Tangibility and intangibility in determining the persistent performance of Brazilian firms

Francisval de Melo Carvalho, Eduardo Kazuo Kayo and Diógenes Manoel Leiva Martin

RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), 2010, vol. 14, issue 5, 871-889

Abstract: RBV states that resources and capabilities are heterogeneously distributed among firms and are the main drivers of their different performances. When these resources are rare, valuable and difficult to imitate and the firm has a suitable organizational structure for exploiting them, they have the potential to lead the firms to a persistent, above average performance. The aim of this article is to analyze whether the firm's persistent performance is related to the intangibility or tangibility of their resources. The sample comprises Brazilian public companies listed on the Bovespa Stock Exchange in São Paulo. The statistical technique employed was the dynamic panel data, with estimates obtained by the generalized method of moments. The results show that, in the case of the Brazilian companies under study, the intangibility of resources was not a sustainable competitive advantage because these resources do not persistently contribute to the higher performance of firms. On the other hand, the tangibility of resources played a significant contribution to the persistent performance of firm operating in different industries.

Date: 2010
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