According to the Resource-Based View, the nature of the resources, competences and knowledge accumulated by firms are the major causes of variation in business performance. In view of the importance attributed to intangible assets, the purpose of the present study was to investigate whether innovative firms with superior and sustained performance and firms without superior and sustained performance differ with regard to investments in intangible assets. The sample consisted of 137 firms listed on the Brazilian stock exchange from 2007 to 2010 and belonging to innovative sectors according to the Brazilian Innovation Index. Only 51 firms with profitability above the sector average during the entire study period (four years) met the criterion of superior and sustained performance. Thus, using return on assets as a proxy for performance, investments in intangibles were found to be greater in firms without superior and sustained performance, particularly with regard to the categories intellectual property assets (the predominant category) and infrastructure assets. Based on the lack of evidence for a significant correlation between corporate performance and investment in intangible assets, our initial hypothesis that a positive relation exists between the composition of investments in intangible assets and the performance of innovative firms could not be confirmed.
RESUMOAs privatizações têm destaque na mídia brasileira, representando oportunidades e desafios ao mercado financeiro e alvo de muitos investidores e outros stakeholders. Este estudo contempla o conceito de privatização sob a perspectiva da corrente neoclássica, em que o objetivo primordial da empresa reside na geração de benefícios e retornos aos seus proprietários. O objetivo deste estudo é analisar o comportamento do desempenho econômico das empresas brasileiras frente à privatização. Metodologicamente, realizamos uma pesquisa bibliográfica e documental, com objetivo descritivo e de natureza quantitativa, com realização de teste de diferença entre médias. A amostra constituiu-se por oito empresas brasileiras privatizadas no período de 1990 a 2005, não pertencentes ao setor financeiro. Quatro indicadores de desempenho foram analisados dois anos antes e após a privatização das empresas: Economic Value Added (EVA), Market Value Added (MVA), Return On Assets (ROA) e Return On Equity (ROE). A partir dos resultados constatou-se que as empresas possuem desempenho econômico mais elevado após a privatização, corroborando com estudos anteriores. Palavras-chave:Privatização; Desempenho Econômico; Corrente Neoclássica. THE IMPACT OF PRIVATIZATION IN ECONOMIC PERFORMANCE: A STUDY IN BRAZILIAN COMPANIES LARGE ABSTRACTPrivatizations have an important role in the Brazilian media, representing opportunities and challenges on the financial market and the target of many investors and other stakeholders. This study includes the privatization's concept from the neoclassical current, that the primary goals of companies is get and improve benefits and returns to their owners. Therefore, this study aims to analyze the behavior of the economic performance of Brazilian companies before and after the privatization. Then, was done a documentary and bibliographical research, beyondan exploratory and descriptive research, with quantitative analysis. The sample consisted of eight Brazilian companies privatized in the period from 1990 to 2005, outside the financial sector. Four performance indicators were analyzed two years before and two years after the privatization of companies: Economic Value Added (EVA), Market Value Added (MVA), Return On Assets (ROA) and Return On Equity (ROE). From the results it was found that the companies had higher economic performance after the privatization. This results corroborated with other studies.Keywords: Privatization; Economic Performance; Neoclassical Current. EL IMPACTO DE LA PRIVATIZACIÓN EN DESEMPEÑO ECONÓMICO: UN ESTUDIO EN EMPRESAS BRASILEÑAS GRANDES RESUMENPrivatización han destacado los medios de comunicación de Brasil, lo que representa oportunidades y desafíos para el mercado financiero y en el blanco de muchos inversores y otras partes interesadas. Este estudio contempla el concepto de privatización, desde la perspectiva de la corriente neoclásica en el objetivo principal de la empresa se encuentra en la generación de beneficios y retornos a sus propietarios. El objetivo de este estudio es...
Nos últimos anos, a variedade de mudanças inerentes ao ambiente organizacional tem sido objeto de discussão nos meios corporativo e acadêmico, sendo identificada a inovação como importante elemento de determinação para o melhor desempenho empresarial. Esse cenário induz à questão de que empresas com forte caráter inovador teriam intensivos investimentos em intangíveis e apresentariam vantagens competitivas capazes de influenciar a geração de valor para a empresa - enfoque adotado como pressuposto teórico do estudo. A pesquisa analisa a relação entre as variáveis ativos intangíveis e grau de inovação e o desempenho das empresas listadas na BM&FBovespa, participantes dos setores mais inovadores do Brasil, segundo classificação do Índice Brasil de Inovação (IBI). Trata-se de pesquisa descritiva, de natureza quantitativa, reunindo uma amostra de 174 empresas, compreendendo os anos de 2008 e 2009. Para tanto, utilizou-se como proxies: para os ativos intangíveis, os valores contábeis desses ativos divulgados nas demonstrações financeiras das empresas e para o grau de inovação, considerou-se o grupo de intensidade tecnológica que se enquadrasse à empresa, conforme a classificação setorial do IBI. O desempenho empresarial foi mensurado a partir do valor de mercado e o retorno do patrimônio líquido (ROE) das empresas disponível na base de dados do Economática®. Os resultados indicam que os investimentos em ativos intangíveis têm relação positiva com o valor de mercado das empresas pesquisadas, mas não se confirmou o mesmo contexto com o ROE. Quanto ao grau de inovação, os resultados indicaram haver relação positiva entre o ROE e os investimentos em intangíveis das empresas componentes do grupo 3 do IBI e negativa com as do grupo 2. Nenhuma evidência estatisticamente significante pode ser inferida sobre a relação entre o grau de inovação da empresa e a maximização do seu valor de mercado.
Environmental degradation in semi-arid Northeast has been a great challenge for the Brazilian government. The need to generate employment and income, justifies the establishment of productive activities competitive and covering the dimensions of sustainability. In this context, there is the movement of Social Technology (ST), aimed at social inclusion and development through the appropriation of simple technologies, inexpensive and consolidated in the culture of the community benefit. As a public policy of the government of Ceará, appeared the Mandalla Project, using irrigated agriculture and agribusiness production system, which includes the creation of small animals from natural methods. This study aims to analyze the ST Mandalla as a public policy that promotes sustainable development. The results show that this technology, contributes significantly to the sustainable development of semi-arid and improving the quality of life of communities served when examined against the dimensions of Sustainable Development model of Sachs (2002).
The disclosure of financial and equity informations of football clubs has been further explored in the academic and business in recent years. The federative rights of professional players, the costs of athletes in training and athletes trained and commercial use of the image of them represent important assets of clubs, revenue-generating and should be subject to disclosure in accordance with International Accounting Standard nº 38. Thus, this study aims to investigate the disclosure practices adopted by football clubs of Brazil, related to Intangible Assets, and additionally confront them with the practices adopted by foreign clubs. Therefore, was used descriptive and qualitative and quantitative research. The research sample comprises the ten most valuable clubs in the country, ranking second in the RCS (2009), and the ten most valuable in the world, according to Forbes magazine (2009). First, was applied content analysis of financial statements regarding the disclosure practices of Intangible Assets of associations. Were performed statistical tests of differences between means, in order to compare the disclosure practices relating to the Intangible Assets of the Brazilian football clubs and foreign clubs. The results indicated a statistically significant difference between the levels of disclosure of Brazilian clubs and foreign clubs, observing a major concern of the clubs in the second group with the transparency of financial statements.
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