The impact of intangible assets on firm value. Some empirical evidence from the European-listed firms in the tourism industry
Sorin Gabriel Anton et al.
What the paper says
Purpose The purpose of this study is to examine how intangible assets (IAs) influence firm value in the European tourism industry, using a cross-country panel of 242 listed firms over 2007–2021. By applying panel quantile regression (QR) with fixed effects, the study investigates whether the impact of total IAs and goodwill varies across the firm value distribution. The analysis also explores the distinct contribution of goodwill and assesses the robustness of the findings through subsample tests, alternative size measures and instrumental variable quantile estimations. Design/methodology/approach By applying panel QR with fixed effects to a panel of 242 listed firms from 22 countries over the period 2007–2021, the analysis captures heterogeneous and non-linear effects that are not visible through ordinary least squares regressions, which focus only on mean relationships. Data were drawn from the Osiris database, with Tobin's Q as the dependent variable. The main explanatory variables are the ratios of IA and goodwill to total assets, while control variables include firm size, liquidity, sustainable growth, Altman Z-score, leverage, profitability and two dummy variables for the global financial crisis and the COVID-19 pandemic. Findings Findings show that IAs positively impact firm value, though the strength of this relationship varies across the value distribution. The positive effect becomes more pronounced at higher quantiles of Tobin's Q, indicating that firms with stronger market positions benefit more from intangible investments. This evidence highlights the heterogeneous and non-linear contribution of intangibles and confirms that average-based models underestimate their complexity. Originality/value This study contributes to the literature by examining the role of IA in shaping firm value among listed tourism companies across Europe, while accounting for firm-level and macroeconomic controls. Unlike earlier studies that focus on single countries or average effects, our cross-country approach, combined with QR, uncovers important differences in how IAs influence firms across the value spectrum. By doing so, the study challenges assumptions of uniformity and provides a more layered understanding of how strategic investments in intangibles, such as brand equity and goodwill, can create value in a highly experience-driven industry.
Evidence weight
Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40
| F · citation impact | 0.50 × 0.4 = 0.20 |
| M · momentum | 0.50 × 0.15 = 0.07 |
| V · venue signal | 0.50 × 0.05 = 0.03 |
| R · text relevance † | 0.50 × 0.4 = 0.20 |
† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.