الإفصاح عن الاستثمارات غير الملموسة و أثره على تكلفة المال في الشركات الصناعية الأردنية

الملخص EN

The aim of intangible investments is to create intangible assets such as information technology, human capital and brands.

These assets are very important for improving firm ’ core competence and they> help it to grow.

Little is known in the literature about the cost of equity capital for financing intangible investments.

This study provides empirical evidence about this issue.

It divides intangible Investments into two groups: Research & Development investment and organizational capital investment.

Organizational capital investment is measured by capitalizing selling, general, and administrative expenses that have future earnings.

The hypotheses of the study are developed by examining three attributes of intangible investment such as: riskiness, lack of liquidity, and information asymmetry.

Since most intangible investments have higher level of risk, illiquidity, and information asymmetry>.

Evidence supports this hypothesis for R&D investment but contradicts it for organizational capital investment.

The researcher examines disclosures of intangibles shown in firm’s annual reports and its effect on the incremental cost of equity capital of intangible investment.

The result showed that the level of intangibles disclosure is relatively low and the disclosure is ineffective.