Análise da importância dos gastos com ativos intangíveis no valor de mercado das empresas brasileiras

Abst Intangible assets are becoming more important for generating value in companies. However, according to the IASB (International Accounting Standard Board), there are many questions as to whether the accounting standards currently in force enable adequate accounting recognition of these assets in companies’ balance sheets. Currently, a portion of internally generated expenses on Research and Development (R&D) and all internally generated expenses on Innovation and Strategy (I&S), which can generate future economic benefits for companies, must be accounted for as expenses and not as intangible assets. Consequently, international academic literature has indicated an increase in the gap between the market value and the book value presented in the financial statements. In this context, the objective of this research is to analyze the relationship between R&D and I&S expenses with the Market Value of non-financial companies listed on the Brazilian capital market, from 2018 to 2022. The analysis consisted of applying a linear multiple regression model with balanced panel data from 153 companies, as well as a subsample of 65 companies that disclosed R&D expenses and a subsample of 20 companies that issued American Depositary Receipts (ADR), traded on the New York Stock Exchange (NYSE). The results found did not confirm the influence of R&D and I&S expenses on the market value of companies, either for the sample or for the subsample of companies that disclosed R&D expenses. However, the evidence obtained demonstrates that there is a relationship between these expenses and the market value of the subsample of companies that issue ADR, confirming the findings of international studies. This research stands out for its originality, as it considers expenses on Innovation & Strategy in the analysis, as adopted in international studies, but absent in similar studies in Brazil. This research also contributes relevant evidence to the debate on the accounting challenge of determining the best treatment to be given to intangible assets generated internally in organizations.

Keywords: Intangible Assets, Research & Development Expenses, Innovation, Market Value

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