O papel dos intangíveis na criação de valor: uma aplicação para o setor de bens de consumo do mercado norte americano

Abstract

The objective of this work is to implement and test constructs, proposed by Gu and Lev (2003, 2011) to measure intangible assets, in the consumer goods sector of public American companies. Using data gathered from DataStream/Thomson-Reuters, were investigated, through panel data analysis, potential linear relationships among constructs denoted by Intangible Driven Earnings (IDE) and Intangible Capital (IC) and financial statement variables that are commonly associated with intangibility, as for instance, Research and Development investments (R&D), Sales, General and Administrative expenses (SGA) and Capital Expenditures (CAPEX); it was also investigated if the Intangibles Driven Earnings (IDE) and the operational performance (EARN) represented by EBITDA can explain the creation of value measured by total shareholder return (TSR); the relation between the Comprehensive Value and the market value of the company; and, finally had been investigated relations between indexes of intangibility with the total shareholder return, representing the value creating of company for the period from 2003 to 2007. In particular, results from data between 2003 and 2007 suggest that (i) the constructs IDE and IC are positively related to variables associated with intangibility, (ii) variations of earnings have a positive relationship with shareholder return, (iii) the Comprehensive Value (CV), which tries to express the real value of a firm, is positively related to its market value and (iv) indexes of intangibility denoted by Intangible Capital Margin (ICM), Intangible Capital Operating (ICOM) and Market to Comprehensive Value (MtCV) have a positive and significant impact on shareholder return.