Intangible Assets – der vierte Produktionsfaktor


Intangible Assets – the Fourth Production Factor
by Prof. Dr. Martin Užík (Berlin School of Economics and Law),
and Dr. Jan-Peter Firnges (Berlin Institute of Finance, Innovation and Digitalization)

The increasing importance of the tertiary sector, the [introduction and] establishment of new
technologies supported by the shift of the production focus of the classical factors of production to a new
„fourth factor of production“ (Stewart , TA ( 1998) and Edvinsson , L. / Malone , MS ( 1997) , p . 23 ),
recently challenged equally the scientific world as well as the industry.
It is about the „incognisable“, it is about the intangible assets of a company. ( Hamel , G. / Prahalad ,
C. K. ( 1995) , p . 57 ) This paper deals with the influence of intangible assets on the company’s value. We
examined selected CDAX companies within the period from 12/31/2001 and 06/13/2016. As a proxy for
intangible assets, R & D expenditures have been used

Key words
Intangible Assets, Digitalization, Innovation, Valuation
Scientific Paper was elaborated within the framework of the project KEGA 032PU-4/2013.

Dr. Jan Peter Firnges


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