EVIDENCE OF INTANGIBLE ASSETS IN THE BRAZILIAN CONTEXT: REPRESENTATION, CHARACTERIZATION, MARKET PERCEPTION AND PERFORMANCERecebido em 11.12.2014 | Aceite final em 26.09.2015 | Nota: este artigo foi aceito pelo Editor Jorge Eduardo Scarpin e passou por uma avaliação double blind reviewA reprodução dos artigos, total ou parcial, pode ser feita desde que citada a fonte.
José Glauber Cavalcante dos Santos
ABSTRACTThe present study aims to demonstrate a profile, even though ample, of all the assets of intangible nature that are disclosure in standard statement of large Brazilian public companies. The lineament referents realize four perspectives: the representativity of intangible investment, qualification of information, perception of market and relationship with economic performance. The group of analysis was appointed by ranking of Magazine Exame Melhores e Maiores (2013). The research is descriptive, documental with quali-quantitative approach, and appeal to content analysis of notes related standard statement of the companies, applying comparatives tests of mean non-parametric (Mann-Whitney Test) and correspondence analysis (Anacor). The evaluation considers 100 observations with data referents to year-base 2012. The inferences obtained permitted support the following evidences of research: (i) The intangible resources consume representative participation in property of companies, with elevated discrepancy of investment and disclosure levels; (ii) Specifics types of intangible assets have high disclosure in the companies and, at the same time, absorb a great value of investment (brand and logos, agio/goodwiil, client portfolio, suppliers and distribution, fidelity/exclusivity, contracts of concessions) demonstrating an informational and patrimonial relevancy of the group; (iii) The market value presents, in average, about four times of the accounting value, it could signalize reflexes of grouping intangible of investor perception; (iv) It was stablished, beyond a distinct mean of performance in relation the larger degrees of intangibility, an association between this and that construct, signaling, maybe, a reversion of the returns deriving of the intangible informational contribution, or the impact of positive return in the market expectations.
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FUNDAMENTAÇÃO TEÓRICAA discussão em torno da lógica econômica das firmas regida pela economia dos ativos intangíveis, bem como seu reflexo na estrutura das organizações, possui, genericamente, duas principais perspectivas: (i) aquela que compreende as potenciais vantagens da absorção desse tipo de recurso pela organização; e (ii) também aquela que se refere ao impacto informacional do reconhecimento do capital intangível na empresa. Assim, finca-se nesses dois prismas de discussão todo o debate que substancia o questionamento emergente a esta pesquisa.
ATIVOS INTANGÍVEIS E A BUSCA POR VANTAGENS COMPETITIVASO patrimônio intangível adquiriu significativa contribuição econômica para as firmas modernas, porque conhecimento e informação ganharam status de essencial...