Integration of intangible assets by investors: application to human capital

Jean-Philippe Desmartin and Elise de Coligny

Chapter 25 in Handbook on Intangibles, 2026, pp 470-488 from Edward Elgar Publishing

Abstract: By analyzing the evolution of the consideration of intangibles since the 1990s, the chapter highlights the growing importance of these assets for the economic and financial value of companies. In particular, investors are increasingly and systematically incorporating human capital analysis into their assessment of the companies in which they invest. This evolution can be explained by a number of factors, such as awareness of the importance of sustainability and intangible assets, a broader analysis of risks and opportunities, advances in academic research, materiality whether single or double, the implementation of regulations in different parts of the world, and customer interest in social megatrends (education, knowledge, employee protection). Human capital analysis is particularly relevant when applied to human resource-intensive sectors such as IT services and hospitality. The chapter also examines the impact of corporate scandals related to human capital and the role of dialogue and social engagement in improving corporate transparency and practices. It concludes that investors have a key role to play in promoting greater consideration of human capital, while highlighting the challenges of data standardization and the need for qualitative analysis.

Keywords: Intangible assets; Human capital; Investor decision-making; ESG integration; Financial analysis (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035306367
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