Valuing brands under royalty relief methodology according to international accounting and valuation standards

چکیده مقاله

In the last three decades some authors, such as Lev (1989, 2000, 2001, 2005), have shown the gradual increase between firms’ market value and their book value. Other authors, such as Brown, Lo, and Lys (1999), or Dantoh, Radhakrishnan, and Ronen (2004) also warn about how equity and profits have lost relevance for explaining the market value of American companies. In the Spanish case Sánchez and Espinosa (2005) introduce a measure of the intangible value not explained by financial economic magnitudes of the firms, but paid in the prices of business transactions (around 50%). Rubio, Rodríguez, and Maroto (2013) find for the pharmaceutical and biotechnology sectors that these quantities paid and unexplained are higher than 69%. All these works suggest a change in the business model: this has moved from a system based on industrial

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