Intangible Value Research Articles

The Effect of Profitability, Intangible Asset, and Leverage on Dividend Policy and Firm Value

The increasing population in Indonesia has resulted in the need for consumption of primary goods to be very rapid. In addition, economic development has made competition increasingly fierce in the world of trade, which operates in various sectors, for example in consumer noncyclicals companies. This study aims to examine the effect of profitability, intangible assets, leverage on dividend policy and corporate value of main board index companies in the consumer non-cyclicals sector on the Indonesian stock exchange during the 2017-2021 period. Profitability is measured by return on assets (ROA), intangible assets are measured by the logarithm of the book value of intangible assets (IAS), leverage is measured by the debt to equity ratio (DER), dividend policy is measured by the dividend payout ratio (DPR) and company value is measured by price to book value (PVB). The population of this study is the health sector companies that are on the Indonesia Stock Exchange as many as 57 companies and 26 are taken as samples. The data collection period is from 2017 to 2021, with annual data. This study uses multiple linear regression analysis to test the hypothesis. The results show that profitability and leverage have no significant effect on dividend policy. Meanwhile, intangible assets have a negative and significant effect on dividend policy. Profitability and leverage have no significant effect on firm value. Meanwhile, intangible assets and dividend policy have a positive and significant effect on dividend policy.

КОММЕРЦИАЛИЗАЦИЯ РЕЗУЛЬТАТОВ ИНТЕЛЛЕКТУАЛЬНОЙ ДЕЯТЕЛЬНОСТИ ПРЕПОДАВАТЕЛЕЙ ВУЗОВ

At present, intangible values play a significant role, which include knowledge, business connections, reputations and other intangible factors united by the concept of “intellectual capital”. The main source of a nation’s wealth is not capital, labor, or natural resources, but knowledge. The development and reform of the national education system requires the provision of educational organizations with high-quality educational literature. In general, when creating an intellectual product, the results of scientific activity are alienated. In the context of the development of Internet technologies and the improvement of legislation in the field of copyright, the authors of scientific and educational publications have the opportunity to generate income from the placement of intellectual property in electronic library systems (EBS). Therefore, the features of the sale of the results of intellectual activity are considered, the main directions of commercial activity in the promotion of publications on the Internet are determined. Therefore, the features of the sale of the results of intellectual activity are considered, the main directions of commercial activity in the promotion of publications on the Internet are determined.

Intangible Value of Domestic Work in Marriage: Lessons of the Chinese Legal Order for Brazil

Intangible Value of Domestic Work in Marriage: Lessons of the Chinese Legal Order for Brazil

МЕТОДЫ ОЦЕНКИ НЕРЫНОЧНЫХ ЭКОСИСТЕМНЫХ УСЛУГ ЛЕСНЫХ ЭКОСИСТЕМ

Economic activities related to changes in the state of forest ecosystems due to the growing demand for forest resources are one of the main factors in the deterioration of forest ecosystems and a decrease in the cost of natural capital. Forest ecosystems are an essential source of ecosystem services, which are the most important element of natural assets. The purpose of review is to consider economic methods for assessing non-market services of forest ecosystems. The author describes methods for estimating the cost of forest ecosystem services based on the paradigm of sustainable development and welfare. With the increasing use of public goods (ecosystem services), there is a need for a better assessment of the role that forest ecosystems play in the conservation and enhancement of natural capital. Forest ecosystems represent a number of intangible values: scientific, cultural, religious, and also represent a heritage that can be passed on to future generations. Given the importance of forest ecosystems in sustaining sustainable development, non-market forest ecosystem services are of much greater value than the profits that forest users receive from timber harvesting. The feasibility of assessing the ecosystem services of forest ecosystems plays a role. The feasibility of assessing ecosystem services of forest ecosystems plays a crucial role in obtaining knowledge for policy development, management of forest ecosystems and spatial planning.

