دانلود رایگان مقاله تاثیر سرمایه گذاری در آموزش و تبلیغات در رابطه با ارزش بازار ملزومات شرکت: تاثیر بحران اقتصادی در اسپانیا

Abstract

This paper seeks to analyze the influence investment in that investment in intangible resources, specifi- cally 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).

5. Conclusions

This paper seeks to establish the importance of investing in IC dimensions and more specifically spending on training and advertising and its impact on the corporate intangible value in the Spanish case. The results show, on the one hand, that there is a positive, and at the same time statistically significant, relationship between the accumulated investment in employee training and the market value relevance of a company’s intangibles; onthe otherhand,there is also a positive, and at the same time statistically significant, relationship between the accumulated investment in advertising and the market value relevance of a company’s intangibles. Regarding the joint effect, there is also a positive, and at the same time statistically significant, relationship for both periods considered. Therefore, the results show, on the one hand, that investing in Human Capital, and more specifically, in training the employees, increases the value of the company; on the other hand, that investing in Relational Capital, and more specifically, in advertising, also increases the value of the company; and finally, that joint investment in both variables increases the value of the company.