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Relevância dos ativos intangíveis em empresas de alta e baixa tecnologia [Relevance of intangible assets in high and low companies technology]

Cristian Baú Dal Magro, Alini da Silva, Daniel Padilha and Roberto Carlos Klann
Additional contact information
Cristian Baú Dal Magro: FURB
Alini da Silva: FURB
Daniel Padilha: FURB
Roberto Carlos Klann: FURB

Nova Economia, 2017, vol. 27, issue 3, 609-640

Abstract: The literature on value relevance has consolidated that traditional accounting information influence investor decision-making, as the purchase or sale of shares. The implementation of IFRS has standardized intangible assets, which were previously not covered. Thus, this study aimed to analyze the relevance of intangible assets in high and low-tech companies. We conducted a descriptive, documentary and quantitative research. We used descriptive statistics and panel data analysis to analyze 2,228 US companies; and 118 companies in Brazil. The results showed that the equity and income adjusted for intangible accounts as well as intangible assets and goodwill are relevant value for economic agents, particularly for investors, impacting the stock price in the Brazilian and American markets. It is concluded that the relevance of intangible assets in technology companies influences the increase of the share price.

Keywords: value relevance; intangible assets; technology companies (search for similar items in EconPapers)
JEL-codes: M40 (search for similar items in EconPapers)
Date: 2017
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