Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain
This paper seeks to analyze the influence investment in that investment in intangible resources, specifically training and advertising, has on the corporate market value. A sample of the main Spanish companies, those quoted on the IBEX-35, revealed that both investing in training and in advertising...
| Main Authors: | , , |
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| Format: | Article |
| Language: | Spanish |
| Published: |
Elsevier
2018-01-01
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| Series: | European Research on Management and Business Economics |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2444883417300256 |
| _version_ | 1819209309774413824 |
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| author | Lidia García-Zambrano Arturo Rodríguez-Castellanos Jose Domingo García-Merino |
| author_facet | Lidia García-Zambrano Arturo Rodríguez-Castellanos Jose Domingo García-Merino |
| author_sort | Lidia García-Zambrano |
| collection | DOAJ |
| description | This paper seeks to analyze the influence investment in that investment in intangible resources, specifically training and advertising, has on the corporate market value.
A sample of the main Spanish companies, those quoted on the IBEX-35, revealed that both investing in training and in advertising separately have a positive relationship with the Market/Book ratio a year ahead (in both periods analyzed, 2006–2009 and 2008–2011). Regarding the joint effect, a positive and significant impact is also seen in both periods. The results are even more relevant for the second period (2008–2011) and we could therefore check how investments made during the current period of crisis have had a higher impact on market value.
The relevance of our paper for academics and practitioners should be noted, as there were no previous similar studies in Spain relating investments in these types of intangibles and market value using IBEX-35 companies. Practitioners likewise need to consider the positive effect on competitiveness of investment in competencies (human and relational competencies). |
| first_indexed | 2024-12-23T05:53:14Z |
| format | Article |
| id | doaj.art-9966893a2e934b36881bc4adaee5b4a2 |
| institution | Directory Open Access Journal |
| issn | 2444-8834 |
| language | Spanish |
| last_indexed | 2024-12-23T05:53:14Z |
| publishDate | 2018-01-01 |
| publisher | Elsevier |
| record_format | Article |
| series | European Research on Management and Business Economics |
| spelling | doaj.art-9966893a2e934b36881bc4adaee5b4a22022-12-21T17:57:54ZspaElsevierEuropean Research on Management and Business Economics2444-88342018-01-01241273210.1016/j.iedeen.2017.06.001Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in SpainLidia García-ZambranoArturo Rodríguez-CastellanosJose Domingo García-MerinoThis paper seeks to analyze the influence investment in that investment in intangible resources, specifically training and advertising, has on the corporate market value. A sample of the main Spanish companies, those quoted on the IBEX-35, revealed that both investing in training and in advertising separately have a positive relationship with the Market/Book ratio a year ahead (in both periods analyzed, 2006–2009 and 2008–2011). Regarding the joint effect, a positive and significant impact is also seen in both periods. The results are even more relevant for the second period (2008–2011) and we could therefore check how investments made during the current period of crisis have had a higher impact on market value. The relevance of our paper for academics and practitioners should be noted, as there were no previous similar studies in Spain relating investments in these types of intangibles and market value using IBEX-35 companies. Practitioners likewise need to consider the positive effect on competitiveness of investment in competencies (human and relational competencies).http://www.sciencedirect.com/science/article/pii/S2444883417300256Intellectual CapitalInvestment in trainingInvestment in advertisingDepreciationBusiness value |
| spellingShingle | Lidia García-Zambrano Arturo Rodríguez-Castellanos Jose Domingo García-Merino Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain European Research on Management and Business Economics Intellectual Capital Investment in training Investment in advertising Depreciation Business value |
| title | Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain |
| title_full | Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain |
| title_fullStr | Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain |
| title_full_unstemmed | Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain |
| title_short | Impact of investments in training and advertising on the market value relevance of a company's intangibles: The effect of the economic crisis in Spain |
| title_sort | impact of investments in training and advertising on the market value relevance of a company s intangibles the effect of the economic crisis in spain |
| topic | Intellectual Capital Investment in training Investment in advertising Depreciation Business value |
| url | http://www.sciencedirect.com/science/article/pii/S2444883417300256 |
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