Value relevance of intangible assets and intellectual capital: an empirical literature review

Cecilia Ficco


Research to demonstrate the relevance of intangible assets for the valuation of companies in capital markets is very significant within the context of the controversy surrounding the usefulness of accounting information for decision making. The purpose of this study is to review and analyze the literature that has examined the value relevance of disclosed and undisclosed assets by accounting. From the methodological point of view, a descriptive and documentary investigation has been carried out, focusing on the most prominent literature produced in the last two decades. The review reveals the lack of conclusive evidence on the value relevance of the varied range of intangibles that companies may have. Further research needs to be carried out, whose approach is still unfinished, in order to support the construction of a theory that better explains the influence of intangibles in the creation of value. There is also a need to increase the existing evidence on underdeveloped capital markets.


capital markets; intangible assets; intellectual capital; valuation


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