Architectural, Constructional and Structural Analysis of a Historic School Building in the Municipality of Agia, Greece

Historic school buildings, erected during the end of the 19th–beginning of the 20th century, represent a specific constructional type that should be encountered as part of the common European built heritage. They present various similarities, especially in the regions of S. Europe, even though they were mainly built with local materials following the traditional constructional principles of each area. Due to their constant function as educational units, there is an increased interest on their structural and energy integration, without, however, following the principles of restoration of historic structures. To this extent, the acknowledgement of the tangible and intangible values they encompass is crucial, as well as their enlistment in order to be treated as heritage assets. In this study, an effort has been made to testify the characteristics (historic, architectural, constructional) of the historic school buildings located in the Municipality of Agia, region of Thessaly, central Greece. A case study was selected, concerning the old elementary school of Megalovrysso, where a detailed investigation was implemented, including onsite inspection, architectural overview, determination of constructional materials and types, investigation of the preservation state, as well as structural analysis through the three-dimensional finite element model. All research data were comparatively evaluated in order to determine the principles governing the construction of the studied school buildings and establish the significance of this unrecognized part of European built heritage that should be further assessed.

The Impact of Intangible Assets on Market Value of Firms: Evidence from Pakistan’s Stock Exchange

This study estimates the economic value of intangible assets (IAs) on the market values (MVs) of firms. The IAs play an important role in the future development and success of firms. A firm having more IAs and Research and Development (R&D) expenditures can be more innovative and competitive in the production of goods and service delivery. Therefore, this study finds the impacts of IAs on the MVs by taking a sample of 66 firms listed on Pakistan’s Stock Exchange (PSX) from the period 2007 to 2014. For empirical analysis, the conventional Fixed Effect, Random Effect and Generalized Method of Moment (GMM) models are applied on annual data. The results depict that IAs have increased the MVs of firms in Pakistan. Moreover, leverage ratio and managerial efficiency have also increased the MVs while the expenditures on marketing and advertising have decreased the MVs of firms. This study suggests that firms’ managers can increase investment in the accumulation of IAs for maximization of the MVs. Moreover, the investors and other market participants should also look at the level of IAs before investing in stocks as well as other determinants, especially leverage and managerial efficiency. The value relevance of leverage has also been a worthy policy recommendation for Pakistani firms. So, there is a scope for increasing the debt ratio for the shareholders’ value maximization.

Resilience of Traditional Ritual Practices in Bhutanese Mountain Farming Systems Amid Climate Change and Anthropogenic Activities

Indigenous mountain people are often marginalized from mainstream development and are not able to express their concerns over the impacts of ecosystem changes on their livelihoods. Living in geographically difficult terrains, they engage in traditional ritual practices concerning their livelihoods that build on generations of deep-rooted beliefs. Yet, the availability of literature on traditional rituals practiced in the context of farming systems is scant. We conducted an exploratory study, through structured survey questionnaires, to document the traditional ritual practices observed in farming across the country of Bhutan. The study revealed the continuing practice of diverse and unique traditional rituals being propitiated to local deities for the welfare and wellbeing of individuals and communities across all ethnic groups in Bhutan. This study documented various tangible and intangible cultural values adopted in farming practices in Bhutan that are at risk of disappearing due to anthropogenic pressures.

Returning the Gods to the People: Heritage Restitution in Nepal

Since late 2021, a new development has been taking place in Nepal. Like many governments around the world, the Nepalese authorities are also fully invested in asking for the return of their looted art held in foreign collections. Yet the policy is no longer to keep these in the country’s main museums, but rather to bring them back to the communities of origin, where they can fully take up their role as “living Gods”. With this move – which fully prioritizes intangible heritage values over tangible – a unique process is taking place that allows for reflection on what the restitution of stolen objects could be all about. In this way the case of Nepal demonstrates that the trafficking of art and its placement in museums abroad, as well as its “typical” return to museums in the source countries, are strongly influenced by Western concepts of art and conservation, often ignoring the local values of this heritage.

Preserving the Memory of Work and Associated Techniques Through Industrial Heritage in Spain

Technological and cultural advances have meant that many once commonplace modes of production and trades have lost their usefulness and raison d’être, giving way to new, more efficiency and productivity. In numerous cases, these trades and their associated knowledge, techniques and ways of life possess high intangible ethnographic values. The aim of this study was to determine and analyze some of the key strategies for keeping these techniques alive so that they do not fall into oblivion and to transmit knowledge of them to future generations. The study method was based on dialogical fieldwork conducted with the aim of learning about the human experience of protagonists in various industrial activities. Our results show that it is vital to maintain industrial heritage as a witness to these forms of production and to disseminate knowledge of different work cultures through the voices of their protagonists. This can be achieved by recording former workers’ narratives, which may provide valuable information concerning these individuals’ work identities. The results also suggest the route to industrial heritage conservation often involves the museumization of these spaces or their conversion into cultural centers. As part of this process, it is essential to give a voice to the protagonists and ensure the participation of former, mostly retired workers in any associated heritage dissemination activities. We conclude that contextualizing industrial heritage is an important means to comprehend and appreciate its symbolic component and to understand the underlying technological, social, and cultural changes.

