期刊名称：International Journal of Software Engineering and Its Applications
印刷版ISSN：1738-9984
出版年度：2013
卷号：7
期号：1
出版社：SERSC
摘要：With transition to Knowledge society, many companies in Internet related industries have had higher stock price than their accounting book value. Researchers pointed out its intangible assets as the reason of it. In addition, previous studies show that the effects of this nonfinancial information may be different according to industry life cycle. To check the effects of nonfinancial information about intangible assets and related expenditure on firm market value, we compare the relationships between financial information and firm valuation in Korean Capital market especially for “Software”, “Digital content”, and “Internet” related companies. We classify industry life cycle based on Tobin’s Q value and compare the effects of intangible assets and expenditure for each period. The result shows the effects of intangible asset on firm market value are different according to industry life cycle.
