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Exploring value creation through intangibles: managers’ decisions vs investors’ expectations
The objective of this paper is to explore the process of value creation through intangibles in order to shed some light on the agency problem in a company which employs intangibles. On this framework a theoretical model is elaborated. This model will explain the interrelations between the decisions of managers on intangibles, outperforming and investment attractiveness. It proposes a comprehensive approach to value creation analysis. The theoretical model will be tested on a wide database of listed European companies employing structural equation modeling. Moreover according to the supposition put forward in this study, it is expected to reveal the markers of agency problem drawing a line between the decisions of managers on intangibles addressed to outperforming and those to meet the expectations of investors.
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