THE IMPACT OF INTANGIBLE ASSETS ON THE MARKET VALUE OF COMPANIES THAT COMPOSE THE BRAZILIAN STOCK EXCHANGE INDEX

摘要

This research aims to study the relationship between the corporate market value and intangible assets not recorded, in order to verify the existence of a negative relationship, which would explain part of the differences between companies’ book and market values, occasioned by the restrictions of accounting standards for records intangible assets, whose record is basically limited to situations of business combinations. Multiple regression model was used to study this negative relationship between intangible assets recorded and the market value of companies. Intangibility Degree was used as dependent variable, which represents how many times the market value is higher than book value, and IROAI (Return on Intangible Assets Index), a developed proxy, captured the effect of intangible assets and the abnormal return of total assets of companies. This study confirmed the existence of a negative relationship between these variables and allowed the development of an indicative model of potential intangible assets not recorded, which explains part of the difference between market and accounting values.