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Copyright of Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ is the property of Editora da Universidade do Estado do Rio de Janeiro (EdUERJ) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This study investigates the effect of investment in intellectual capital and its components on the performance of Brazilian companies listed on the Brasil, Bolsa, Balcão (B3) exchange. More specifically, we examine whether a positive relationship exists between the proxies for intellectual, structural, human, and invested capital and firms' return on assets and equity. Originality/value: This study differs from those of Richieri (2007), Turra et al. (2015), and Brizolla and Turra (2015) by using panel data and static and dynamic econometric regression models to analyze firms' performance. It also differs from Nadeem et al. (2018) by using return on equity and return on assets to measure performance. Design/methodology/approach: We estimated two equations employing static estimators (static OLS and fixed effect) and dynamic estimators (dynamic OLS and GMM), as proposed by Nadeem et al. (2018). We performed strict exogeneity tests to ascertain the need to use dynamic models. Thus, the first equation analyzed the effect of intellectual capital on future performance (measured by ROA and ROE). In contrast, the second equation investigated the impact of structural, invested, and human capital on these same performance indicators. Findings: The results indicate a positive effect of investment in intellectual capital on the performance of Brazilian companies. In addition, all components of intellectual capital are significant in increasing returns on assets and equity. [ABSTRACT FROM AUTHOR]

The Brazilian territory is irradiated with solar energy ranging from 1500 to 2300 kWh/m 2 /year, compared to 900 to 1850 kWh/m 2 /year in Germany, France, Italy and Spain. Despite that, photovoltaic (PV) technology is only now starting to penetrate the Brazilian electricity mix. Until recently, the high costs of PV generation had prevented this technology from competing in Brazil. However, the consistent PV price reductions and the worldwide scale reached, has brought attention to the Brazilian planners and actions have been taken recently in Brazil to help PV start its progress. In this paper, two of the recent government actions are analyzed, namely the National Electrical Energy Agency ANEEL Resolution RN482/2012, and the announcement of support by the Brazilian Development Bank offering loans at low interest rates for solar PV projects. The effects of these actions for residential PV systems are positive where the conventional electricity tariff is high with respect to the average in the country, and less relevant elsewhere. We compare these tariffs with the calculated Levelized Cost of Energy of rooftop PV generation. The influence of these policies on the return on investment of residential rooftop PV generation is studied for different climatic zones in Brazil. [ABSTRACT FROM AUTHOR]

Abstract This study aims to evaluate whether the implied cost of capital (ICC) model is better than the capital asset pricing model (CAPM) in predicting the realized rate of return for infrastructure firms. We selected a sample of 49 listed companies in Brazil for the period from 2002 to 2014. The CAPM yielded a cost of capital of 11.97% per annum, while the ICC yielded 13.39% per annum, a difference of 1.42% annually. We suggest that a possible explanation for this result is the existence of systematic, non-diversifiable risk, potentially due to regulatory intervention in the business environment. Highlights • This paper aims to evaluate whether the implied cost of capital (ICC) model, in the version developed by Easton (2006), is better than CAPM to predict the realized rate of return (ROR) for infrastructure firms. We selected a sample of 49 Brazilian listed companies from 2002 to 2014. • Our findings, obtained in the pooled regression model, showed that the ICC had a positive and significant correlation with future stock returns, whereas the CAPM did not. • Robustness and Diebold–Mariano tests (1995) corroborated that the ICC is a superior predictor of actual ROR's for the sample of Brazilian utilities. [ABSTRACT FROM AUTHOR]