Value Relevance of Intangible Assets Recognized in a Business Combination
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/2547 |
Resumo: | Objective: To verify the value relevance of intangible assets recognized in a business combination of Brazilian publicly traded companies.Method: The sample of 165 companies, covering 962 observations, from 2010 to 2017, was analyzed using five panel data regressions based on Ohlson’s model (1995; 2005) to test four research hypotheses.Originality/Relevance: Value relevance studies have analyzed goodwill, but there are gaps this study seeks to fill. The study addresses the value relevance of intangibles assets recognized in a business combination for the stock market, exploring goodwill and other types of intangibles recognized in a business combination. Also, IFRS 3 was discussed in 2015, bringing the stock market’s perspective and the standard application to the center of accounting research.Results: The results showed that goodwill represents 23% to 30% of intangible assets recorded in the balance sheet, while other intangibles identified represent around 5.6%. As for value relevance, it was observed that both the recognized value of the intangible assets and, when segregated in goodwill and in identified intangible assets, were significant and positively related to the market value. Concerning the nature of intangibles recognized in business combinations, some of them were related to market value.Theoretical/Methodological contributions: The research contributes to value relevance literature on business combinations, allowing us to understand that they are relevant to the stock market and contribute to Brazilian companies’ market value. |
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Value Relevance of Intangible Assets Recognized in a Business CombinationRelevância dos Ativos Intangíveis Reconhecidos em uma Combinação de NegóciosBusiness combinationIntangible assetsValue relevance.Combinação de negócioAtivo intangívelValue relevance.Objective: To verify the value relevance of intangible assets recognized in a business combination of Brazilian publicly traded companies.Method: The sample of 165 companies, covering 962 observations, from 2010 to 2017, was analyzed using five panel data regressions based on Ohlson’s model (1995; 2005) to test four research hypotheses.Originality/Relevance: Value relevance studies have analyzed goodwill, but there are gaps this study seeks to fill. The study addresses the value relevance of intangibles assets recognized in a business combination for the stock market, exploring goodwill and other types of intangibles recognized in a business combination. Also, IFRS 3 was discussed in 2015, bringing the stock market’s perspective and the standard application to the center of accounting research.Results: The results showed that goodwill represents 23% to 30% of intangible assets recorded in the balance sheet, while other intangibles identified represent around 5.6%. As for value relevance, it was observed that both the recognized value of the intangible assets and, when segregated in goodwill and in identified intangible assets, were significant and positively related to the market value. Concerning the nature of intangibles recognized in business combinations, some of them were related to market value.Theoretical/Methodological contributions: The research contributes to value relevance literature on business combinations, allowing us to understand that they are relevant to the stock market and contribute to Brazilian companies’ market value.Objetivo: verificar a relevância dos ativos intangíveis reconhecidos em uma combinação de negócios das companhias de capital aberto brasileiras.Método: A amostra composta por 165 empresas, abrangendo 962 observações, foi analisada no período de 2010 a 2017 por meio de cinco regressões de dados em painel com base no modelo de Ohlson (1995; 2005) para testar as quatro hipóteses formuladas.Originalidade/Relevância: Estudos sobre value relevance analisaram sobre o goodwill, mas há campos ainda não preenchidos, de modo que o estudo preenche a lacuna sobre a relevância dos intangíveis reconhecidos em uma combinação negócios para o mercado acionário, explorando outras naturezas dos intangíveis reconhecidos em combinação de negócios, além do goodwill. Além disso, em 2015 a IFRS 3 entrou em discussão, tornando a visão do mercado acionário e a aplicação da norma foco da pesquisa contábil.Resultados: Os resultados apontaram que o goodwill representa de 23 a 30% do ativo intangível registrado no Balanço Patrimonial, enquanto os intangíveis identificados em torno de 5,6%. Quanto à relevância observou-se que tanto o valor dos ativos intangível reconhecido, como quando segregado em goodwill e ativo intangível identificado, se mostraram significativos e positivamente relacionados com o valor de mercado. Com relação à natureza dos intangíveis reconhecidos em combinação de negócios, alguns se mostraram relacionados ao