Η μόχλευση των άυλων παγίων και η ανάπτυξη των επιχειρήσεων
Intangible assets leverage and firm growth
KeywordsΜόχλευση ; Ανάπτυξη ; Ασώματα πάγια ; Άυλα πάγια ; Ασώματα περιουσιακά στοιχεία ; Κεφαλαιακή διάρθρωση ; Άυλα περιουσιακά στοιχεία
The aim of this study is to evaluate the effect of Intangible Assets on Financial Leverage and consequently firm growth. By taking a sample of businesses of the S&P 500 index, from 2004 to 2013, we have concluded that Intangible Assets have a robust positive effect on Leverage, exactly like Tangible Assets, but at a slightly lower degree. Aside from Intangible Assets, this study is evaluating further factors that affect the Capital Structure decisions. The results are in agreement with the hypotheses of the literature given. More specifically, Intangible Assets, Tangible Assets and Median Industry Leverage have a positive effect on Leverage, while Market-to-Book Ratio, Profitability and Liquidity have a negative effect. As a capstone of this thesis, we indicate that our primary concern is to depict the importance of Intangible Assets within Capital Structure decisions and more importantly their impact on Leverage, as well as their continuously rising impact when it comes to decision making for firms and international organizations.