Determinants of the valuation of intangible assets - A contrast between Taiwanese and American IC design houses

International Journal of Technology Management

Volumn 41, Issue 3-4, 2008, Pages 336-358

  Chu, Po Young ^a,b   Hsiung, Hsing Hwa ^a,c   Huang, Chi Hung ^a   Yang, Chuan Yi ^a  

^a NATIONAL CHIAO TUNG UNIVERSITY   (Taiwan)

^b Department of Management Science ^*

^c CHAOYANG UNIVERSITY OF TECHNOLOGY   (Taiwan)

Author keywords

Business valuation; IC design house; Intangible assets; Intellectual capital; Technology management

Indexed keywords

ASSET MANAGEMENT; ENGINEERING RESEARCH; KNOWLEDGE BASED SYSTEMS; PROFITABILITY;

BUSINESS VALUATION; INTELLECTUAL CAPITAL; TAIWAN; TECHNOLOGY MANAGEMENT;

INTEGRATED CIRCUITS;

EID: 38549155517     PISSN: 02675730     EISSN: None     Source Type: Journal    
DOI: 10.1504/IJTM.2008.016787     Document Type: Article

References (45)

1. Aaker, D.A.(1989) 'Managing assets and skills: The key to a sustainable competitive advantage', California Management Review, Winter, Vol. 31, No. 2, pp.91-106.
2. Abowd, J.M.(1990) 'Does performance-based managerial compensation affect corporate performance', Industrial and Labor Relations Review, Vol. 43, No. 3, pp.52-73.
3. Bharadwaj, A.S., Bharadwaj, S.G. and Konsynski, B.R. (1999) 'Information technology effects on firm performance as measured by Tobin's Q', Management Science, Vol. 45, (June), pp. 1008-1024.
4. Christensen, C.M. (2005) The Innovator's Dilemma : The Revolutionary Book that Will Change the Way You Do Business, New York: Collins Business Essentials.
5. Chung, K.H. and Stephen, W.P.(1994) 'A simple approximation of Tobin's Q', Financial Management, Vol. 23, No. 3, p.70.
6. Edvinsson, L. and Malone, M.S. (1997) Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Roots, New York: HarperCollins Publishers, Inc.
7. Fey, C.F., Bjorkman, I. and Pavlovskaya, A. (2000) 'The effect of human resource management practices on firm performance in Russia', International Journal of Human Resource Management, Vol. 11, No 1, pp. 1-18.
8. Firer, S. and Williams, S.M. (2003) 'Intellectual capital and traditional measures of corporate performance', Journal of Intellectual Capital, Vol. 4, No. 3, pp.348-360.
9. Galbraith, J.K. (1969) The Affluent Society, London: Hamish Hamilton.
10. Hall, R. (1992) 'The strategic analysis of intangible resources', Strategic Management Journal, Vol. 13, No. 2, pp. 135-144, Feb.
11. Itami, H. and Roehl, T.M. (1987) Mobilizing Invisible Assets, Cambridge, MA: Harvard University Press.
12. Johnson, L.D., Neave, E.H. and Pazderka, B. (2002) 'Knowledge, innovation and share value', International Journal of Management Reviews, Vol. 4, No. 2, pp. 101-134.
13. Johnson, W.H.A. (1999) 'An integrative taxonomy of intellectual capital: measuring the stock and flow of intellectual capital components in the firm', International Journal of Technology Management, Vol. 18, Nos. 5-8, pp.562-575.
14. Kaplan, R.S. and Norton, D.P. (2004) 'Measuring the strategic readiness of intangible assets', Harvard Business Review, Vol. 82, No. 2, p.52, Feb.
15. Knight, D.J. (1999) 'Employee turnover: a meta-analysis and review with implications for research', Academy of Management Review, Vol. 11, No. 1, p.30.
16. Lee, K-C. (2000) Study on the Relationship between Value-Driven Intellectual Capital and Corporation Value, unpublished master thesis, National Chung Cheng University, Jiayi, Taiwan (in Chinese).
17. Lev, B. (1989) 'On the usefulness of earnings and earnings research: lessons and direction from, two decades of empirical, research', Journal of Accounting Research, Vol. 27 (Supplement), pp. 153-92.
18. Lim, L.K. and McAleer, M. (2002) 'Economic growth, and technological catching up by Singapore to the USA', Mathematics and Computers in Simulation, Vol. 59, Nos. 1-3, May 10.
19. Lin, L-Y. (2002) Measuring the Intellectual Capital of Research Institut - A Case study of opto-electronic & systems laboratories in ITRIs, unpublished master thesis, National Chengchi University, Taipei, Taiwan (in Chinese).