valor de mercado.Contribuições teóricas/metodológicas: A pesquisa adiciona a literatura de value relevance sobre combinação de negócios permitindo compreender que são relevantes para o mercado acionário, de modo que contribuem para o valor de mercado das companhias brasileiras.Contabilidade Gestão e Governança2021-08-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/254710.51341/1984-3925_2021v24n2a2Contabilidade Gestão e Governança; v. 24 n. 2 (2021); 167-1841984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBenghttps://revistacgg.org/index.php/contabil/article/view/2547/688Copyright (c) 2021 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessPacheco, JulianeRover, Suliani2022-09-22T08:48:45Zoai:oai.jamg.cloud:article/2547Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2022-09-22T08:48:45Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
Value Relevance of Intangible Assets Recognized in a Business Combination Relevância dos Ativos Intangíveis Reconhecidos em uma Combinação de Negócios |
title |
Value Relevance of Intangible Assets Recognized in a Business Combination |
spellingShingle |
Value Relevance of Intangible Assets Recognized in a Business Combination Pacheco, Juliane Business combination Intangible assets Value relevance. Combinação de negócio Ativo intangível Value relevance. |
title_short |
Value Relevance of Intangible Assets Recognized in a Business Combination |
title_full |
Value Relevance of Intangible Assets Recognized in a Business Combination |
title_fullStr |
Value Relevance of Intangible Assets Recognized in a Business Combination |
title_full_unstemmed |
Value Relevance of Intangible Assets Recognized in a Business Combination |
title_sort |
Value Relevance of Intangible Assets Recognized in a Business Combination |
author |
Pacheco, Juliane |
author_facet |
Pacheco, Juliane Rover, Suliani |
author_role |
author |
author2 |
Rover, Suliani |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Pacheco, Juliane Rover, Suliani |
dc.subject.por.fl_str_mv |
Business combination Intangible assets Value relevance. Combinação de negócio Ativo intangível Value relevance. |
topic |
Business combination Intangible assets Value relevance. Combinação de negócio Ativo intangível Value relevance. |
description |
Objective: To verify the value relevance of intangible assets recognized in a business combination of Brazilian publicly traded companies.Method: The sample of 165 companies, covering 962 observations, from 2010 to 2017, was analyzed using five panel data regressions based on Ohlson’s model (1995; 2005) to test four research hypotheses.Originality/Relevance: Value relevance studies have analyzed goodwill, but there are gaps this study seeks to fill. The study addresses the value relevance of intangibles assets recognized in a business combination for the stock market, exploring goodwill and other types of intangibles recognized in a business combination. Also, IFRS 3 was discussed in 2015, bringing the stock market’s perspective and the standard application to the center of accounting research.Results: The results showed that goodwill represents 23% to 30% of intangible assets recorded in the balance sheet, while other intangibles identified represent around 5.6%. As for value relevance, it was observed that both the recognized value of the intangible assets and, when segregated in goodwill and in identified intangible assets, were significant and positively related to the market value. Concerning the nature of intangibles recognized in business combinations, some of them were related to market value.Theoretical/Methodological contributions: The research contributes to value relevance literature on business combinations, allowing us to understand that they are relevant to the stock market and contribute to Brazilian companies’ market value. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-08-31 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2547 10.51341/1984-3925_2021v24n2a2 |
url |
https://revistacgg.org/index.php/contabil/article/view/2547 |
identifier_str_mv |
10.51341/1984-3925_2021v24n2a2 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2547/688 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Revista Contabilidade, Gestão e Governança info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Revista Contabilidade, Gestão e Governança |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
dc.source.none.fl_str_mv |
Contabilidade Gestão e Governança; v. 24 n. 2 (2021); 167-184 1984-3925 1984-3925 reponame:Contabilidade, Gestão e Governança instname:Universidade de Brasília (UnB) instacron:UNB |
instname_str |
Universidade de Brasília (UnB) |
instacron_str |
UNB |
institution |
UNB |
reponame_str |
Contabilidade, Gestão e Governança |
collection |
Contabilidade, Gestão e Governança |
repository.name.fl_str_mv |
Contabilidade, Gestão e Governança - Universidade de Brasília (UnB) |
repository.mail.fl_str_mv |
jamg.cgg@gmail.com |
_version_ |
1798315268243456000 |