The Low Impact of Accounting Information about Intangible Assets in the Valuation of Innovative Spanish Companies: The Case of Pharmaceutical and Biotechnology Industry
DOI:
https://doi.org/10.46661/revmetodoscuanteconempresa.2181Keywords:
Intangible, generador de valor, valor razonable, informe de capital intelectual, intangible, value driver, fair value, intellectual capital reportAbstract
This article analyzes the extent to which accounting standards adequately reflects the value of intangible assets as well as its usefulness for financial agents in the process of buying and selling companies. Based on a sample that includes price of private transactions and listed companies from the pharmaceutical and biotech Spanish sector in the period 2005-2011, we have analyzed: i) The performance of price-to-book ratio; and ii) Based on a regression model, the relevance of different accounting items in the price generation process, as well as what part of the intangible value of the company is not reflected in the financial statements. The authors conclude that traditional financial information must be complemented with an intellectual capital report.
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