Development of an Intellectual Capital Valuation Model for Accounting and Financial Advisory Firms

In all fields of activity where the formation of advanced professional skills is essential to cope with the multiple crisis which we are witnessing today, we find a permanent concern from management to increase the quality of the human resource employed, as a unique solution to increase performance and sustainability of their business. In this context, the ascension of digital economy has led to a new hierarchy with IC on top, regarding the factors that influence the competitive advantage of firms, especially since, in certain fields, the possession of these intangible resources is becoming much more important than the possession of material or financial resources. The motivation of our research was determined by the need to identify deficiencies that endanger the quality of the human resource, more precisely IC within accounting and financial advisory firms, given that we find a total lack of information on this resource. The objectives set are oriented on: O1 – Identifying IC contribution towards the increased performance of economic entities; O2 – Analyzing the most common methods of evaluating IC and O3 - Studying the methods of intangible assets management held by economic entities. The methodology of the research is based on the use of the Calculated Intangible Value (CIV) method, which has been adapted for non-listed businesses and applied to 150 accounting and financial advisory firms from Romania. Keywords: CIV; human resource; intellectual capital; evaluation methods; performance

Wiki Loves Monuments: Crowdsourcing the Collective Image of the Worldwide Built Heritage

The wide adoption of digital technologies in the cultural heritage sector has promoted the emergence of new, distributed ways of working, communicating, and investigating cultural products and services. In particular, collaborative online platforms and crowdsourcing mechanisms have been widely adopted in the effort to solicit input from the community and promote engagement. In this work, we provide an extensive analysis of the Wiki Loves Monuments initiative, an annual, international photography contest in which volunteers are invited to take pictures of the built cultural heritage and upload them to Wikimedia Commons. We explore the geographical, temporal, and topical dimensions across the 2010–2021 editions. We first adopt a set of CNN-based artificial systems that allow the learning of deep scene features for various scene recognition tasks, exploring cross-country (dis)similarities. To overcome the rigidity of the framework based on scene descriptors, we train a deep convolutional neural network model to label a photo with its country of origin. The resulting model captures the best representation of a heritage site uploaded in a country, and it allows the domain experts to explore the complexity of cross-national architectural styles. Finally, as a validation step, we explore the link between architectural heritage and intangible cultural values, operationalized using the framework developed within the World Value Survey research program. We observe that cross-country cultural similarities match to a fair extent the interrelations emerging in the architectural domain. We think this study contributes to highlighting the richness and the potential of the Wikimedia data and tools ecosystem to act as a scientific object for art historians, iconologists, and archaeologists.

Is "Authentic Tourism" a means of preserving living cultural heritage?

The goal of this paper is to question the idea of authenticity in the tourist industry, using the Old City of Akko (north Israel) as a case study. It will question the ability of tourism to serve as a tool for preserving living-cultural- heritage. Is there "authenticity" in tourism? Is cultural-based-tourism a means of preserving intangible heritage? Does cultural-based-heritage recreate heritage, invent heritage or is it just a means of creating experiences? Situated on a peninsula in North Israel, the old city of Akko is a vertical of many historical layers, from 5000 years ago till date. Imprints of tangible heritage from all periods and living intangible cultural heritage entwine with each other in the ancient allies of the city. Intensive excavations uncovered massive Middle-aged Crusader remains dated to the 12th and 13th century. They lie beneath the existing Ottoman fortified city, constructed in the 18th and 19th centuries. Akko of today is a vibrant city. Residents reside within these Ottoman buildings constructed 300 years ago. Updated research indicates that the cultural heritage of Akko includes many additional values. These include intangible heritage values that are practiced by these residents in the historic allies. This ‘Living Heritage’ is linked to the current community of the city and represents the ‘continuity’ of traditions and practices that comprise living dimensions and the continuity of traditions, skills, and craftspeople. Successful scientific research methods, documentation and safeguarding procedures of these intangible values are still developing. This paper will present examples of intangible heritage in the Historical Urban Landscapes of Akko and will question the ability of new touristic initiatives as a means of preserving this heritage and the spirit of the city. Some of these examples are led by the locals but most of the new initiatives are belong to entrepreneurs new to the city. They all offer an authentic experience in the city. They suggest a combination of visits to the main tourist attractions developed by the authorities and an opportunity to encounter living-traditional-culture aspects in the city. They include tours with local guides, living-in local houses, participating-in local traditional meals with the residents, meeting and watching various craftsmen or joining traditional community events. For tourists, these are unique opportunities that could be called "authentic experiences". For tourist experts these experiences are often regarded as means to present rare cultural heritage aspects. For the authorities, these experiences are regarded as new development resources and tools. For the locals these are new economic opportunities. So, is this a win-win-win-win situation? Are these initiatives means to preserve and safeguard the authentic intangible heritage values and the unique spirit of the city?

