In today’s knowledge-driven economy, intangible assets have become key determinants of organizational

competitiveness. However, the process by which potential value is transformed into sustainable intangible

resources remains conceptually fragmented, particularly regarding the mediating role of acquisition adaptation.

disciplines.The findings reveal that intangible asset formation occurs as a multi-stage process encompassing

the identification of potential economic benefits, the adaptive integration of acquired resources, and the

systematic measurement and disclosure of resulting intangible capital. Acquisition adaptation emerges as a

critical mediating mechanism that transforms abstract economic potential into tangible organizational value, as

demonstrated by qualitative case studies across industries such as pharmaceuticals, telecommunications,

consumer goods, and finance. These cases illustrate how knowledge transfer, cultural alignment, and digital

integration practices enable firms to realize the future economic benefits envisioned at the acquisition stage.

Theoretically, this study extends the resource-based view (RBV) by positioning acquisition adaptation at the

core of intangible asset development, integrating insights from both Scopus and WoS to ensure comprehensive

theoretical coverage. Practically, it provides managers with a cross-industry framework for evaluating

In today’s knowledge-driven economy, a firm’s ability to create value increasingly depends on intangible

rather than physical resources. Intangible assets such as human capital, structural capital, relational capital, and

innovation capability have become vital sources of competitive advantage and long-term success [27]. Unlike

tangible resources, these assets are embedded within organizational processes, human expertise, and

collaborative networks, which makes their identification, measurement, and valuation both essential and

complex. As organizations strive to harness future economic benefits, their ability to adapt acquisition

processes to capture, integrate, and nurture these intangibles becomes a decisive factor in achieving sustainable

corporate performance.

Scholars consistently emphasize the central role of intangible assets in driving firm performance and market

intangible assets remains conceptually fragmented and empirically limited.

Although the strategic importance of intangible assets is widely acknowledged, many organizations still

struggle to integrate them effectively into corporate strategies and valuation frameworks. This challenge is

especially visible in acquisition contexts, where firms often emphasize financial and physical synergies while

overlooking the integration of intangible resources. Without clear models that connect acquisition adaptation to

intangible asset formation, firms risk undervaluing or mismanaging key sources of innovation and

performance. The absence of a unifying conceptual framework also constrains both scholars and practitioners

in understanding how future economic benefits can be systematically transformed into robust intangible asset

bases that enhance organizational resilience.

While existing literature highlights the role of intangibles in sustaining competitive advantage, limited

how firms can optimize acquisition processes to transform potential economic benefits into sustainable

intangible value.

This study offers significant contributions for both academia and managerial practice. Theoretically, it

advances the integration of RBV and acquisition adaptation perspectives, providing a fresh lens through which

to conceptualize intangible asset formation [5]. Practically, it offers organizations actionable guidance for

designing acquisition strategies that not only secure financial returns but also cultivate and embed intangible

resources critical for long-term growth. Drawing upon resource-based theory, balanced scorecard principles,

and valuation frameworks, this paper proposes a structured conceptual model. The remainder of the paper is

organized as follows: Section 2 reviews the theoretical foundations and relevant literature; Section 3 presents

the proposed conceptual framework; Section 4 discusses theoretical and managerial implications; and Section

direct cash inflows or through the creation of synergies that enhance organizational performance. Scholars note

that these benefits often go beyond what is captured in traditional financial statements, encompassing elements

such as knowledge creation, intellectual capital, and innovation that drive long-term growth and

competitiveness [23]; [13]. Recognizing this potential encourages firms to invest in both tangible and

intangible resources as part of a broader strategy to strengthen their market positioning in an increasingly

dynamic environment.

The significance of future economic benefits becomes even more pronounced in the realms of innovation and

market value creation. Intangible assets such as goodwill, patents, and proprietary knowledge embody

economic potential that may not yield immediate returns but form the foundation for sustained profitability.

For firms operating in global markets, these benefits translate into enhanced innovative capacity, brand equity,

and export potential [8]. In this way, future economic benefits function not only as internal performance

valuation bias, improve investor confidence, and reinforce long-term sustainability. For example, [5] find that

The notion of future economic benefits is central to both accounting and strategic management literatures, in

that intangible assets are recognized precisely because they embody anticipated value streams that firms expect

to realize over time. Recent work underscores the importance of management judgment in estimating whether

an intangible will generate future economic benefits a requirement embedded in IFRS standards [21].

Empirical studies show that firms with higher intangible investment intensity are more likely to exhibit

superior stock returns over time, reinforcing the idea that future economic benefits embedded in intangibles are

capitalized by the market [7]. Yet, these benefits carry inherent uncertainty: capitalized intangibles contribute

to future earnings volatility more than fixed assets [9], indicating that capturing those benefits requires careful

adaptation and integration strategies.

