Intellectual capital and its relationship with retailer trade business profitability indexes listed in BM&FBOVESPA

Valnir Alberto Brandt, Stela Machaiewski, Vanderleia Geib

Abstract


In the society of knowledge, intellectual capital has proved to be of great importance in creating the value of a company. Many tools have been used in order to present their disclosure and measurement. This research used the method proposed by Pulic (2000), who developed a value of efficiency measurement proposal added to the intellectual capacity of enterprises, which is the Value Added of Intellectual Coefficient (VAIC). This method measures the intangible indirectly by measuring the efficiency of structural capital, human capital and capital invested. These indicators are added together, and the greater the sum, the higher the VAIC, demonstrating greater efficiency in the creation of the value of a company. The aim of this study was to calculate the VAIC in retail companies and assess whether it correlates with profitability indicators, namely ROE and RSA. Data were obtained from the financial statements listed on the BM&FBovespa, from the period between 2010 and 2015. As to the objectives, it is a descriptive research, the approach is quantitative, and the procedures follow a documentary nature. Correlation and regression calculations were performed between the variables. It was found that the VAIC indicator has a positive correlation with ROE profitability index and no significant correlation with RSA. The regression concluded that the variance of a 1 percentage point along the RSA and ROE add a variation of 6.25% in the VAIC.

Keywords: intangibles, VAIC, profitability ratios.


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