Intellectual Capital and the Creation of Value in Brazilan Companies
Flavio L. Richieri
Escola Superior de Propaganda e Marketing (ESPM)
Leonardo Cruz Basso Sr.
Mackenzie Presbiterian University - Business Administration
Diógenes Manoel Leiva Martin
January 9, 2008
This study makes usage of CIV (Calculated Intangible Value) and ICE (Intellectual Capital Efficiency) to measure IC stock and flows respectively. It applies static panel data models, to study the influence of IC on companies ROE (Return-on-Equity), ROA (Return-on-Assets) and ROS (Return-on-Sales) ratios. The research utilizes a sample with data for the 1,000 biggest companies in Brazil from the Maiores and Melhores annual survey database, covering the period between 2000 and 2005.
Results found suggest the existence of a positive relation between both CIV and ICE and the dependent variables ROE, ROA and ROS.
Number of Pages in PDF File: 22
Keywords: Intellectual capital (IC), Intangible assets, Knowledge assets, Value creation, Financial Performance, Valuation, Knowledge management (KM), Panel data
JEL Classification: C33, D21, D23, D46, I20, I21, I22, M20, M21
Date posted: January 9, 2008