Acquisition adaptation refers to the process of restructuring and realigning resources obtained through

acquisitions so that they align with organizational objectives and deliver the anticipated benefits. Rather than

viewing acquisitions as static, one-time transactions, contemporary literature conceptualizes them as dynamic

processes in which acquired resources evolve through adaptation to unlock synergies and generate intangible

value. Within this perspective, acquisitions are not merely expansion mechanisms but strategic options that

grant firms flexibility to expand, delay, or reconfigure their resources in response to changing market and

environmental conditions [28]. This adaptive orientation allows organizations to treat acquisitions as iterative

investments rather than definitive outcomes, thereby enhancing their potential to capture sustained, long-term

benefits.

Effective acquisition adaptation depends on balancing strategic discipline and strategic opportunism. Strategic

Despite its advantages, acquisition adaptation entails considerable challenges. One persistent difficulty lies in

assessing the uncertainties surrounding acquisition costs, benefits, and synergies, particularly when intangible

resources are involved. The valuation of intangible assets often incorporates significant subjectivity, which

complicates accurate forecasting of integration outcomes [6]. Furthermore, excessive dependence on

acquisitions can inadvertently stifle innovation and weaken organic development strategies [19]. These

concerns suggest that while acquisition adaptation is essential for transforming future economic benefits into

sustained organizational value, it demands a carefully balanced approach one that combines strategic

alignment, continuous evaluation, and an enduring commitment to innovation and sustainability.

While much of the acquisition literature focuses on pre-deal valuation and synergy estimation, an emerging

body of research draws attention to the adaptive processes post-acquisition as critical to value realization. The

concept of dynamic capabilities supports this view: firms must not only acquire resources but adapt them

integrate, reconfigure, and align them to shifting environments [29]. In acquisitions involving intangible assets,

adaptation becomes more complex due to tacit knowledge, cultural factors, and interdependence of resources;

accounting rules (e.g., ASC 805–20–25–3) embed the notion of future economic benefit obtained via past

The formation of intangible assets is increasingly recognized as a vital determinant of firm performance and

long-term competitiveness. Intangible resources including human capital, relational capital, structural capital,

and innovation serve as critical enablers of organizational growth in knowledge-intensive economies. [27]

highlights that these assets are often embedded in social structures, organizational routines, and employee

expertise, making them difficult to replicate yet essential for building competitive advantage. [13] similarly

argue that intangible assets play a decisive role in shaping organizational value creation, reflecting the

significance of intellectual capital and innovation in driving future economic benefits.

evaluation of intangible assets provides firms with more accurate insights into their corporate value and

Moreover, the formation of intangible assets has strong implications for innovation and strategic development.

Goodwill, patents, and knowledge-sharing systems contribute to strengthening firms’ innovative export

potential and ability to expand globally [8]. Similarly, psychosocial intangible assets such as leadership, job

satisfaction, and organizational commitment directly affect performance, efficiency, and labor productivity

[22]. In addition, knowledge management models provide frameworks for optimizing intangible contributions,

allowing managers to align intangible resources with broader strategic objectives [15]. These perspectives

illustrate that intangible asset formation is not only an outcome of resource acquisition and adaptation but also

a strategic process that amplifies future economic benefits and sustains organizational growth.

performance and long-term competitiveness. Intangible assets, including human capital, relational capital,

Harnessing future economic benefits through acquisition adaptation requires firms to employ strategies that

balance strategic discipline with strategic opportunism. Research highlights that firms can strengthen their

adaptability by prioritizing “no-regret” measures investments beneficial under a wide range of future scenarios

while simultaneously maintaining flexibility to seize opportunities in uncertain markets [16]; [30]. Acquisition

adaptation allows organizations to view acquisitions as options that can be dynamically revised, enabling

reallocation of resources in response to market volatility or external shocks [28]. However, challenges arise in

evaluating uncertainties associated with acquisition costs, benefits, and synergies, particularly in the

acquisitions without proper alignment to innovation strategies can inhibit long-term enterprise development,

revealing the need for careful balance between growth and adaptability [19].

In advancing this discourse, this study proposes a conceptual framework that links between future economic

economic benefits but also contribute to broader social and environmental outcomes [25]. Thus, by embedding

The formation of intangible assets is increasingly studied in both accounting and strategy domains. Reviews of

intangible asset literature highlight that recognition, measurement, and disclosure remain contested, especially

for internally generated intangibles, and that high-quality disclosure is positively related to market valuation

(Nichita, 2019; IFRS staff review, 2024). Studies of “real effects” show that better capitalization of intangible

assets (versus expensing) affects firm investment behavior and performance outcomes (JIAR, 2020). More

recent empirical work links growth in intangible capital to direct sales growth and firm performance,

illustrating that intangible formation has measurable operational consequences [2]. In sum, intangible

formation maps the interface between anticipated economic benefits and realized organizational value.

This study adopts a narrative review methodology to synthesize and integrate existing knowledge on the

relationship between future economic benefits, acquisition adaptation, and intangible asset formation. Unlike

systematic reviews that primarily focus on exhaustive data extraction and statistical generalization, a narrative

review emphasizes conceptual integration, theoretical exploration, and interpretive analysis [11]. The method

is particularly suited for emerging areas of inquiry where constructs are underdeveloped, as in the case of

acquisition adaptation as a mediator between future economic benefits and intangible assets. By critically

engaging with existing scholarship, this approach enables the development of a novel conceptual framework