analYSiS of The iMPaCT of inTanGiBle aSSeTS on The CoMPanieS' MarKeT Value Purpose. To determine the impact of intangible assets on the market value of European companies (Germany, France and the United Kingdom) using intellectual data analysis. Methodology. The correlationregression analysis, including Python programming libraries (Pandas, Numpy, Matplotlib, and Seaborn), was used to find the link between market value and intangible assets available to enterprises, which allows conducting analysis and visualization of the results obtained through various methods. To analyze the impact of an industry type on the rela tionship between market value and intangible assets, their classification according to the NACE Code Index is used. findings. The correlation between intangible assets and the market value of companies in the analyzed European countries has been identified, but the strength of this connection is different (German companies (0.6-0.7), French companies (0.3-0.7), Brit ish companies (0.5-0.7)). The size of an enterprise affects the connection between intangible assets and the market value of enter prises. The authors conclude that the correlation between the intangible assets indicators by economic sectors and the market value of enterprises exists only for some economic sectors (C, J, K, M and N), classified according to the NACE Code Index. originality. The study presents the regression dependence of market value on intangible assets of European companies (Ger many, France and the United Kingdom), which allows adjusting their investment policy depending on the industry to which the company belongs and on its size. Practical value. Determining the possibility of the impact of the value of intangible assets on the market value of companies.
Остапчук Т.П. доктор економічних наук, професор, завідувач кафедри менеджменту і підприємництва, Державний університет «Житомирська політехніка» Пащенко О.П. кандидат економічних наук, доцент кафедри менеджменту і підприємництва, Державний університет «Житомирська політехніка»
Intellectual capital is the total value of all entity’s intangible resources (organizational, human, and customer). Effective management of intellectual capital in high-tech industries needs determination of its role in ensuring profitability and clarifying the direction of managerial and investment policy in intangible resources. The aim of this study is to investigate the impact of intellectual capital on the profitability of Slovak software development companies. Panel data regression analysis was used as the main research method to analyze the data of 16 Slovak software development companies for 2015–2019. The study designed and analyzed four panel data regression models with different dependent variables (Return on Assets, Net Profit Margin, Gross Profit Margin, Earnings Before Interest and Taxes Margin) and similar independent variables (Capitalized Development Costs, Software, Acquired Intangible Fixed Assets, Personnel Costs, Social Security Costs, Social Costs, and Total Costs of Economic Activity). The analysis of these models was carried out based on the fixed effects method. It was found that intellectual capital reflected in the financial statements of software development companies does not meet the information needs of stakeholders and does not have a significant direct impact on profitability. Only Acquired Intangible Fixed Assets had a direct positive impact on the profitability of software development companies in all four analyzed models, and some independent variables had a negative impact. It is proposed to expand the structure of financial reporting items that characterize the intellectual capital and improve the method of recognizing costs of various types as intangibles.
Purpose. The main purpose of the research is to substantiate the methodological approach of defuzzification and to define its peculiarities in the process of estimating the value of agricultural lands. Methodology / approach. The research purpose included the use of a set of appropriate methods. In particular, the fuzzy logic techniques formed the basis of the research. The system approach was used in order to determine the role of land resources in the enterprise potential and the corresponding spheres of their management. The analysis and synthesis methods were used in the process of definition of impact factors of land resources value. The cartographic method was used for the needs of graphical display of humus content in the land plots of the analyzed enterprise. The generalization method was used in the process of forming conclusions. Results. The article defines the peculiarities of defuzzification in the process of estimating the value of agricultural lands. The results provided the methodological basis for considering the qualitative metrics in the process of estimation as well as for granting the numerical interpretation for linguistic variables. The corresponding methodology was overviewed at the example of land plot size. The quantitative reference limits for “small”, “medium” and “large” land plots were defined. Research results made it possible to form the sequence of stages, which are to be undertaken, in order to provide numerical values for qualitative characteristics of agricultural lands. A decision tree was built for the needs of formation of management decisions. According to the data of researched enterprise, the dependence of the value of agricultural lands (for the needs of management accounting) on the size of the land plot and the humus content was determined. Originality / scientific novelty. The article improves the methodological approach to determining the value of agricultural lands as of an element of enterprise potential based on the use of fuzzy logic techniques, which, in contrast to existing approaches, allows taking into account both quantitative and qualitative factors in the process of estimating the value of land resources for the needs of their management. Applying the respective approach increases the level of accuracy, relevance, and adequacy to market realities of the results of estimating the value of agricultural lands for the needs of their management. Practical value / implications. The results of the research provided an opportunity to improve the quality and efficiency of the process of estimating the value of agricultural lands. The corresponding process is characterized by a high level of complexity and uncertainty due to the presence of a significant number of qualitative factors influencing the value of the land resources. The approach considered in the article makes it possible to take into account the influence of relevant qualitative factors by giving them numerical certainty through the use of fuzzy logic techniques. The proposed approach will provide an opportunity to increase the accuracy and relevance of estimating the value of land resources as of an element of enterprise potential for the making of corresponding managerial decisions. The proposed methodological approach was implemented with the use of data of agricultural enterprise, which made it possible to take into account linguistic variables (land plot size and chemical properties of the soil) when forming the managerial decisions about land plots. The decision tree was also formed, which serves as a means of supporting management decisions in the process of forming the value of agricultural lands.
The environment plays an important role in shaping the living conditions of local communities, and the state of the environment determines the opportunities for achieving the goals of sustainable development. The purpose of the article is to provide further development of the conceptual foundations of the mechanism of management of enterprise interaction with environment. The authors formed an approach to structuring the mechanism of management of enterprise interaction with environment, considering economic, environmental, and adaptive components. For practical approbation of individual components of the proposed mechanism in a part of the instrumental block the ways of decreasing the negative impact of the enterprise on level of pollution of the atmosphere as of a component of environment were considered. The constructed correlation and regression model for determining the impact of individual pollutant emissions on the overall state of air pollution formed a basis for identification of two most significant types of emissions (carbon monoxide emissions and emissions of non-methane volatile organic compounds). Based on the analysis of ME “Zhytomyrvodokanal” data, whose activities are related to the waste generation and management and which, at the same time, provides environmental services, the measures were proposed to decrease the corresponding emissions from the enterprise activities.
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