Searching for factors inﬂuencing
technological asset value
Vittorio Chiesa, Federico Frattini and Elena Gilardoni
Politecnico di Milano, Milano, Italy
Carlo Cattaneo – LIUC, Varese, Italy, and
Carlo Cattaneo – LIUC, Varese, Italy, and ENI Corporate University
– Scuola Mattei, Milano, Italy
Purpose – The purpose of this paper is twofold: ﬁrstly, to identify the factors that are capable of
inﬂuencing the value of a technological asset that is exchanged in the context of a business transaction
and, secondly, to identify the direction of the relationship between each factor and the technological
Design/methodology/approach – First of all, an in-depth analysis of the available literature about
the assessment of technological asset value was conducted. Then a panel study was organised,
involving several intellectual property managers and consultants and senior practitioners working in
the ﬁeld of IP assessment. Finally, an illustrative case study was conducted.
Findings – The paper proposes a framework that encompasses the following classes of factors: asset
related; ﬁrm related; context related; risk related; and transaction related. It is shown that these factors
are capable of inﬂuencing the value of a technological asset that is exchanged in the context of a
business transaction and the direction of their impact is indicated.
Practical implications – The paper is believed to be a useful instrument capable of supporting
managers and appraisers who, in the context of a speciﬁc business transaction involving the exchange
of a technological asset between the counterparts, are called to assess its value.
Originality/value – The value of a technological asset is typically estimated through monetary
techniques (cost, income and market methods) that often turn out to be disappointing in practice. This
is mainly due to their quantitative nature, that impedes them to appropriately take into account
qualitative variables capable of affecting the value of the asset. This paper is the ﬁrst attempt, to the
best knowledge of the authors, that draws together these variables in a comprehensive form and
suggests the direction of their impact on the asset value.
Keywords Assets, Intellectual property, Value analysis
Paper type Research paper
Intangibles assets, especially technological ones, are recognised to be fundamental
drivers of a ﬁrm’s economic value creation (Lev, 2001; Morris, 2001; Utunen, 2003;
Davis, 2004); nevertheless, a clear deﬁnition of intangible asset has not been developed
yet. OECD states that it is a “non material factor that contributes to the growth and
The current issue and full text archive of this journal is available at
This paper is the result of the joint work of the authors. However, Vittorio Chiesa and Raffaella
Manzini wrote section 6, Federico Frattini sections 1 and 4, Elena Gilardoni section 3 and
Emanuele Pizzurno sections 2 and 5.
European Journal of Innovation
Vol. 10 No. 4, 2007
q Emerald Group Publishing Limited