An evaluation methodology for the tangible and intangible assets of city-regions : the 6K1C framework

Together with hard and soft networks tangible and intangible regional assets play an important role in the knowledge-based development of competing city-regions. The aim of this paper, therefore, is to investigate the best ways of managing invaluable tangible and intangible assets of city-regions. The paper explores the importance of asset management of city-regions by giving special emphasis on their knowledge asset base. This paper develops and introduces a theoretical framework to conceptualise a new approach to articulate the strategic planning mechanism, so called the 6K1C framework. The 6K1C framework is part of the strategic planning process of continuous improvement of overall public sector performance. The framework provides a proactive check-list approach integrated for managing and harnessing tangible and intangible assets of the post-industrial city-regions.

Why aren't brand names regognized as intangible assets in the financial Statements? A study of the subjectivity of brand valuation

The goal of this paper is to determine and to quantify how subjective brand valuation is. To do so, we review the different valuation methods and apply the Hirose model to a sample of 20 US companies from the technology sector. Even if the results vary in function of the rankings we choose as a comparison, we may identify the trend that brands are usually overvalued in those rankings. It explains why internally generated goodwill (which includes brand names) is not recognized as an intangible asset in the financial statements.

The importance of intangible assets in initial public offerings

This paper follows Beatty and Ritter (1986), who argue that lower uncertainty about the value of an initial public offering (IPO) reduces the 'need' for the underpricing of an IPo. Australian IPOs often identify the existence of intangible assets such as goodwill, licenses, brand names, trademarks, patents and capitalized research and development costs in the prospectus. This paper analyses if IPOs identifying the existence of such intangible assets in the prospectus might reduce uncertainty about their valuation and hence allow a lower underpricing return. While the reporting of intangible assets such as goodwill and license costs in the prospectus are not significant ingredients in the level of underpricing, the identification and valuation of intangible assets such as brand names, trademarks, patents and capitalized research and development costs is significant in reducing the level of underpricing return. Our findings are also consistent with previous studies concluding that both the size of the new issue and the use of an underwriter are important in the level of underpricing return.

Intangible assets and the underpricing of industrial company initial public offerings

This study analyses 262 industrial company initial public offerings (IPOs) in Australia from 1994 to 1999. It finds that the identification and valuation of brand name, trademark, patent and capitalized research and development cost intangible assets in the prospectus significantly reduces underpricing. The identification of goodwill and license cost intangibles does not appear to be significant to underpricing. This paper supports the Beatty and Ritter (1986) argument that IPOs may display financial and nonfinancial characteristics that lower the uncertainty about the value of the lPO and hence lower the underpricing of that IPO. Our findings suggest implications for the issuer who wants to maximize the value of the firm at the time of the lPO, the underwriter who is required to guarantee the success of the capital raising and for the initial investors who are looking to reduce their uncertainty about the valuation of the lPO.

Managing knowledge and intangible assets

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The role of venture capitalists in the identification and measurement of intangible assets

The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs), we believe that shedding light on how PE/VC organizations deal with intangible assets brings important insights to the intangible assets debate.

Value and proportions of intangible assets : A comparison between the private- and the public sector

Organizations within the public- and the private sector have different aims with their accounting. Privately held organizations often have the intention to make profit, while authorities within the public sector aim to provide citizens with different services. The difference between these two sectors is also visible in the legislation, where International Accounting Standards Board set the standards for privately held organizations and Ekonomistyrningsverket do the same for the public sector. Because of the larger demand by the society for knowledge and technology, included in the category intangible assets, these are more emphasized in the accounting for organizations. Intangible assets are although linked with complexity which is associated with the measurement. The purpose of this study is therefore to see whether there are any existing differences in how to measure and value intangible assets and internally generated ones between listed companies in the private sector and authorities operating in the public sector. This study is conducted with both a qualitative and quantitative perspective. The data collected for this study is secondary, and is gathered through samples of annual reports from different companies in order to be representative for the whole population. The main results of this study is that there are differences in the measurement and valuation of intangible assets dependent on which sector an organization operates within and this is not due to the standards and regulations. The differences are visible in the percentage change in value of intangible assets since they fluctuate more heavily in the private sector than in the public sector. Simultaneously, the proportions of internally generated intangible assets compared to intangible assets in general differ between the two sectors.

Um estudo comparativo entre os indicadores de inovação utilizados pelos métodos de scorecard para o cálculo de ativos intangíveis com os utilizados pelos fundos de capital de risco para investimentos em empresas spin-offs acadêmicas incubadas.

