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Marc Marshing
Customer Relationships, Customer Equity and Intangible Assets
Valuing customer relationships as an identifiable intangible asset and applying customer equity to financial analyses
2017. 72 S. 220 mm
Verlag/Jahr: AV AKADEMIKERVERLAG 2017
ISBN: 6-202-20531-8 (6202205318)
Neue ISBN: 978-6-202-20531-3 (9786202205313)
Preis und Lieferzeit: Bitte klicken
Despite the shift to a customer-centric view of business in the 21st century, the financial value of customers to a firm lacks its establishment in the financial perspective of business. To support this research stream, this paper argues that the value of a firmīs current customers, which hides in the firmīs internally generated goodwill, fulfills the criteria of an identifiable off-balance sheet intangible asset that can be reliably measured and applied in company valuations. Based on the international accounting standards, this paper shows that customer relationships based on recurring exchange transactions represent the off-balance sheet intangible asset deriving from current customers and that it can be valued with a specific concept of customer equity. To support the integration of customer-based values in financial analyses, this paper introduces a financial multiple, which considers the value of a firmīs current customers and shows that this multiple provides additional information on the true value of a firm and its stock.
Marshing, Marc
South African with a Bachelors in Business Administration from the University of St. Gallen and a Masters in Finance from ESADE Business School; enthusiastic about modern business and innovative, customer-centric valuation approaches.