Publicado

2015-04-01

Motives for Financial Valuation of Intangibles and Business Performance in SMEs

Motivos para la valoración financiera de intangibles y su relación con el desempeño empresarial de pequeñas y medianas empresas

Motivos financeiros para avaliação de intangíveis e desempenho dos negócios para as pequeñas e médias empresas (PMES)

DOI:

https://doi.org/10.15446/innovar.v25n56.48994

Palabras clave:

Intangibles, financial valuation of intangibles, small and medium enterprises (SMEs), managers' opinion, business performance (en)
Intangibles, valoración financiera de intangibles, pequeñas y medianas empresas (Pymes), opinión de los directivos, desempeño de la firma. (es)
Intangíveis, avaliação financeira de bens incorpóreos, Pequenas e Médias Empresas (PMEs), Gestores de Opinião, desempenho dos negócios (pt)

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Autores/as

  • Belén Vallejo Alonso Universidad del País Vasco (UPV/EHU)
  • José Domingo García Merino Universidad del País Vasco (UPV/EHU)
  • Gerardo Arregui Ayastuy Universidad del País Vasco (UPV/EHU)
In line with the Resource-based view, intangibles have become the key resource for generating competitive advantages in a firm. This is particularly significant in the case of small and medium enterprises (SMEs) whose competitive advantage is frequently based on intangible resources. However, there has been little attempt to assess and measure the role of intangible resources in firms' performance, and the motives driving their valuation process. Besides, most of the studies have been carried out in large firms. This article, combining theoretical contributions and empirical evidence, aims to analyze the relationship between the motives, external or internal, driving the valuation process of intangibles and the performance obtained by SMEs. Considering the recognized hypotheses and based on a survey of a representative sample of 369 Spanish SMEs' managers, in addition to the financial data collected from these firms, we explore whether the different motives driving the companies to perform a financial valuation of their intangibles are reflected in the business performance, and conditioned by financial structure and the level of intangibles. Results indicate that SMEs consider important to report intangibles value to external stakeholders as they depict a higher level of borrowing, as well as a higher level of intangibles accounted in the balance sheet. Furthermore, SMEs that consider the financial valuation of their intangibles for internal reasons achieve better performance. The implications of these results and suggestions for future research are dicussed as well.

En conjunto con el enfoque en recursos de una firma, los activos intangibles se han convertido en elemento clave para la generación de ventajas competitivas, especialmente, en pequeñas y medianas empresas (Pymes), cuya ventaja competitiva regularmente se centra en sus intangibles. A pesar de su importancia es poco lo que se ha hecho para evaluar y medir el papel de los recursos intangibles de las empresas, así como los motivos que impulsan su proceso de valoración financiera, teniendo en cuenta que la mayor parte de los estudios en este campo se han llevado a cabo en grandes empresas. Mediante el estudio de aportes teóricos y evidencia empírica, este artículo tiene como objetivo analizar la relación entre los motivos internos y externos que impulsan el proceso de valoración de intangibles, y el desempeño general de las Pymes analizadas. Partiendo de la información presentada en hipótesis reconocidas, y con base en una muestra representativa de 369 gerentes de Pymes en España, e información financiera de las firmas que representan, se examinó si los motivos que impulsan a las empresas a valorar económicamente sus intangibles se ven reflejados en el desempeño empresarial de la firma, y si estos se encuentran condicionados por su estructura financiera y el carácter mismo de sus intangibles. Los resultados indican que las Pymes consideran relevante presentar el valor de sus intangibles a terceros, ya que estos se ven representados en una capacidad de endeudamiento superior y un reporte de mayores activos en sus balances generales, a lo que se suma una mejoría en el desempeño financiero en general. Finalmente, se discuten las implicaciones de los resultados obtenidos por este estudio y se presentan ciertas recomendaciones para investigaciones futuras.

Em linha com a Visão Baseada em Recursos (Resource-Based View – RBV), os intangíveis tornaram-se o principal recurso para gerar vantagens competitivas em uma empresa. Isso é particularmente importante no caso das Pequenas e Médias Empresas (PMEs), cuja vantagem competitiva é frequentemente baseada em recursos intangíveis. No entanto, tem havido pouco esforço para avaliar e medir o papel dos recursos intangíveis no desempenho das empresas e dos motivos de dirigir seu processo de avaliação. Além disso, a maioria dos estudos têm sido realizados em grandes empresas. Este artigo combina contribuições teóricas e dados empíricos, tem por objetivo analisar a relação entre os motivos, internos ou externos, a condução do processo de avaliação dos intangíveis e o desempenho obtido pelas pequeñas e médias empresas. Considerando-se as hipóteses reconhecidas e com base em uma pesquisa com uma amostra representativa de 369 gestores de PMEs espanholas, além dos dados financeiros obtidos a partir dessas empresas, exploramos se os diferentes motivos de condução das empresas para realizar uma avaliação financeira de seus ativos intangíveis, são refletidos no desempenho dos negócios, e condicionada pela estrutura financeira e o nível de intangíveis. Os resultados indicam que as PMEs consideram importante fazer relatório dos bens incorpóreos de valor para as partes interessadas externas porque estas mostram um maior nível de endividamento, bem como um maior nível de intangíveis contabilizados no balanço. Além disso, as PME consideram que conseguem um melhor desempenho da avaliação financeira de seus intangíveis por razões internas. As implicações desses resultados são discutidas, bem como são dadas sugestões para futuras pesquisas.

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Cómo citar

Vallejo Alonso, B., García Merino, J. D., & Arregui Ayastuy, G. (2015). Motivos para la valoración financiera de intangibles y su relación con el desempeño empresarial de pequeñas y medianas empresas. Innovar, 25(56), 113-127. https://doi.org/10.15446/innovar.v25n56.48994

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