Intangible Assets and Ownership Structure: Evidence in the Brazilian Market

• Autor(a) principal: Machado, Julio Henrique
• Data de Publicação: 2023
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: ConTexto
• Texto Completo: https://seer.ufrgs.br/index.php/ConTexto/article/view/130916
• topic: Ativos Intangíveis; Intangibilidade; Estrutura de Propriedade

Objective: The present study aims to analyze the influences of the ownership structure on the level of intangibility of companies. Method: The adopted intangibility proxy refers to the division between the market value of Shareholders' Equity and its book value. The sample consisted of 92 publicly traded Brazilian companies in the period between 2014 and 2019. Linear regression was used with panel data and random effects control. Originality/Relevance: The work explores the intersection between intangible assets and ownership structure. Bearing in mind the characteristic of the Brazilian market of high concentration of capital and the empirical findings that intangible-intensive companies are more financed by equity, it is necessary to study the relationship between intangible assets and aspects related to corporate governance, such as the structure of ownership and control, a gap that the present research intends to explore. Results: It was found that the concentration of ownership exerts a positive influence on the level of intangibility, while the concentration of control exerts a negative influence. Furthermore, it was observed that the negative effect of the concentration of control is stronger than the positive effect of the concentration of ownership. Contributions: The work provides subsidies to assist in the understanding of how the market prices the concentration of ownership and control, contributing to the academic community and corporate environment from new evidence for discussions and expansion of the literature.