Numerous intangibles can affect corporate value; for example, human assets, organizational assets, information assets, and corporate reputation. As discussions about intangibles have intensified, the number of empirical studies focused on the relationship between intangibles and corporate value has increased. Previous studies have demonstrated the relationship between intangibles and corporate value as individual or combined elements; however, no previous empirical study has incorporated strategies into the analysis of the relationship between intangibles and corporate value. The present study analyzes how different strategies and management control systems impact intangibles, the source of corporate value. Three discoveries were made. The first reveals that intangibles consist of corporate reputation, innovation, information assets, and organizational assets, but not human assets, which turn out to be linked to innovation. This result indicates that the skills and creativity of employees play a major role in innovation. The second discovery shows that corporate value consists of economic value, social value, and organizational value. This result agrees with the view of others who have asserted that all stakeholders are in an equal relationship. Therefore, it can be said that companies take various stakeholders into consideration when creating value. The third discovery shows that when different strategies and management control systems are adopted, different intangibles affect corporate values. For instance, in prospector companies, reputation does not impact corporate value; these firms aim to create new markets through innovation, and are less concerned with reducing reputational risk. By contrast, in defender companies, innovation does not affect corporate value; these firms place emphasis on preserving their reputation to retain existing markets and customers.
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