Intangible assets influence financial performance and market value of family publicly traded companies?
DOI:
https://doi.org/10.16930/2237-766220202815Keywords:
Intangible assets, Financial performance, Market value, Family publicly traded companies.Abstract
The study aimed to verify the influence of intangible assets on the financial performance and market value of the publicly traded companies listed in B3. For this, a descriptive, documental and quantitative research was carried out. The data were obtained through the Reference Form and the Economática database for the period from 2010 to 2017. To identify the family companies, the chain of ownership was traced until the last controlling shareholder was identified. In relation to intangible assets, the percentage of total assets was calculated for each company and in each year. Financial performance was analyzed through ROA and ROE and market value through the market-to-book (MTB) index and Tobin’s Q. In relation to intangible assets, the results showed that they corresponded to approximately 6% of total assets. Regarding financial performance, the means tests showed that the differences in ROA and ROE were not significant among family companies that had larger and smaller investments in intangibles. However, they confirmed that the group with the highest percentages of intangibles had the highest averages of MTB and Q of Tobin. Finally, the multivariate analysis revealed that the level of intangibility was statistically significant only in the models referring to the market value. Then, it was concluded that in family businesses intangibles influenced only to a greater market value.References
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Andonova, V., & Ruíz-Pava, G. (2016). The role of industry factors and intangible assets in company performance in Colombia. Journal of Business Research, 69(10), 4377-4384.
Arrighetti, A., Landini, F., & Lasagni, A. (2014). Intangible assets and firm heterogeneity: Evidence from Italy. Research Policy, 43(1), 202-213.
Astawa, I. P., Sudika, I. P., & Yuliarmi, N. N. (2015). Intangible Capital and Leverage to Improve Financial Performance of LPG Agents in Bali. Procedia-Social and Behavioral Sciences, 211, 149-156.
Barajas, A., Shakina, E., & Fernández-Jardón, C. (2017). Acceleration effect of intangibles in the recovery of corporate performance after-crisis. Research in International Business and Finance, 42, 1115-1122.
Cai, D., Luo, J. H., & Wan, D. F. (2012). Family CEOs: Do they benefit firm performance in China? Asia Pacific Journal of Management, 29(4), 923-947.
Carvalho, F. D. M., Kayo, E. K., & Martin, D. M. L. (2010). Tangibilidade e intangibilidade na determinação do desempenho persistente de firmas brasileiras. Revista de Administração Contemporânea, 14(5), 871-889.
Carmeli, A. (2001). High-and low-performance firms: do they have different profiles of perceived core intangible resources and business environment? Technovation, 21(10), 661-671.
Carmeli, A., & Tishler, A. (2004). The relationships between intangible organizational elements and organizational performance. Strategic management journal, 25(13), 1257-1278.
Chernykh, L. (2008). Ultimate ownership and control in Russia. Journal of Financial Economics, 88(1), 169-192.
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Feito-Ruiz, I., & Menéndez-Requejo, S. (2010). Family firm mergers and acquisitions in different legal environments. Family Business Review, 23(1), 60-75.
Galbreath, J., & Galvin, P. (2008). Firm factors, industry structure and performance variation: New empirical evidence to a classic debate. Journal of business research, 61(2), 109-117.
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La Porta, R., Lopez?de?Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 471-517.
Leung, S., Richardson, G., & Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31.
Liu, W., Yang, H., & Zhang, G. (2012). Does family business excel in firm performance? An institution-based view. Asia Pacific Journal of Management, 29(4), 965-987.
Medrado, F., Cella, G., Pereira, J. V., & Dantas, J. A. (2016). Relação entre o nível de intangibilidade dos ativos e o valor de mercado das empresas. Revista de Contabilidade e Organizações, 10(28), 32-44.
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Moura, G. D., Dalchiavon, A., Scheren, G., & Zanin, A. (2018). Influência da competitividade no nível de intangibilidade de companhias abertas. Revista Reunir, 8(2), 1-11.
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Moura, G. D. de., Viana Mecking, D., & Scarpin, J. E. (2013). Competitividade de mercado, ativos intangíveis e eficiência na combinação dos ativos fixos em companhias abertas listadas na BM&Fbovespa. Enfoque: Reflexão Contábil, 32(3), 19-35.
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Oliveira, L., Rodrigues, L. L., & Craig, R. (2010). Intangible assets and value relevance: Evidence from the Portuguese stock exchange. The British Accounting Review, 42(4), 241-252.
