Intangible Assets and Superior and Sustained Performance of Innovative Brazilian Firms

Abstract

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.

Redefining the Relationship between Intellectual Capital and Innovation: The Mediating Role of Absorptive Capacity

“…These intangible assets have a significant influence on innovation and maintenance of superior and sustained business performance (Luca, Maia, Cardoso, Vasconcelos, & Cunha, 2014).…”

How firm size moderates the knowledge and affects the innovation performance? Evidence from Brazilian manufacturing firms

“…For instance, intangible assets have been increasingly seen as critical drivers for knowledge creation, innovation, and consequently economic growth (Kramer et al, 2011). As such, intangible assets consists of the stock of immaterial resources (Arrighetti et al, 2014) that contribute to the search for important firm competitive benefits (Kayo et al, 2006), such as organizational capabilities, higher brand awareness, increased service-levels, ability to networking and to boost the corporate performance (Frank et al, 2016;Kramer et al, 2011;Luca et al, 2014).…”

Peran Mediasi Kinerja Keuangan Terhadap Hubungan Antara Aset Tidak Berwujud Terhadap Kinerja Pasar

“…Luca et al (2014) juga mengungkapkan Investasi pada aset tidak berwujud yang teridiri dari aset manusia dan properti intelektual tidak mampu menjelaskan perbedaan kinerja perusahaan. Hal ini dimungkinkan karena faktor globalisasi yang memaksa setiap perusahaan untuk ikut berinvestasi pada aset tidak berwujud.…”

“…Penelitian ini tidak mampu membuktikan bahwa terdapat pengaruh positif antara modal intelektual dan kinerja keuangan. Penelitian sesuai dengan yang dilakukan oleh Kuryanto dan Syafruddin (2009), Li dan Wang (2014) serta Luca et al (2014). Penelitian ini membuktikan bahwa goodwill mampu mempengaruhi kinerja keuangan perusahaan secara positif.…”