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Intangible capital, q theory of investment and measurement of profitability |
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| รหัสดีโอไอ | |
| Title | Intangible capital, q theory of investment and measurement of profitability |
| Creator | Kunyamas Nithipaisal |
| Contributor | Kanis Saengchote |
| Publisher | Chulalongkorn University |
| Publication Year | 2562 |
| Keyword | Intangible property, Rate of return, ทรัพย์สินที่ไม่มีรูปร่าง, อัตราผลตอบแทน |
| Abstract | Contribution of intangible capital has been a notable factor of today’s economy. However, previous literatures mainly focus on outcomes of physical investment through classical theory of investment and financial ratios, so this paper aims to explain effects of intangible capital in two major points. Firstly, new Tobin’s q proxy, which includes intangible capital, is reexamined regarding its explanation of total investment; new Tobin’s q, thus, explains investment opportunities better in firms and years with greater intangible capital. Secondly, financial ratios are rearranged by taking intangible capital into consideration. As a result, firms with more intangible capital do not generate higher firm’s value and profitability as existing empirical findings. |
| URL Website | cuir.car.chula.ac.th |
