51. Efeito do intangível no desempenho das empresas listadas no IGC (Índice de Ações com Governança Corporativa Diferenciada).
- Author
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Graeff Borges, Edson Miguel, Martini Honório, Filippi Mickael, Leandro Schimidts, Jefferson, and Araújo, Maria da Piedade
- Abstract
Intangibles are intangible resources, which denote competitive advantage and improved financial performance. The difficulty in measuring an organization's intangible assets, according to accounting rules, reflected in the emergence of models focused on estimating the value of companies' intangible assets, such as VAICTM. International research carried out in developed countries has demonstrated that intangible assets contribute positively to increasing companies' performance in the capital market. This study aimed, therefore, to identify whether the financial and market performance of Brazilian companies, with a differentiated level of corporate governance, are influenced by the components of intangibles (human capital, invested capital and structural capital) through the VAICTM. To evaluate the performance of the companies in the sample, three financial proxies (ROA, ROE and ROS) and a market proxy (SR) were used. Data were collected from the Economática database and analyzed using Stata® statistical software. The sample of this research was composed of 60 companies that make up the Index of Shares with Differentiated Corporate Governance (IGC B3), of Brasil, Bolsa, Balcão (B3), in the period from 2010 to 2019. The results indicate that none of the hypotheses were fully confirmed, but a greater relationship between the variables can be seen in the models that used financial indicators (ROS, ROE and ROA), while the model that used the market performance metric (Return on Shares) was the one that presented the lowest level of statistical significance. [ABSTRACT FROM AUTHOR]
- Published
- 2024
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