Intangible assets and economical-financial performance: comparison between portfolios of tangible-intensive and intangible-intensive firms

Marta Olivia Rovedder de Oliveira, Douglas Pinheiro Schossler, Rogério Estrela Campus, Fernando Bins Luce


The intangible assets are able to produce future benefits that are important differentiating factors contributing to the achievement of important competitive advantages (CARMELI; TISHLER, 2004; PEREZ; FAMÁ, 2006a). However, traditional approaches to financial evaluation have difficulty in assessing and valuing business with significant intangible assets (LEV, 2001; MIZIK; JACOBSON, 2008; MIZIK; JACOBSON, 2009). Hence, this study sought to compare (by accountancy and financial indexes, during 5 years) the performance of two portfolios: firms with a high proportion of intangibility and one of possessing a small proportion of intangibility, in order to contribute to the literature and generate knowledge about the Brazilian market. The results show a superior performance of the intangible assets portfolio during the most of periods and indexes. It is further evidence that intangible assets are capable of generating competitive advantage for their respective companies, including in the Brazilian scenario.


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Revista de Administração da UFSM. Brazilian Journal of Management

Universidade Federal de Santa Maria, Santa Maria, Rio Grande do Sul, Brasil, eISSN 1983-4659