Intangible asset value is constituted by intermediary actors who represent investors.
Evidence
Finally, as the existing literature on valuation practices illustrates (e.g., Muniesa 2012, 2014; Ortiz 2013, 2014), the value of intangible assets is constituted by a diverse range of actors who deploy different knowledges and practices. Some of the key social actors include financial intermediaries (e.g., analysts, stockbrokers, investment banks, etc.). As one informant noted, these intermediaries are ”essentially the conduit between the company and the pension fund managers” (Broker G, June 28, 2012). Other informants claimed that these pension funds, and other institutional investors (e.g., mutual, insurance funds), are ”the market” (Broker H & Broker I, June 29, 2012). As Ortiz (2013) argues in relation to financial markets, such intermediaries end up representing ”investors,” and thereby both create and constitute value through a number of practices that tie them into a broader financial ecosystem. The ecosystem comprises actors who make valuation claims (e.g., stock analysts), value-measuring knowledges and techniques (e.g., DCF, Doganova 2011), and practices to actively manage value. — Kean Birch, Rethinking Value in the Bio-economy, 83
Categorization
- XREF: Resonates with the assetization literature (Birch, Muniesa) and the idea of value as performed rather than intrinsic — links to the foundational assetization debate framing of this reading. — connects to: Listed firms’ value depends on sustained investor relationship building. — Kean Birch, Rethinking Value in the Bio-economy:…, 101; Elite influencers are vertically integrated capital embodying the corporation as a person.
- DEFINE: Clarifies the concept of a ‘financial ecosystem’ — who the actors are and how they jointly constitute intangible value.
Related
- Asset value is constituted by active management within organizations, not by biological properties. (similarity 0.80)
- In the bioeconomy, informational signaling about assets, not product sales, constitutes firm value. (similarity 0.79)
- Value is not inherent in things but achieved through capitalization practices. (similarity 0.79)
- Understanding value requires studying the assets underpinning firm valuation, not commodity production. (similarity 0.79)
- Asset value is actively managed, including downward, and its constructedness is obscured. (similarity 0.78)
- Asset value derives from future earnings rather than intrinsic commodity value (similarity 0.78)
Broader Connections
- Listed firms’ value depends on sustained investor relationship building.
#expands(0.85) — Kean Birch, Rethinking Value in the Bio-economy, 101 - Elite influencers are vertically integrated capital embodying the corporation as a person.
#expands(0.80)