MOTIVOS PARA LA VALORACON FINANCIERA DE LOS INTANGIBLES:EL CASO DE LAS PYMES

Abstract

This paper aims to analyze the relationship between the motives driving a valuation process and the results obtained by SMEs. In order to verify the relations, and ascertain the managers’ opinion, we conducted a survey of a representative sample of management and gathered information on the economic and financial structure and the financial results of the firms that had sent in answers to the survey. The study shows that SMEs considering the financial valuation of their intangibles to be important for internal reasons get better performance, without these differences being statistically significant. On the other hand, SMEs that believe that the financial valuation of their intangibles is important to facilitate information for external stakeholders, they are pressurised to do so because they have higher levels of leverage and the weight of the intangibles resources out of the total resources is greater.