20. Luthy, D.H. (1998), 'Intellectual capital and its measurement', working paper, http://www3.bus. osaka-cu.ac.jp/apira98/archives/htmls/25.htm.
21. Lynn, B.E. (1999) 'Culture and intellectual capital management: a key factor in successful ICM implementation', International Journal of Technology Management, Vol. 18, Nos. 5-8, pp.590-603.
22. Osborne, A. (1998) 'Measuring intellectual capital: The real value of companies', The Ohio CPA Journal, Vol. 57, No. 4, pp.37-38.
23. Parr, R.L. (1991) Investing in Intangible Assets Finding and Profiting From Hidden Corporate Value, New York: John Wiley & Sons, Inc.
24. Pulic, A. and Bornemann, M.B. (1999), 'The physical and intellectual capital of Austrian banks', nttp://www.measuring-ip.at/Papers/Pubic/Bank/en- bank.html.
25. Pulic, A. (1998) 'Measuring the performance of intellectual potential in knowledge economy', nttp://www.measuring-ip.at/Opapers/Pulic/Vaictxt.vaictxt. ntml.
26. Pulic, A. (2000) 'VAIC™: an accounting tool for IC management', International Journal of Technology Management, Vol. 20, Nos 5-8, pp.702-714.
27. Reitzig, M. (2004) 'Strategic management of intellectual property', MIT SLOAN Management Review, Vol. 45, No. 3, p.35.
28. Rennie, M:. (1999) 'Accounting for knowledge assets: do we need a new financial statement?', International Journal of Technology Management, Vol .18, Nos. 5-8, pp.648-659.
29. Roos, G. and Roos, J. (1997) 'Measuring your company's intellectual performance', Long Range Planning, Vol. 30, No. 3, pp.413-426.
30. Roos, J. (1996) 'The epistemological challenge: managing knowledge and intellectual capital', European Management Journal, Vol. 14, No. 4, pp.333-337.
31. Roos, J. (1998) 'Exploring the concept of intellectual capital', Long Range Planning, Vol. 31, No. 1, pp. 150-153.
32. Schneider, U. (1999) 'The Austrian approach to the measurement of intellectual capital', http://www.measuirng-ip.at/Opapers/Schneider/Canada/ theoreticalframework.html.
33. Shiu, S. (2002) The Impact of R&D and Advertising Activities: An Empirical Study in Taiwan Industries, unpublished master thesis, National Chengchi University, Taipei, Taiwan, (in Chinese).
34. Smith, G. V. and Parr, R.L. (2000) Valuation of Intellectual Property and Intangible Assets, 3rd ed. New York: John Wiley & Sons, Inc.
35. Stewart, T.A. (1999) Intellectual Capital: The New Wealth of Organizations, New York: Bantam Doubleday Dell Publishing Group Inc.
36. Sullivan, P. (2000) Value-Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Val, New York: John Wiley & Sons Inc.
37. Sveiby, K. (1997) The New Organizational Wealth, San Francisco, CA: Berrett-Koehler.
38. Sveiby, K.E. (2002) 'Methods for measuring intangible assets', working paper, available online: http://www.Sveiby.com/articles/IntangibleMethods.htm.
39. Tellis, Gerard, J. and Golde, P.N.R. (2001) Will and Vision - How Latecomers Grow to Dominate Markets, New York: Tata McGraw-Hill.
40. Tobin, J. (1950) 'A statistical demand function for food in the USA', Journal of the Royal Statistical Society, Series A, 113, Part II, pp.113-141.
41. Tsai, C-Ti. (2001) An Empirical Study on the Difference Between the Market Value and the Book Value of Firms in the Taiwan's Electronics Industry, unpublished master thesis, National Taiwan University, Taipei, Taiwan.(in Chinese).
42. Tung, C.F. (2003) Competitive Strategy Study of Taiwan IC Design Service Company - Taking F Company as an Example, National Chung Cheng University unpublished master thesis (in Chinese).
43. Williams, M. (2001) 'Is a company's intellectual capital performance and intellectual capital disclosure practices related? Evidence from publicly listed companies from the FTSE 100'. Paper presented at McMasters Intellectual Capital Conference, Jan Toronto.
44. Wu, S.H. and Hwang, W.H. (2000) Research on the Intellectual Capital for Taiwan's Information Service Industry, unpublished master thesis, National Chengchi University, Taipei, Taiwan. (in Chinese).
45. Yen, Y-F. (2000) The Measurement and Value-Relevance of Intangible Assets - The Effects of Stock Cycle and Industries, unpublished master thesis, Tamkangl Taiwan University, Taipei, Taiwan (in Chinese).