Oliveira, M. O. R de, Schossler, D. P., Campus, R. E., & Luce, F. B. (2014). Ativos intangíveis e o desempenho econômico-financeiro: comparação entre os portfólios de empresas tangível-intensivas e intangível-intensivas. Revista de Administração da UFSM, 7(4), 678-699.
Peng, M. W., & Jiang, Y. (2010). Institutions behind family ownership and control in large firms. Journal of management Studies, 47(2), 253-273.
Perez, M. M., & Famá, R. (2006). Ativos intangíveis e o desempenho empresarial. Revista Contabilidade & Finanças, 17(40), 7-24.
Perez, M. M., & Famá, R. (2015). Características estratégicas dos ativos intangíveis e o desempenho econômico da empresa. Unisanta Law and Social Science, 4(2), 107-123.
Pukthuanthong, K., Walker, T. J., Thiengtham, D. N., & Du, H. (2013). Does family ownership create or destroy value? Evidence from Canada. International Journal of Managerial Finance, 9(1), 13-48
Ritta, C. O. de., Ensslin, S. R., & Ronchi, S. H. (2010). A evidenciação dos ativos intangíveis nas empresas brasileiras: empresas que apresentaram informações financeiras à bolsa de valores de São Paulo e Nova York em 2006 e 2007. Revista Eletrônica de Ciência Administrativa, 9(1), 62-75.
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Sandner, P. G., & Block, Joern. (2011). The market value of R&D, patents, and trademarks. Research Policy, 40(7), 969-985.
Schmid, T. (2013). Control considerations, creditor monitoring, and the capital structure of family firms. Journal of Banking & Finance, 37(2), 257-272.
Shim, J., & Okamuro, H. (2011). Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms. Journal of Banking & Finance, 35(1), 193-203.
Spiegel, M. R., & Stephens, L. J. (1993). Estatística. Coleção Schaum. 3ª Edição, Editora Afiliada, São Paulo.
St-Pierre, J., & Audet, J. (2011). Intangible assets and performance: Analysis on manufacturing SMEs. Journal of Intellectual Capital, 12(2), 202-223.
Steijvers, T., & Voordeckers, W. (2009). Private family ownership and the agency costs of debt. Family Business Review, 22(4), 333-346.
Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic management journal, 31(5), 463-490.
Tsai, C. F., Lu, Y. H., & Yen, D. C. (2012). Determinants of intangible assets value: The data mining approach. Knowledge-Based Systems, 31(1), 67-77.
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of financial Economics, 80(2), 385-417.
Zittei, M. V. M., Moura, G. D., & Hein, N. (2015). Análise da relação entre ativos intangíveis e os níveis de governança corporativa em que se encontram listadas as empresas na BM&FBovespa. Revista Científica Hermes, 14(1), 91-117.
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Andonova, V., & Ruíz-Pava, G. (2016). The role of industry factors and intangible assets in company performance in Colombia. Journal of Business Research, 69(10), 4377-4384. DOI: https://doi.org/10.1016/j.jbusres.2016.03.060
Arrighetti, A., Landini, F., & Lasagni, A. (2014). Intangible assets and firm heterogeneity: Evidence from Italy. Research Policy, 43(1), 202-213. DOI: https://doi.org/10.1016/j.respol.2013.07.015
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Carmeli, A. (2001). High-and low-performance firms: do they have different profiles of perceived core intangible resources and business environment? Technovation, 21(10), 661-671. DOI: https://doi.org/10.1016/S0166-4972(01)00050-5
Carmeli, A., & Tishler, A. (2004). The relationships between intangible organizational elements and organizational performance. Strategic management journal, 25(13), 1257-1278. DOI: https://doi.org/10.1002/smj.428
Chernykh, L. (2008). Ultimate ownership and control in Russia. Journal of Financial Economics, 88(1), 169-192. DOI: https://doi.org/10.1016/j.jfineco.2007.05.005
Comitê de Pronunciamentos Contábeis (CPC) (2010). Pronunciamento Técnico CPC 04 – Ativos Intangíveis. Recuperado em dezembro, 2018, de www.cpc.org.br
Cunha, A. G., Souza, A. A., Santana, L. F., Magalhães, V. G., Pelegrini, V. S., & Malaquias, R. F. (2011). Evidenciação de ativos intangíveis: um estudo com empresas brasileiras. Revista Mineira de Contabilidade, 3(43), 21-29.
