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- Title
A RELAÇÃO DOS ATIVOS INTANGÍVEIS E O VALOR DE MERCADO NA INDÚSTRIA DE MATERIAIS BÁSICOS DO BRASIL.
- Authors
Leite, Thaís Silva; Lopes Santos, David Ferreira
- Abstract
This study focused on the valuation of intangible assets of the five largest companies in the Basic Materials Industry (IMAT) of Brazil during the period 2005 to 2010 and analyze their influence on the market value of companies. Despite the prominence of intangibles in business management and the theoretical framework developed, has not yet obtained a theoretical consensus on how to measure intangibles and their impact on business performance (Fama and PEREZ, 2006). The study used the technique of MVA (Market Value Added) to value of intangibles, from the identification of EVA® and the cost of the capital structure of companies (WACC). To analyze the relationship between intangible assets and market value we used regression analysis with panel data. Taken as hypothesis the assumption that the intangible exert positive influence on business performance. The sample computed the five largest companies in IMAT, whose financial information was obtained from the System Economática®. The research results confirmed the hypothesis of the study, with restrictions. Despite the valuation of intangible firms during the period analyzed, the descriptive results were not converging. In addition, the MVA was significant in explaining the market value of the companies, but the estimator was close to zero. However, it was observed that the excess return on assets (RROI) and was significantly higher than the estimator with tangible assets, but with greater volatility.
- Subjects
BRAZIL; INTANGIBLE property; MARKET value; VALUATION of corporations; MARKET value added
- Publication
Brazilian Journal of Scientific Administration / Revista Brasileira de Administração Científica, 2013, Vol 4, Issue 1, p104
- ISSN
2179-684X
- Publication type
Article
- DOI
10.6008/ESS2179-684X.2013.001.0007