THE RELATIONSHIP BETWEEN THE ASSETS INTANGIBILITY INDEX AND THE MARKET VALUE OF COMPANIES
DOI:
https://doi.org/10.11606/rco.v10i28.119480Keywords:
Intangible assets, Market-to-book, Asset intangibility index, Market valueAbstract
The purpose of this study is to evaluate the association between the assets intangibility index and the market value of companies’ shares within the Brazilian capital market. The assumption is that business models based significantly on knowledge and technologies should promote competitive advantages, which should be reflected in the market value of companies. To perform the empirical tests, we considered the quarterly information, from 2008 to 2014, of the companies that compose the IBrX 100 index of BM&FBovespa. The results of the estimation of panel data regression models with sectional fixed effects and double fixed effects confirmed the positive and statistically relevant association between the assets intangibility index and the
maximization of share valuation, represented by the market-to-book ratio. This shows that greater investments in intangible assets provide a greater valuation of the company’s market price.
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