penelitian (Al-Twaijry, 2009) tidak menemukan adanya pengaruh ukuran perusahaan terhadap investasi aset tak berwujud.…”

Section: Pendahuluanunclassified

“…Para pendukung teori agensi berpendapat bahwa perusahaan dengan leverage tinggi memiliki insentif untuk mengungkapkan lebih banyak informasi untuk mengurangi biaya agensi yang timbul dari ukuran potensi transfer kekayaan dari pemegang utang ke pemegang saham sejalan dengan teori pensinyalan dan pemangku kepentingan . Hal ini didukung oleh beberapa penelitian terdahulu (Ibadin dan Oladipupo, 2015;Omoye, 2013) menemukan bahwa leverage berpengaruh positif signifikan terhadap pengungkapan aset tak berwujud sedangkan peneliti Nunes et al (2017) menemukan bahwa leverage berpengaruh negatif dan signifikan terhadap investasi aset tak berwujud. Namun penelitian (Al-Twaijry, 2009) tidak menemukan adanya pengaruh leverage terhadap investasi aset tak berwujud.…”

Section: Pendahuluanunclassified

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Investasi Dalam Aset Tak Berwujud Dan Nilai Perusahaan

Andry¹,

Nuryani²

2022

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In making decisions and predicting the rate of return on investment, earnings are considered the most relevant financial information. However, the 2008 global economic crisis caused the relevance of the value of earnings to decline and could not be relied on in valuing companies, so investors sought other important information that was useful in making decisions, namely information about investment in intangible assets. Therefore, this study aims to examine the effect of investment in intangible assets on firm value. In addition, this study also examines the factors that influence the disclosure of investment in intangible assets in the manufacturing industry. By using purposive judgment sampling technique, samples obtained for model 1 were 69 samples of manufacturing companies, while samples for model 2 obtained an average of 30 sample companies. The data analysis technique used for hypothesis testing is multiple linear regression analysis. The results of this study indicate that the intangible asset investment variable is not proven to have a significant effect on stock prices. Only company size has a significant positive effect on the disclosure of intangible asset investments while Earnings per Share (EPS) and Leverage have no effect. The results of this study can be concluded that investors consider information about intangible asset investment as irrelevant in valuing company equity. In addition, company size has an important role in expressing investment in intangible assets.

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Determinants of investment in fixed assets and in intangible assets for high-tech firms

Cited by 9 publications

References 13 publications

Shadow Economy and its Impact on Demand at the Investment Market of the Country

Shadow Economy and its Impact on Demand at the Investment Market of the Country

The effect of incubation on business performance: A comparative study in the Centro region of Portugal

Investasi Dalam Aset Tak Berwujud Dan Nilai Perusahaan

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