A relação entre intangibilidade, desempenho financeiro e desempenho de mercado
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações do Mackenzie |
Texto Completo: | http://dspace.mackenzie.br/handle/10899/23202 |
Resumo: | The index obtained by dividing the equity book value by market value (book-to-market) is found in corporate finance studies to capture performance perspectives that are not present in financial statements. These studies find a negative relation between it and the future financial performance measured by return on assets and a positive relation with market performance measured by return to shareholders, even if the expected return to shareholders is adjusted for non-systematic risk measured by Beta. This research attempts to show that book-to-market value can be characterized as a proxy for companies idiosyncratic intangible assets, and these resources provide sustainable financial performance. The sustainability of financial performance may explain this positive relation between book-to-market value and return to shareholders that are found in these studies, as investors would accept a lower risk premium offered by intangible-intensive companies. If we accept market efficiency hypothesis, by which prices capture all publicly or not available information affecting the value of companies, then intangible-intensive firms present lower risk. This research also brings the discussion that if it is the companies idiosyncratic intangible assets that promote sustainable financial performance then a measure of the construct of intangibility has greater explanatory power for the observed financial and market performance. Strategic resource literature proposes Tobin's Q as an intangibility construct metric. This study shows that the use of Tobin's Q allows the construction of a better performance estimator then book-to-market value, thus confirming that it is intangible assets that offers the best explanation for the companies financial and market performance. This study finds a strong positive relation between intangibility and sustainable financial performance and a negative relation with market performance. |
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2016-03-15T19:30:55Z2020-05-28T18:02:44Z2013-10-082020-05-28T18:02:44Z2012-02-06http://dspace.mackenzie.br/handle/10899/23202The index obtained by dividing the equity book value by market value (book-to-market) is found in corporate finance studies to capture performance perspectives that are not present in financial statements. These studies find a negative relation between it and the future financial performance measured by return on assets and a positive relation with market performance measured by return to shareholders, even if the expected return to shareholders is adjusted for non-systematic risk measured by Beta. This research attempts to show that book-to-market value can be characterized as a proxy for companies idiosyncratic intangible assets, and these resources provide sustainable financial performance. The sustainability of financial performance may explain this positive relation between book-to-market value and return to shareholders that are found in these studies, as investors would accept a lower risk premium offered by intangible-intensive companies. If we accept market efficiency hypothesis, by which prices capture all publicly or not available information affecting the value of companies, then intangible-intensive firms present lower risk. This research also brings the discussion that if it is the companies idiosyncratic intangible assets that promote sustainable financial performance then a measure of the construct of intangibility has greater explanatory power for the observed financial and market performance. Strategic resource literature proposes Tobin's Q as an intangibility construct metric. This study shows that the use of Tobin's Q allows the construction of a better performance estimator then book-to-market value, thus confirming that it is intangible assets that offers the best explanation for the companies financial and market performance. This study finds a strong positive relation between intangibility and sustainable financial performance and a negative relation with market performance.O índice obtido pela divisão do valor contábil pelo valor de mercado do patrimônio líquido (Book-to-Market) é encontrado em estudos de finanças corporativas para capturar perspectivas de desempenho que não estão presentes nos demonstrativos contábeis. Estes estudos notam relações negativas entre ele e o futuro desempenho financeiro mensurado pelo retorno sobre os ativos, porém positivas com o desempenho de mercado mensurado pelo retorno para o acionista, mesmo que o retorno esperado para o acionista seja ajustado pelo risco não sistemático mensurado pelo Beta. O presente estudo procura mostrar que o índice Book-to-Market pode ser caracterizado como uma proxy para os recursos intangíveis idiossincráticos das empresas, e são estes recursos que proporcionam desempenho financeiro sustentável para as empresas. A sustentabilidade do desempenho financeiro pode explicar esta relação positiva entre o índice Book-to-Market com o retorno para os acionistas, já que os investidores estariam dispostos a aceitar um menor prêmio de risco oferecido por empresas intangível-intensivas. Se admitirmos a hipótese de eficiência de mercado, na qual os preços capturam todas as informações disponíveis publicamente ou não que afetem o valor das empresas, então as empresas intangível-intensivas apresentam menor risco. A presente pesquisa traz ainda a discussão de que sendo os ativos intangíveis idiossincráticos das empresas o que promoveria o desempenho financeiro sustentável, então uma métrica do constructo de intangibilidade teria maior poder explicativo para o observado desempenho financeiro e de mercado do que o Book-to-Market. A literatura de recursos estratégicos propõe como métrica do constructo de intangibilidade o índice Q de Tobin. Este estudo mostra que a utilização do índice Q de Tobin permite a construção de melhores estimadores de desempenho que o Book-to-Market, corroborando assim que é a intangibilidade que oferece melhores explicações para o desempenho financeiro e de mercado das empresas. Este estudo encontra uma forte relação positiva entre intangibilidade e desempenho financeiro sustentável e negativa com o desempenho de mercado.Fundo Mackenzie de