عنوان مقاله
سرمایه فکری و ارزش زایی در شرکت های برزیلی
فهرست مطالب
مقدمه
منابع نظری
مدل تحقیق
نتایج و بحث
نتیجه گیری
بخشی از مقاله
مدل تحقیق
هدف عمومی تحقیق، اندازه گیری و ارزیابی تاثیر سهام سرمایه فکری شرکت های برزیلی و استفاده موثر از آن (جریان سرمایه فکری) جهت نیل به ظرفیت ارزش زایی (عملکرد مالی) می باشد. به منظور بررسی این موضوع، به خاطر نوع پژوهشی این مطالعه، مدل علت و معلول یک سویه نشان داده شده در شکل 1 را انتخاب کردیم، در اینجا دارایی های مشهود و نامشهود همزمان باهم بر ارزش زایی تاثیر می گذارند، بدون اینکه رابطه مستقیم بین آنها بیشتر مورد پژوهش قرار بگیرد.
کلمات کلیدی:
INTELLECTUAL CAPITAL AND THE CREATION OF VALUE IN BRAZILIAN COMPANIES ABSTRACT This study makes usage of CIV (Calculated Intangible Value) and ICE (Intellectual Capital Efficiency) to measure IC stock and flows respectively. It applies static panel data models, to study the influence of IC on companies ROE (Return-on-Equity), ROA (Returnon-Assets) and ROS (Return-on-Sales) ratios. The research utilizes a sample with data for the 1,000 biggest companies in Brazil from the “Maiores and Melhores” annual survey database, covering the period between 2000 and 2005. Results found suggest the existence of a positive relation between both CIV and ICE and the dependent variables ROE, ROA and ROS. Key-words: Intellectual capital (IC), Intangible assets, Knowledge assets, Value creation, Financial Performance, Valuation, Knowledge management (KM), Panel data. JEL Codes: C33, D21, D23, D46, I20, I21, I22, M20, M21 Electronic copy available at: http://ssrn.com/abstract=1081849 3 INTRODUCTION Even though the term ‘intellectual capital’1 has existed for almost 50 years and that since the XVII Century there has been empirical evidence over its relevance in the performance of organizations, it has only been in the last 15 years that studies on the subject have become more frequent (STEWART, 1998 :XVI; STEWART, 2001: XIV). The growing interest over the subject coincides with the deep transformations in world economy through which we have been going in recent decades. As services take a highly determining role in World’s economy, the traditional view, current since the industrial revolution, which considers ‘work and capital’ as the main production factors to determine corporation wealth, has to be widen up (ANDRIENSEN, 2004 :5). In fact, performance of most companies is increasingly based on the intellectual capital, since value comes from activities linked to information processing, development and knowledge transfer and application (TEECE, 1998 :75 ; FIRER and WILLIANS, 2003 :348). Corporate value creation nowadays is grounded on proprietary standards and methods, copyright, patents, customer, supplier, and partner relationships, marks and reputation, as well as other intangible factors. The nature of competitive advantage has turned from the physical to the intangible (EDVINSON, 2003 :19). While noting the market value of companies like Google, eBay, and YouTube, we find clear examples evidencing that information now has its ‘own value’, separated from regular concepts of products and services from the traditional economy. In short words, we find today a series of evidences showing that: a) industry is undergoing a ‘dematerialization’ process with the increase of the intellectual component and decrease of the physical one (STEWART, 2001: 12); b) distance between information flow and the flow of products and services is increasing (TEECE, 1998 :59)
