ANALYSIS OF INTANGIBILITY DEGREE IN COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

Ioana Andrioaia; Veronica Grosu; Svetlana Mihaila; Ana-Carolina Cojocaru (Bărbieru)

doi:10.36004/nier.es.2025.1-02

Authors

Ioana Andrioaia PhD student, Stefan cel Mare University of Suceava, Romania, Academy of Economic Studies of Moldova https://orcid.org/0009-0007-3493-5911
Veronica Grosu PhD, Associate professor, Stefan cel Mare University, Suceava, Romania https://orcid.org/0000-0003-2465-4722
Svetlana Mihaila PhD, Professor, Academy of Economic Studies of Moldova https://orcid.org/0000-0001-5289-8885
Ana-Carolina Cojocaru (Bărbieru) Ana-Carolina Cojocaru (Bărbieru), PhD student, Stefan cel Mare University of Suceava, Romania , Academy of Economic Studies of Moldova https://orcid.org/0000-0001-9271-5932

DOI:

https://doi.org/10.36004/nier.es.2025.1-02

Keywords:

intangibility degree, companies listed, return on equity, leverage, liquidity, size

Abstract

The purpose of this research is to analyse the influence of the financial indicators Return on Equity, Leverage, Liquidity, size on intangibility degree of companies listed on the Bucharest Stock Exchange (BVB). The intangibility degree is important because it signals the existence of valuable intangible resources that are not quantified by traditional accounting, but which contribute significantly to the market value and growth potential of the company. The intangibility degree has been determined in this paper using Tobin's Q ratio, determined as the ratio between the market value of companies and the total replacement cost of their assets. This was achieved through a literature review. It was used to identify the financial indicators recommended by various researchers as determinants of the intangibility degree, as well as the working hypotheses of the paper. Another objective of the paper was to create an econometric multiple linear regression model to explain the influence of the previously selected financial indicators on the intangibility degree of companies listed on the BVB. The results obtained show that the Sig. value for the variables Return on Equity, Leverage, Liquidity is lower than the statistical threshold of 0.05, which reveals their positive influence on the intangibility degree, while size does not influence this degree because the Sig. value exceeds the mentioned threshold. We believe that the results of this paper can support companies that have as a strategy to increase the intangibility degree by maximising the influence of the variables that contribute to this increase.

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