Decker, F., Ensslin, S. R., Reina, D. R. M., & Reina, D. (2013). A Relação entre os Ativos Intangíveis e a Rentabilidade das Ações: um estudo com empresas listadas no índice Bovespa. Revista Reuna, 18(4), 75-92.
Devalle, A., Rizzato, F., & Busso, D. (2016). Disclosure indexes and compliance with mandatory disclosure – The case of intangible assets in the Italian market. Advances in accounting, 35, 8-25. DOI: https://doi.org/10.1016/j.adiac.2016.04.003
Feito-Ruiz, I., & Menéndez-Requejo, S. (2010). Family firm mergers and acquisitions in different legal environments. Family Business Review, 23(1), 60-75. DOI: https://doi.org/10.1177/0894486509353419
Galbreath, J., & Galvin, P. (2008). Firm factors, industry structure and performance variation: New empirical evidence to a classic debate. Journal of business research, 61(2), 109-117. DOI: https://doi.org/10.1016/j.jbusres.2007.06.009
Greenhalgh, C., & Rogers, M. (2006). The value of innovation: The interaction of competition, R&D and IP. Research Policy, 35(4), 562-580. DOI: https://doi.org/10.1016/j.respol.2006.02.002
Hair Júnior, J. F., Anderson, R. E., Tatham, R. L., & Black, W. C. (2005) Análise multivariada de dados. 5. ed. Porto Alegre: Bookman.
Hall, B. H., Jaffe, A., & Trajtenberg, M. (2005). Market value and patent citations. RAND Journal of economics, 16-38.
Kayo, E. K., Kimura, H., Martin, D. M. L., & Nakamura, W. T. (2006). Ativos intangíveis, ciclo de vida e criação de valor. Revista de administração contemporânea, 10(3), 73-90. DOI: https://doi.org/10.1590/S1415-65552006000300005
King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32(11), 2423-2432. DOI: https://doi.org/10.1016/j.jbankfin.2008.02.002
La Porta, R., Lopez?de?Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 471-517. DOI: https://doi.org/10.1111/0022-1082.00115
Leung, S., Richardson, G., & Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31. DOI: https://doi.org/10.1016/j.jcae.2013.11.002
Liu, W., Yang, H., & Zhang, G. (2012). Does family business excel in firm performance? An institution-based view. Asia Pacific Journal of Management, 29(4), 965-987. DOI: https://doi.org/10.1007/s10490-010-9216-6
Medrado, F., Cella, G., Pereira, J. V., & Dantas, J. A. (2016). Relação entre o nível de intangibilidade dos ativos e o valor de mercado das empresas. Revista de Contabilidade e Organizações, 10(28), 32-44. DOI: https://doi.org/10.11606/rco.v10i28.119480
Miranda, K. F., de Vasconcelos, A. C., da Silva Filho, J. C. L., Santos, J. G. C. dos, & Maia, A. B. G. R. (2013). Ativos intangíveis, grau de inovação e o desempenho das empresas brasileiras de grupos setoriais inovativos. Revista Gestão Organizacional, 6(1), 4-17. DOI: https://doi.org/10.22277/rgo.v6i1.1823
Moeller, K. (2009). Intangible and financial performance: causes and effects. Journal of intellectual capital, 10(2), 224-245. DOI: https://doi.org/10.1108/14691930910952632
Moura, G. D., Dalchiavon, A., Scheren, G., & Zanin, A. (2018). Influência da competitividade no nível de intangibilidade de companhias abertas. Revista Reunir, 8(2), 1-11. DOI: https://doi.org/10.18696/reunir.v8i2.593
Moura, G. D., & Varela, P. S. (2014). Análise da conformidade das informações divulgadas sobre ativos intangíveis em empresas listadas na BM&FBovespa. RACE-Revista de Administração, Contabilidade e Economia, 13(2), 637-662.
