The role of intellectual capital in the sustainable value creation of Brazilian listed companies

Ricardo Vinícius Dias Jordão, Ewerton Alex Avelar and Marco Antônio Lúcio

Journal of Accounting & Organizational Change, 2025, vol. 21, issue 6, 964-991

Abstract: PurposeThis paper aims to analyze the impact of intellectual capital (IC) on Brazilian companies’ sustainable value creation (VC).Design/methodology/approachAn empirical study was performed using descriptive and multivariate statistics based on the finance, strategy and IC theories. This research is quantitative, explanatory, descriptive, applied and ex post facto and uses traditional economic-financial variables (derived from financial statements – FSs) linked to two established frameworks for IC analysis: the market-to-book ratio (IC-INDEX) and the MVAIC, a variation of the value-added intellectual coefficient (VAIC™).FindingsThe findings showed that the IC estimated through the IC-INDEX and the MVAIC frameworks is directly related to the VC of Brazilian companies throughout the entire period and revealed a consistent effect in all time frames analyzed. Both models were robust and complementary in assessing the company’s VC and sustainability. The conclusion shows that IC is the most relevant factor in explaining VC and its continuity over time, regardless of other traditional variables used to study the phenomenon.Research limitations/implicationsFrom a theoretical perspective, this study contributes to mastering the understanding of the subject by applying two important IC measurement frameworks to explain sustainable VC over time and examining the problem in the Brazilian market – paving the way for future investigations.Practical implicationsThis study provides users of accounting and financial information and other market agents with a better understanding of the VC process and the central role of IC in this process. These findings suggest that these asset investments tend to be more qualified to create corporate wealth for shareholders and other stakeholders. Such a result can help improve decision-making processes, besides generating competitive benchmarking and assisting them in financial analysis and resource allocation in the economy.Originality/valueThe uniqueness of the research arises from applying two important IC measurement frameworks (IC-INDEX and MVAIC) simultaneously to explain sustainable VC over time and the analysis in a relevant and complex emerging market – both issues are unexplored in the literature.

Keywords: Accounting information; Strategy and finance theories; Intellectual capital (IC); Sustainability; Value creation (VC); Performance measurement (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jaocpp:jaoc-07-2024-0220

DOI: 10.1108/JAOC-07-2024-0220

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