Este trabalho pretende verificar o alinhamento entre os indicadores de inovação utilizados pelos métodos Scorecard de mensuração dos ativos intangíveis e pelas agências governamentais nacionais e internacionais com aqueles utilizados pelos fundos de capital de risco na cidade do Rio de Janeiro, para investimento em empresas spin-offs acadêmicas incubadas. A metodologia constou de uma revisão bibliográfica sobre os métodos de mensuração e valoração dos ativos intangíveis, indicadores de inovação propostos por agências governamentais nacionais e internacionais e fundos de capital de risco que atuam na cidade do Rio de Janeiro. Além de serem aplicados questionários nas empresas de fundos de capital de risco desta cidade. Foram levantados diversos métodos Scorecards na literatura com seus indicadores, além dos indicadores de inovação de agências governamentais nacionais e internacionais. Adicionando-se a isso, identificou-se o foco de investimento, o processo de seleção, o método utilizado de avaliação de oportunidades de investimento e indicadores relevantes para as empresas de capital de risco da cidade do Rio de Janeiro. Observou-se que os ativos intangíveis, entre eles os de inovação, não são avaliados individualmente. A informação obtida com as empresas que receberão investimentos dessas empresas de capital de risco é utilizada para se entender a origem dos fluxos de caixa projetados e os principais fatores de risco. E esses dados aplicados ao método do fluxo de caixa descontado permitem que se estime o valor da empresa. Pela vasta experiência dos gestores dos fundos de capital de risco com micro e pequenas empresas inovadoras, espera-se que o estudo das práticas deste segmento traga importantes reflexões para as discussões relativas aos ativos intangíveis e a inovação.

Proposta de modelo de avaliação do património intangível do concelho de Miranda do Douro

Na legislação atual os bens de domínio público do Património Histórico, Cultural e Ambiental devem ser contabilizados, no entanto, dadas as suas caraterísticas, existem dificuldades na sua avaliação, sobretudo quando se trata de bens que não foram construídos pelo homem, de que são exemplos os bens dominiais, como o espaço aéreo, os rios, o mar – Património Natural – ou os bens sem caraterísticas físicas – Património Cultural. Este trabalho pretende, como principal objetivo, propor uma metodologia de avaliação dos bens intangíveis, nomeadamente, os de cariz cultural e ambiental, porque são fatores que criam valor económico, contribuindo para o rendimento do município e, consequentemente, do país através das receitas de turismo geradas. Para tal, foram identificados os recursos intangíveis do concelho de Miranda do Douro com maior atratividade, recorrendo à aplicação de um inquérito por questionário aos seus visitantes. No sentido de dar resposta ao objetivo do estudo propôs-se uma metodologia de avaliação, tendo por base o valor económico acrescentado, mais conhecido por modelo Economic Value Added (EVA), pois é conhecido como o modelo que melhor avalia a criação de riqueza. Os resultados permitem concluir que são a Natureza e a Cultura os bens intangíveis que mais criam valor para o Município, resultado apurado através da aplicação de um inquérito por questionário aos visitantes de um evento de cariz cultural – A Feira de Gastronomia e Artesanato. Após a sua identificação, foi estimado o valor destes bens intangíveis, pelo método EVA, usando como proxies para o valor do capital investido, as despesas de investimento em cultura e para a rendibilidade do capital investido, as receitas da Hotelaria e da Restauração e das Atividades Recreativas.

Avaliação de desempenho : estudo de caso da aplicação do balanced scorecard numa organização especializada na área do exercício, saúde e bem-estar

Atividade física, saúde e bem-estar são temas presentes no dia-a-dia das pessoas. O mercado do Fitness está dinâmico e ativo, quer na comunicação, através das novas tecnologias de informação, quer na especialização da oferta de produtos ou serviços. O Personal training surge como um produto feito á medida do cliente, importante numa sociedade onde a individualidade sobressai, as preferências e necessidades divergem de cliente para cliente. É solicitada uma boa performance constantemente ao profissional, que se pretende traduzida em altas taxas de angariação e retenção. O Balanced Scorecard (BSC), apresenta soluções válidas neste contexto de mercado, já que é uma ferramenta de apoio á gestão estratégica e simultaneamente um sistema de monitorização em tempo real dos indicadores de performance dos profissionais (Personal Trainer) e dos restantes níveis hierárquicos da Organização. Num mercado concorrencial, a valorização do recurso humano tem-se revelado crucial nos resultados alcançados e principal fator de criação de valor e vantagem competitiva, quando bem monitorizada e orientada pela Gestão da Organização. Surge como desafio maior, elaborar, posicionar, implementar, avaliar e medir através deste instrumento (BSC), num contexto laboral diferente (prestadores de serviços) onde já foi aplicado e apurar o nível de desempenho alcançado pela organização orientado nas respetivas visões: financeira, clientes, aprendizagem – crescimento e processos internos.

The impact of livestock assets among indigenous communities: findings from a comparative model in Bolivia

Measuring poverty has occupied a lot of space in the development discourse. Over the years a number of approaches have been offered to capture the experience of what it means to be poor. However, latterly such approaches often ignore core assets. Indeed, the comparative impact of livestock vs. other core assets such as land and education on poverty has not been well explored. Therefore, the authors created an 'asset impact model' to examine changes to both tangible and intangible assets at the household level, with a particular focus on gender and ethnicity among communities residing in the Bolivian Altiplano. The simple model illustrates that for indigenous women, a 20 per cent increase in the livestock herd has the same impact on household income as increasing the education levels by 20 per cent and household land ownership by 5 per cent. The study illustrates the potential role of a productive, tangible asset, i.e. livestock, on poverty reduction in the short term. The policy implications of supporting asset-focused measures of poverty are discussed.