The relationship between the degree of intangibility and the value added generation in brazilian open capital companies

Abstract

The aim of this paper is to analyze the relationship between the degree of intangibility and value-added generation in Brazilian companies listed on the BM&FBovespa in the period of 2009-2011. A descriptive, documentary and quantitative research was carried out, based on a sample composed of the top 100 companies ranked by equity which published the statement of value-added in the referred period and that sold shares in December of each year, allowing to calculate the market value. The Kruskal-Wallis test was used to determine if there are statistically meaningful differences between the means of value-added and degree of intangibility, considering the level of corporate governance and the economic sector. Data were analyzed by multivariate linear regression, through panel least squares method, using the statistical package EViwes^®. The results indicate that the level of corporate governance works as a discriminating factor for the value-added generation, but not for the degree of intangibility. The degree of intangibility showed positive and statistically meaningful relationship at the level of 1% with the value-added, indicating that, in whole set of studied companies, those with higher intangibility generate large amounts of value-added.