Governança corporativa, intangibilidade e regionalidade: evidências para empresas da B3

Abstract

Studies on intangibility have become increasingly relevant both in academia and by organizations in view of their ability to add value. Not only managers, but also members of boards of directors and society itself, has paid more attention to how intangible assets are managed and what benefits they can bring to companies that invest more intensively. Furthermore, good corporate governance practices have gained prominence in increasing competitiveness and business performance. In this context, there was an opportunity to study the relationship between intangibility and corporate governance, measured by the structure of ownership and executive compensation, in publicly traded Brazilian companies. Thus, the following objectives were proposed in this study: a) to analyze the relationship between the concentration of ownership and the intangibility of publicly traded Brazilian companies on B3; b) analyze the relationship between executive compensation and the intangibility of publicly traded Brazilian companies on the B3. For the analysis of the defined objectives, multiple linear regression models were applied with panel data and three perspectives for measuring intangibility were defined together, which are: representativeness of the intangible asset, which relates to the accounting nature of the measurement of the intangible, degree of intangibility and Tobin's Q which refers to the economic and financial aspects of intangibility. For both objective (a) and objective (b), the study covered 377 publicly traded companies on B3 with active status in February 2022. The period analyzed was from 2010 to 2020, with a specific study being carried out for companies that have activities in the mesoregion of Triângulo Mineiro and Alto Paranaíba in chapter 2. Regarding objective (a), the results showed that there is no significant relationship between ownership concentration and investment in intangible assets, however, in a negative way. Among the hypotheses defined, the relationships between Representativeness of Intangible Assets - RAI and the ownership concentration variables were rejected, as none of the results found a significant relationship, except when considering the existence of common and preferred shares, which presented a positive significance relationship. For objective (b) the results indicated that there is a positive relationship between the compensation of the executive board (CEOPAY) and intangibility, measured by the market value of the companies, and there is no relationship between the compensation of the board of directors (BOARDPAY) with intangibility about publicly traded companies in Brazil, in general. About regionality, in chapter 2, considering publicly traded Brazilian companies that operate in the mesoregion of Triângulo Mineiro and Alto Paranaíba, it appears that the remuneration of the executive board (CEOPAY) presents a significant relationship both with the representativeness of the assets (RAI) and with TOBIN's Q. However, with the first dependent variable, the relationship is negative, and with the second variable, the relationship is positive.