The Impact of Intangible Assets on Firm Growth and Firm Value
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This study investigates the relationship between intangible assets, firm growth, and firm value of non-financial listed firms in the Stock Exchange of Thailand. Prior research in this area mainly used the intangible assets in various forms, this study divided the intangibles assets into intangible assets obtained from business acquisition or goodwill and other intangible assets. Firm value is proxy by Tobin q, an economic measure that reflects the market value of the whole business. Firm growth is calculated from the sustainable growth model which specify from a financial statement perspective. The results are consistent with the hypothesis that the intangible assets and goodwill are positively associated with firm value. However, both intangible assets and goodwill are not significantly related with firm growth. This result implies that firms with large amount of physical capital accelerates the sustainable growth rate than firms with intangible investment. Finally, the study also finds significant relation between firm characteristics and the firm value.
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