Interpreting living urban-industrial heritage: The Jewellery Quarter, Birmingham

In light of the studies related to the theory of interpretation of cultural heritage sites, the holistic interpretation approach of heritage areas has developed, and a new interpretation culture has emerged. It includes new approaches, local and regional interpretation strategies, new policies and comprehensive analysis and evaluations. The new interpretation culture is important not only to produce interpretation themes, but also to the transfer and sustainability of the values of heritage sites that need to be preserved to the society. In this context, studies are being brought up in order to find the most appropriate ways to understand and transfer living urban heritage sites; tangible and intangible values, existing or non-existent urban structures, ongoing or non-existent social and cultural practices, used or ongoing structures and all cultural and historical layers of areas. Beyond the current interpretation studies carried out for the heritage sites, it is important to develop interpretation strategies including the historical importance of the areas for living urban heritage sites and therefore complex cultural heritage areas, the connections to the places, cultural and social relations networks, urban memory, and the spirit of the place. For this purpose, the study focuses primarily on the critical viewpoint of theoretical content of the interpretation of cultural heritage sites. In the light of theoretical and practical knowledge, the research then concentrates on key themes and discussions on heritage interpretation in the UK. Accordingly, the research discusses the interpretation strategies in the Jewellery Quarter, Birmingham which is the one of the most influential areas by means of historical urban-industrial heritage site.

Accounting for the acquisition (creation), impairment and write-off of intangible assets

Subject. This article deals with the issues of management of the acquisition (creation), valuation, revaluation, amortization of intangible value and operations for the write-off of intangible assets in accordance with the provisions of FSBU 14/2022 – Intangible Assets. Objectives. The article aims to disclose the issues of organization of analytical and synthetic accounting for the acquisition (creation), impairment and write-off of intangible assets, substantiate the procedure for keeping records of intangible assets and develop methodological aspects of analytical and synthetic accounting for the acquisition, impairment and write-off of intangible assets. Methods. For the study, we used analysis and synthesis, modeling, systematization, and generalization. Results. The article reveals the problematic issues of accounting for intangible assets. The article also formulates proposals for reflecting operations on income flows and the causes for writing off of intangible assets, and presents a recommended methodology for accounting for impairment operations of intangible assets and costs associated with their write-off. Conclusions and Relevance. To ensure the reliability of accounting and financial reporting data regarding intangible assets, it is necessary to clearly organize analytical and synthetic accounting of these items on the basis of supporting primary documentation in accordance with the requirements of FSBU 14/2022 – Intangible Assets. Entities should monitor impairment of intangible assets and record the results in accounts in accordance with International Financial Reporting Standard (IAS) 36 – Impairment of Assets. The results of the study can be applied in the theory and practice of accounting.

City reputation and the role of sustainability in cities

AbstractCity reputation is a valuable intangible asset that boosts the attractiveness of a city in terms of resources, events, tourism, or as a place of residence. Since city sustainability is understood as the framework of a city's economic activities conducted within the carrying capacity of the local environment to the benefit of the local population, it may help to satisfy city stakeholders' expectations over time; in other words, to enhance city reputation. Our results from Tobit analyses, based on an international sample of 62 cities between 2015 and 2018, confirm that city sustainability is a determinant of city reputation. Specifically, this study shows that the level of environmental, social, and economic sustainability affects positively city reputation. Our results are of interest to local authorities, as they indicate the relevance of efforts to consolidate city sustainability in order to build a good city reputation.

