The impact of intangible assets on wine firms' value: some empirical evidence

摘要

The aim of the paper is to investigate the determinants of market value of wine firms both in Old World countries, with a historical tradition, and in New World countries. Particularly, the research focuses the analysis on the impact of intangible assets on a global wine market, in order to appreciate if firms that invest on intellectual capital components achieve an increase of their market value. The methodology is based on a quali-quantitative approach, with an empirical analysis. The study is carried out on a sample of 31 wine listed companies, selected by the 2014 Wine Survey of Mediobanca. Findings highlight the existence of economic opportunities, deriving from investment in both human capital and relational capital, and indicate the relevance of a country-of-origin effect on the competitive advantage of Old World countries firms.