Pesquisaapplication/pdfporUniversidade Presbiteriana MackenzieAdministração de EmpresasUPMBRAdministraçãoativos intangíveisbook-to-marketmarket-to-bookprice-to-bookTobin-Qintangible assetsbook-to-marketmarket-to-bookprice-to-bookTobin-QCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESASA relação entre intangibilidade, desempenho financeiro e desempenho de mercadoinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisBasso, Leonardo Fernando Cruzhttp://lattes.cnpq.br/1866154361601651Kayo, Eduardo Kazuohttp://lattes.cnpq.br/6629229841222438Douat, João Carloshttp://lattes.cnpq.br/0578417191229626Marçal, Emerson Fernandeshttp://lattes.cnpq.br/2362482510747681Barros, Lucas Ayres Barreira de Camposhttp://lattes.cnpq.br/0198661144573382http://lattes.cnpq.br/4228160838423609Lauretti, Carlos Marcelohttp://tede.mackenzie.br/jspui/retrieve/3035/Carlo%20Marcelo%20Lauretti.pdf.jpghttp://tede.mackenzie.br/jspui/bitstream/tede/800/1/Carlo%20Marcelo%20Lauretti.pdfinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações do Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIE10899/232022020-05-28 15:02:44.165Biblioteca Digital de Teses e Dissertaçõeshttp://tede.mackenzie.br/jspui/PRI |
dc.title.por.fl_str_mv |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
title |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
spellingShingle |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado Lauretti, Carlos Marcelo ativos intangíveis book-to-market market-to-book price-to-book Tobin-Q intangible assets book-to-market market-to-book price-to-book Tobin-Q CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
title_short |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
title_full |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
title_fullStr |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
title_full_unstemmed |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
title_sort |
A relação entre intangibilidade, desempenho financeiro e desempenho de mercado |
author |
Lauretti, Carlos Marcelo |
author_facet |
Lauretti, Carlos Marcelo |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Basso, Leonardo Fernando Cruz |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/1866154361601651 |
dc.contributor.referee1.fl_str_mv |
Kayo, Eduardo Kazuo |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/6629229841222438 |
dc.contributor.referee2.fl_str_mv |
Douat, João Carlos |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/0578417191229626 |
dc.contributor.referee3.fl_str_mv |
Marçal, Emerson Fernandes |
dc.contributor.referee3Lattes.fl_str_mv |
http://lattes.cnpq.br/2362482510747681 |
dc.contributor.referee4.fl_str_mv |
Barros, Lucas Ayres Barreira de Campos |
dc.contributor.referee4Lattes.fl_str_mv |
http://lattes.cnpq.br/0198661144573382 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/4228160838423609 |
dc.contributor.author.fl_str_mv |
Lauretti, Carlos Marcelo |
contributor_str_mv |
Basso, Leonardo Fernando Cruz Kayo, Eduardo Kazuo Douat, João Carlos Marçal, Emerson Fernandes Barros, Lucas Ayres Barreira de Campos |
dc.subject.por.fl_str_mv |
ativos intangíveis book-to-market market-to-book price-to-book Tobin-Q |
topic |
ativos intangíveis book-to-market market-to-book price-to-book Tobin-Q intangible assets book-to-market market-to-book price-to-book Tobin-Q CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
dc.subject.eng.fl_str_mv |
intangible assets book-to-market market-to-book price-to-book Tobin-Q |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
description |
The index obtained by dividing the equity book value by market value (book-to-market) is found in corporate finance studies to capture performance perspectives that are not present in financial statements. These studies find a negative relation between it and the future financial performance measured by return on assets and a positive relation with market performance measured by return to shareholders, even if the expected return to shareholders is adjusted for non-systematic risk measured by Beta. This research attempts to show that book-to-market value can be characterized as a proxy for companies idiosyncratic intangible assets, and these resources provide sustainable financial performance. The sustainability of financial performance may explain this positive relation between book-to-market value and return to shareholders that are found in these studies, as investors would accept a lower risk premium offered by intangible-intensive companies. If we accept market efficiency hypothesis, by which prices capture all publicly or not available information affecting the value of companies, then intangible-intensive firms present lower risk. This research also brings the discussion that if it is the companies idiosyncratic intangible assets that promote sustainable financial performance then a measure of the construct of intangibility has greater explanatory power for the observed financial and market performance. Strategic resource literature proposes Tobin's Q as an intangibility construct metric. This study shows that the use of Tobin's Q allows the construction of a better performance estimator then book-to-market value, thus confirming that it is intangible assets that offers the best explanation for the companies financial and market performance. This study finds a strong positive relation between intangibility and sustainable financial performance and a negative relation with market performance. |
publishDate |
2012 |
dc.date.issued.fl_str_mv |
2012-02-06 |
dc.date.available.fl_str_mv |
2013-10-08 2020-05-28T18:02:44Z |
dc.date.accessioned.fl_str_mv |
2016-03-15T19:30:55Z 2020-05-28T18:02:44Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://dspace.mackenzie.br/handle/10899/23202 |
url |
http://dspace.mackenzie.br/handle/10899/23202 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.publisher.program.fl_str_mv |
Administração de Empresas |
dc.publisher.initials.fl_str_mv |
UPM |
dc.publisher.country.fl_str_mv |
BR |
dc.publisher.department.fl_str_mv |
Administração |
publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
dc.source.none.fl_str_mv |
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Universidade Presbiteriana Mackenzie (MACKENZIE) |
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MACKENZIE |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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