Brand Valuation of Garment Companies for Tax Purposes

Valuation of intangible assets is carried out to determine a certain value objectively and professionally in accordance with regulatory provisions for non-monetary assets with no identifiable or unidentifiable physical form (goodwill). Many intangible assets will not be recognized in the financial statements because they fail to meet the definition of an asset or the recognition criteria. The transfer of Intangible Assets often uses Book Value so that there is no tax obligation, the purpose of this study is to determine the Fair Market Value of Intangible Assets in the form of Brands for tax purposes with valuation that is to carry out financial statement analysis, macroeconomic analysis, industry analysis and application of Approaches and Methods Selected rating. The approach used is using the Income Approach with the Royalty Savings Method, the results of the valuation obtained the Fair Market Value of Brand X of Rp. 23,978,000,000; (Twenty Three Billion Nine Hundred Seventy Eight Million Rupiah).

A Conceptual Framework for Creating Brand Management Strategies

Branding has become a business priority over the past few decades due to the growing awareness that brands are one of the companies’ most valuable intangible assets. Academics and practitioners have proposed models of components to simplify brands into a small number of parts, or dimensions. Nonetheless, there is a lack of specific approaches to brand management models that fit specific business scenarios. The objective of this study was to propose a general framework to create custom brand management strategies that fit specific business scenarios through a set of independent brand dimensions. The framework was applied to the specific case of SME alliance in a B2B export environment as an example of use. This study reviews the most cited brand management models in literature and classified them into 12 independent brand dimensions. The results suggest that regardless of the brand management model, all of them converge on the fact that creating a high-quality brand relationship with the customer is crucial for the branding process. Findings suggest non-evident relationships between dimensions. The findings also suggest that brand dimensions’ and brand dimension relationships’ importance in specific business scenarios shape brand management models in unique ways.

Valuation of intangible assets via application of the WARA approach in the agricultural sector

Valuation of intangible assets via application of the WARA approach in the agricultural sector

Renaissance of villages for the revitalization of marginal areas

There is now a clear disparity between major cities and villages located in marginal areas of Italy. Progressive depopulation of inland areas and urban polarization such as consolidated territorial dynamics are difficult to dampen and adapt to the new paradigms of sustainable territorial development, although they have been abruptly redirected by the Covid 19 pandemic. The instability created by this pandemic offers the opportunity to redefine new parameters of intervention and new scenarios for the development of territories in relation to the new needs of decentralization and physical distancing. The project “Renaissance of villages for the revitalization of marginal areas” aims to create the conditions to repopulate and rebalance shrinking territories by establishing new centers of attractiveness. This project envisages the active involvement of municipalities and local authorities with the aims at implementing the multi-sectoral analysis of the tangible and intangible values of territories. It intends to develop an interactive web dashboard to be provided to municipalities in order to create both a learning environment and a spatial decision support system for future local policy actions towards a sustainable participatory local development. In this way, it is proposed a functional method with a place-based approach to managing the existing territorial complexity through innovative models of territorial governance and policymaking, among them the effective implementation of participatory and multi-actor visions of territorial development. Specifically, this paper provides the Italian villages’ archetypes through the quantitative spatial cluster multivariate analysis, which is the basis for the construction of the dashboard. To cluster the villages, the main variables have been identified, assesses, and mapped. The results are fundamental in order to define the future scenarios for each archetype assessing the Key Performance indicators (KPIs).

“It all depends on the project”—A business ecosystem in residential wooden multistory construction in Finland

Using wood in multistory apartment construction (WMC) has a climate-positive advantage with buildings acting as long-term carbon storage. Business ecosystem (BE) development around WMC is needed to accelerate the adoption of wooden materials in the conservative construction industry. As the business actors around WMC are essentially different from those using other building materials, new knowledge must be built from the project level. This study uses a qualitative interview approach among actors from three pioneering urban building projects to address their perceptions of building with wood regarding a project-based BE. Based on the thematic analysis, sources of both tangible and intangible value creation were found to arise from building with wood. A higher degree of prefabrication associated with WMC was seen in all projects to influence the reorganization of logistics, enabling faster building processes and lean material use. No strong sustainability-driven culture could be identified in any of the projects. Results further flag the sensitivity and importance of management and coordination skills in targeting improvements of the construction business based on WMC. In the bigger picture, there is still room for further research at regional and global level on business model changes in building with this renewable and recyclable material.