Autori: Mariani, Giovanna, Pistolesi, Francesco, Nicol?, Domenico, Cattafi, Giulia
Titolo: Cheating in the evaluation. An expedient to estimate the impact of intangibles on the enterprise value of the high-growth start-ups
Periodico: MC
Anno: 2023 - Fascicolo: 3 - Pagina iniziale: 193 - Pagina finale: 218

This study investigates the effect of investments in intangible fixed assets and human capital on the Enterprise Value (EV) of Italian high-growth startups (HGSs). To test our hypotheses, we conducted several Ordinary Least Squares (OLS) regression analyses on a dataset comprising 782 HGSs. The EV was esti-mates using the Discounted Cash Flow (DCF) method. Our findings reveal a posi-tive and statistically significant relationship between investments in intangible as-sets and EV. However, investments in human capital and highly skilled workers show a negatively relationship with EV. Lastly, a positive and statistically signifi-cant relationship between value-added per employees and the EV of HGSs has been identified.




SICI: 2239-0391(2023)3<193:CITEAE>2.0.ZU;2-1
Testo completo: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74627&Tipo=Articolo PDF

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