Earticle

초록

영어

With transition to Knowledge society, many companies in Internet related industries have had higher stock price than their accounting book value. Researchers pointed out its intangible assets as the reason of it. In addition, previous studies show that the effects of this nonfinancial information may be different according to industry life cycle. To check the effects of nonfinancial information about intangible assets and related expenditure on firm market value, we compare the relationships between financial information and firm valuation in Korean Capital market especially for “Software”, “Digital content”, and “Internet” related companies. We classify industry life cycle based on Tobin’s Q value and compare the effects of intangible assets and expenditure for each period. The result shows the effects of intangible asset on firm market value are different according to industry life cycle.

목차

Abstract
 1. Introduction
 2. Theoretical Background and Hypothesis
  2.1. Literature Review
  2.2. Hypothesis Development
 3. Empirical Classification of Industry Life Cycle Stages
  3.1. Data
  3.2. Life Cycle Identification
 4. Data Analysis
  4.1 Regression Model
  4.2 Variables
  4.3 Regression Results
 5. Discussions
 References

키워드

저자

• Hangbae Chang [ Division of Business Administration, College of Business, Sangmyung University ] First Author
• JeongYeon Kim [ Division of Business Administration, College of Business, Sangmyung University ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  International Journal of Software Engineering and Its Applications

• 간기

  월간

• pISSN

  1738-9984

• 수록기간

  2008~2016

• 등재여부

  SCOPUS

• 십진분류

  KDC 505 DDC 605