Relação entre intangibilidade e desempenho econômico de empresas de capital aberto

Abstract

The study of intangible assets is not recent but in last years it has been drawing the attention of the academic and business communities. Intangible assets are considered as the main factor of companies differentiation, capable of providing greater economic and financial efficiency for the firms. This is due mainly to the intense competition environment in which companies are inserted, induced by economic globalization, deregulation of markets and technological changes. Given this environment, intangible assets are considered as sources of competitive advantage. In this sense, this dissertation seeks to analyze the relationship between intangibility and economic performance of publicly traded companies with shares traded in the Brazilian stock Exchange, Brazil, Bolsa, Balcão (B3). To do so, the study first analyzes and interprets data on intangibility and economic performance from 1956 to 2018 in a bibliometric manner, using Clarivate Analytics Web of Science database to perform the analysis. It has been identified a significant growth in research on the subject since 1978. When comparing the countries, it is perceived that the United States stands out with greater volume of publications on the thematic. Among the top 10 countries that publish the most, 6 are from Europe, and Brazil ranks 8th, above Netherlands and France. At this stage, trends in future studies are identified and grouped into three categories: intangibility; intangibility and performance; performance. In order to meet the proposed objective, the regression technique with panel data has been used and the fixed effects (FE) estimation method was considered the most adequate by the Hausman test. The choice of fixed effects method provides more consistent and robust modeling for the study. The database contains annual data collected from 2010 to 2017 for the B3 companies. From the way in which the interaction variable of intangibility with firms was constructed, the estimates resulting from the regressions by FE showed that the intangibility has a positive relation, and statistically significant to 5% in general. This leads us to infer that the influence of intangibility on the economic performance of B3 public companies differs among economic sectors and that intangibility has significantly contributed to the above-average economic performance of B3 companies.