Impact of investments in training and advertising on the market value relevance of a company's intangiblesThe effect of the economic crisis in Spain

  1. Lidia García-Zambrano 1
  2. Arturo Rodríguez-Castellanos 1
  3. Jose Domingo García-Merino 1
  1. 1 Universidad del País Vasco/Euskal Herriko Unibertsitatea
    info

    Universidad del País Vasco/Euskal Herriko Unibertsitatea

    Lejona, España

    ROR https://ror.org/000xsnr85

Revista:
European Research on Management and Business Economics

ISSN: 2444-8834

Año de publicación: 2018

Volumen: 24

Número: 1

Páginas: 27-32

Tipo: Artículo

DOI: 10.1016/J.IEDEEN.2017.06.001 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: European Research on Management and Business Economics

Resumen

This paper seeks to analyze the influence investment in that investment in intangible resources, specifically 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 competiti

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Información de financiación

We would like to thank the University of the Basque Country UPV-EHU (Ref. EHU11/37) and the FESIDE foundation (Ref. ECO2009-14383-C02-02) for funding this project.

Financiadores

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