Moura, G. D. de., Viana Mecking, D., & Scarpin, J. E. (2013). Competitividade de mercado, ativos intangíveis e eficiência na combinação dos ativos fixos em companhias abertas listadas na BM&Fbovespa. Enfoque: Reflexão Contábil, 32(3), 19-35. DOI: https://doi.org/10.4025/enfoque.v32i3.18406
Nascimento, E. M., Oliveira, M. C. de., Marques, V. A., & Cunha J. V. A. (2012). Ativos intangíveis: análise do impacto do grau de intangibilidade nos indicadores de desempenho empresarial. Enfoque: Reflexão Contábil, 31(1), 37-52. DOI: https://doi.org/10.4025/enfoque.v31i1.10586
Oliveira, L., Rodrigues, L. L., & Craig, R. (2010). Intangible assets and value relevance: Evidence from the Portuguese stock exchange. The British Accounting Review, 42(4), 241-252. DOI: https://doi.org/10.1016/j.bar.2010.08.001
Oliveira, M. O. R de, Schossler, D. P., Campus, R. E., & Luce, F. B. (2014). Ativos intangíveis e o desempenho econômico-financeiro: comparação entre os portfólios de empresas tangível-intensivas e intangível-intensivas. Revista de Administração da UFSM, 7(4), 678-699. DOI: https://doi.org/10.5902/1983465913552
Peng, M. W., & Jiang, Y. (2010). Institutions behind family ownership and control in large firms. Journal of management Studies, 47(2), 253-273. DOI: https://doi.org/10.1111/j.1467-6486.2009.00890.x
Perez, M. M., & Famá, R. (2006). Ativos intangíveis e o desempenho empresarial. Revista Contabilidade & Finanças, 17(40), 7-24. DOI: https://doi.org/10.1590/S1519-70772006000100002
Perez, M. M., & Famá, R. (2015). Características estratégicas dos ativos intangíveis e o desempenho econômico da empresa. Unisanta Law and Social Science, 4(2), 107-123.
Pukthuanthong, K., Walker, T. J., Thiengtham, D. N., & Du, H. (2013). Does family ownership create or destroy value? Evidence from Canada. International Journal of Managerial Finance, 9(1), 13-48 DOI: https://doi.org/10.1108/17439131311298511
Ritta, C. O. de., Ensslin, S. R., & Ronchi, S. H. (2010). A evidenciação dos ativos intangíveis nas empresas brasileiras: empresas que apresentaram informações financeiras à bolsa de valores de São Paulo e Nova York em 2006 e 2007. Revista Eletrônica de Ciência Administrativa, 9(1), 62-75. DOI: https://doi.org/10.5329/RECADM.2010.0901005
Rojo, C. A., Sousa, A. F. de, & Trento, F. (2012). O reflexo dos ativos intangíveis no valor de mercado de Small Caps da construção civil que compõem o índice SMLL da BM&FBovespa. CAP Accounting and Management, 6(6), 155-168.
Sandner, P. G., & Block, Joern. (2011). The market value of R&D, patents, and trademarks. Research Policy, 40(7), 969-985. DOI: https://doi.org/10.1016/j.respol.2011.04.004
Schmid, T. (2013). Control considerations, creditor monitoring, and the capital structure of family firms. Journal of Banking & Finance, 37(2), 257-272. DOI: https://doi.org/10.1016/j.jbankfin.2012.08.026
Shim, J., & Okamuro, H. (2011). Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms. Journal of Banking & Finance, 35(1), 193-203. DOI: https://doi.org/10.1016/j.jbankfin.2010.07.027
Spiegel, M. R., & Stephens, L. J. (1993). Estatística. Coleção Schaum. 3ª Edição, Editora Afiliada, São Paulo.
St-Pierre, J., & Audet, J. (2011). Intangible assets and performance: Analysis on manufacturing SMEs. Journal of Intellectual Capital, 12(2), 202-223. DOI: https://doi.org/10.1108/14691931111123395
Steijvers, T., & Voordeckers, W. (2009). Private family ownership and the agency costs of debt. Family Business Review, 22(4), 333-346. DOI: https://doi.org/10.1177/0894486509338291
Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic management journal, 31(5), 463-490. DOI: https://doi.org/10.1002/smj.820
Tsai, C. F., Lu, Y. H., & Yen, D. C. (2012). Determinants of intangible assets value: The data mining approach. Knowledge-Based Systems, 31(1), 67-77. DOI: https://doi.org/10.1016/j.knosys.2012.02.007
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of financial Economics, 80(2), 385-417. DOI: https://doi.org/10.1016/j.jfineco.2004.12.005
Zittei, M. V. M., Moura, G. D., & Hein, N. (2015). Análise da relação entre ativos intangíveis e os níveis de governança corporativa em que se encontram listadas as empresas na BM&FBovespa. Revista Científica Hermes, 14(1), 91-117. DOI: https://doi.org/10.21710/rch.v14i0.205
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