Ativos e Passivos Intangíveis: Uma análise da Rentabilidade e Produtividade das Empresas de Capital Aberto Listadas no Brasil

Abstract

Given the new economy of information and knowledge, intangible resources have progressively played a leading role in the creation of value and performance of firms, being considered, in some scenarios, more important than the company's own tangible resources. However, not all intangible assets are assets. There are intangibles that can destroy the value created: the intangible liability. Given the relevance of intangible resources, specifically the relationship between intangible assets and liabilities for companies, the study aims to evaluate the implications of intangible assets and liabilities on profitability and productivity in publicly traded companies listed in Brazil. For this, we used a quantitative approach and make use of econometric methods, with dynamic data panel (GMM). The study sample comprised 235 publicly traded companies over a nine-year period. The results showed positive relationships between the proportion of intangible assets, profitability and productivity. Thus, it is suggested that companies with a higher proportion of intangible assets have higher levels of profitability and productivity than companies with intangible liabilities. The perpetuation of intangibles in companies tends to increase resources that are considered rare and scarce, generating more value than tangible ones. Intangibility is a differentiation of entities, which can add a more favorable market perception with these types of assets. The study contributes by highlighting the dual and antagonistic roles of intangible assets in the creation of a company's value and intangible liabilities in the destruction of the company's value. It also contributes by signaling the importance of a high level of investment in intangibles to increase the competitiveness of companies.