Impacto dos ativos intangíveis sobre o valor de mercado das empresas brasileiras listadas na B3

Abstract

The main objective of this study was to analyze whether a higher incidence of intangible assets in the corporate structure contributes to the growth of the market value of the companies listed on the Brazilian stock exchange. This is an explanatory research, of a quantitative nature, using secondary data. The sample was composed by Brazilian companies listed in Brazil, Bolsa, Balcão (B3), with information available from 2010 to 2017. Data collection was done in the Economatica database. Data analysis was performed with regression with unbalanced panel data with fixed effects. The results of the investigation indicate that there is a positive relationship between market value, represented by the Market-to-Book, and the index of investments in intangible assets (IIAI), denoting that if there is an increase in the investment of intangible assets, there will be an increase in the market value of the company in relation to its book value, this index being an important factor that has a positive impact on the market value of the corporations. The analysis of the variables of this study showed that the investment index of intangible assets, their financing structure, EBITDA and size, presented averages above their respective standard deviations, thus being considered factors that contribute to the increase of the market value institutions. The Market-to-Book variable was shown to be significantly correlated with EBITDA, while the index of investment in intangible assets was shown to be significantly associated with IFIN, EBITDA and size.