مقاله انگلیسی تأثیر سرمایه گذاری در دارایی های نامشهود بر عملکرد شرکت (2018 امرالد)

There is multiplicity as well as ambiguity in the identification of Intangible Assets. Grojer and Johanson (1999) and Guthrie & Petty (2000) termed these as “Soft” assets and “Weightless Wealth”. Fincham and Roslender (2003) and Lev (2001) called these as “Intellectual capital” and “Knowledge assets”. Andersen (1992) describes intangible assets as non-physical in nature, capable of producing future economic net benefits. Edvinsson & Malone (1997) calls these as “hidden capabilities” of an organization. Brooking (1997) describes them as the “combination of market based intangible assets, intellectual property, human-centered and infrastructure that enables the company to function”. Strassmann (1999) defines intangible assets as the difference between the market value of a company and the book value of its tangible assets. By whatever name the Intangible Assets are called; these assets for sure have gained high prominence in the operations of companies especially in the contemporary decade. Investment in Intangible Assets helps the companies to be innovatory (OECD, 2008) and hence vie their competitors (Canibano et al., 1999; Boujelben and Fedhila, 2011). These are important components of a firm’s strategic planning and operations (Wheelen and Hunger, 2011). These assets enhance company’s market value (Mishra and Jhunjhunwala, 2009). These provide a firm with improved customer attainment and preservation (OECD, 2008). These help to build customer loyalty and strengthen the brand image of a company (OECD, 2008). Specifically mentioning the relevance of some of these assets, Goodwill is given due consideration at the time of mergers and acquisitions (PWC, 2014). A higher value is paid by a company with the expectation to take advantage of the existing technology, knowledge and name of an established reputed firm (Canibano et al. 1999; Gu and Lev, 2001; PWC, 2014). Investment in R&D helps in producing novel products (Pradhan, 2003). Patents, copyrights and trademarks lead to a superior performance by extending monopoly to the firms (Greenhalgh and Rogers, 2012). Authors like Hirschey and Weygandt (1985); Chauvin and Hirschey (1993); Bosworth and Rogers (1998); Andras and Srinivasan (2003); Lantz and Sahut (2005); Nagaoka (2006); Heiens et al. (2007); Ehie and Olibe (2010); Boujelben and Fedhila (2011) have shown that R&D intensity is positively associated with the firm performance. Similarly, Advertising and Customer Relationship Management (CRM), another category of Intangibles, are documented as generator of high profits for the companies. Advertised products are easily recallable and identifiable which minimizes the chances of confusion and boost sales (Sahay and Pillai, 2009). Studies as Hirschey and Weygandt (1985); Chauvin and Hirschey (1993); Sahay and Pillai (2009); Kundu et al. (2010); Boujelben and Fedhila (2011) found a positive relation of advertising intensity with firm performance. Last but not the least; human asset these days is regarded as the most vital animate Intangible Asset. It forms intellectual capital of companies that helps in earning high profits through their skills and abilities (Arrighetti et al., 2014). Findings of Pew Tan et al (2007); Kamath (2008); Wang (2008); Ghosh and Mondal (2009); Clarke et al (2011); Wang (2011); Pal and Soriya (2012); Mondal and Ghosh (2012) confirm that Intellectual Capital enhances the firm performance.