An empirical study of the relevance of intangible capital on the valuation of utility companies
Date of Publication
2010
Document Type
Bachelor's Thesis
Degree Name
Bachelor of Science in Commerce Major in Management of Financial Institutions
Subject Categories
Finance and Financial Management
College
Ramon V. Del Rosario College of Business
Department/Unit
Financial Management
Thesis Adviser
Leila Calderon Kabigting
Defense Panel Chair
Angelito A. Bala
Defense Panel Member
Eleanor Salumbre
Abstract/Summary
The study aims to quantify the value relevance of intangible capital (IC) for stock prices using IC-included accounting valuation model. Proponents applied a two stage-discounted residual income model (DRI) to measure the utilities companies' IC and data needed were taken from the Philippine Stock Exchange comprising thirteen companies and five-year time frame. Proponents utilized multiple regression panel data models to derive empirical results. These showed that a firm's IC-measured fundamental value is not highly correlated with its stock price, the joint explanatory power of IC and book value for stock prices is not superior to that of earnings and book value and lastly, incorporating IC in the accounting-based valuation model increases the explanatory power for stock prices.
Abstract Format
html
Language
English
Format
Accession Number
TU17236
Shelf Location
Archives, The Learning Commons, 12F, Henry Sy Sr. Hall
Physical Description
81 leaves
Keywords
Capital--Philippines; Stocks--Prices--Philippines
Recommended Citation
Chan, J. A., Dychiching, A. T., Ng, J. U., & Ng, W. S. (2010). An empirical study of the relevance of intangible capital on the valuation of utility companies. Retrieved from https://animorepository.dlsu.edu.ph/etd_bachelors/18532
