Intangible assets influence financial performance and market value of family publicly traded companies?

Abstract

The study aimed to verify the influence of intangible assets on the financial performance and market value of the publicly traded companies listed in B3. For this, a descriptive, documental and quantitative research was carried out. The data were obtained through the Reference Form and the Economática database for the period from 2010 to 2017. To identify the family companies, the chain of ownership was traced until the last controlling shareholder was identified. In relation to intangible assets, the percentage of total assets was calculated for each company and in each year. Financial performance was analyzed through ROA and ROE and market value through the market-to-book (MTB) index and Tobin’s Q. In relation to intangible assets, the results showed that they corresponded to approximately 6% of total assets. Regarding financial performance, the means tests showed that the differences in ROA and ROE were not significant among family companies that had larger and smaller investments in intangibles. However, they confirmed that the group with the highest percentages of intangibles had the highest averages of MTB and Q of Tobin. Finally, the multivariate analysis revealed that the level of intangibility was statistically significant only in the models referring to the market value. Then, it was concluded that in family businesses intangibles influenced only to a greater market value.

Keywords

• ativos intangíveis
• desempenho financeiro
• valor de mercado
• companhias abertas familiares.