Chulalongkorn University Theses and Dissertations (Chula ETD)
Other Title (Parallel Title in Other Language of ETD)
เงินลงทุนในสินทรัพย์ไม่มีตัวตน, ทฤษฎี q สำหรับการลงทุน และการวัดความสามารถในการทำกำไร
Year (A.D.)
2019
Document Type
Independent Study
First Advisor
Kanis Saengchote
Faculty/College
Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)
Department (if any)
Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)
Degree Name
Master of Science
Degree Level
Master's Degree
Degree Discipline
Finance
DOI
10.58837/CHULA.IS.2019.47
Abstract
Contribution of intangible capital has been a notable factor of today’s economy. However, previous literatures mainly focus on outcomes of physical investment through classical theory of investment and financial ratios, so this paper aims to explain effects of intangible capital in two major points. Firstly, new Tobin’s q proxy, which includes intangible capital, is reexamined regarding its explanation of total investment; new Tobin’s q, thus, explains investment opportunities better in firms and years with greater intangible capital. Secondly, financial ratios are rearranged by taking intangible capital into consideration. As a result, firms with more intangible capital do not generate higher firm’s value and profitability as existing empirical findings.
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Recommended Citation
Nithipaisal, Kunyamas, "Intangible capital, q theory of investment and measurement of profitability" (2019). Chulalongkorn University Theses and Dissertations (Chula ETD). 6913.
https://digital.car.chula.ac.th/chulaetd/6913