The impact of intangible assets on stock prices on Bulgarian stock exchange: A panel data analysis

Ani Stoykova ()

Asian Business Research Journal, 2024, vol. 9, 16-23

Abstract: This study examines the factors influencing stock prices of Bulgarian non-financial listed companies, employing descriptive statistics, correlation model, panel regression model, and Granger causality test for the period 2015-2022. The research investigates the impact of computer software assets, intellectual property rights, goodwill, earnings, book value, and dividend on stock prices. The results indicate that software products per share (SFS), book value per share (BVS), dividend per share (DPS), and earnings per share (EPS) have statistically significant impacts on the stock prices of non-financial publicly traded companies in Bulgaria. Intellectual property rights per share (IPS) and goodwill per share (GPS) do not significantly influence stock prices. Additionally, the study highlights the dynamic relationships and causality between these variables and stock prices over the examined period. This research not only contributes to the academic discourse on financial market dynamics but also offers pragmatic insights for investors and policymakers. As financial markets continue to evolve, this research provides a timely and relevant contribution to the ongoing dialogue surrounding stock price determinants and their implications for market participants.

Keywords: Bulgarian stock exchange; Intangible assets; Panel data; Panel regression analysis; Stock prices. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ajn:abrjou:v:9:y:2024:i::p:16-23:id:168

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