Please use this identifier to cite or link to this item: http://bibliotecadigital.economia.gov.br/handle/123456789/528161
Title: Uma análise da relação entre a metodologia do BNDES para avaliação de capitais intangíveis e o valor de mercado das empresas avaliadas
Authors: Cervieri Junior, Osmar
Keywords: Banco Nacional de Desenvolvimento Econômico e Social (Brasil)
Brazilian Development Bank
Metodologia de Avaliação de Empresas
Enterprise Evaluation Methodology
Bens incorpóreos - Avaliação
Intangible property - Valuation
Empresas - Avaliação
Business enterprises - Valuation
Modelos econométricos - Avaliação
Econometric models - Valuation
Issue Date: Jun-2021
Publisher: Banco Nacional de Desenvolvimento Econômico e Social
Abstract: The main objective of the current research is to investigate the relationship between the results obtained by Enterprise Evaluation Methodology (MAE), a BNDES tool for measuring companies’ intangible capitals, and the respective market values of evaluated firms. The proposed econometric model uses MAE’s database for the explanatory variables and the Tobin’s median Q for the dependent variable. The results revealed that the regressors of intangible capitals related to innovation and socioenvironmental responsibility show positive sign (as expected), while the regressor related to market structure shows negative sign, which suggests possible bias to be corrected in the methodology. Besides contributing to MAE’s assessment, the present work offers the possibility to relate important qualitative aspects of firms to market value, using Tobin’s q theory, with new approaches to proxies of the q variable.
URI: http://bibliotecadigital.economia.gov.br/handle/123456789/528161
Other Identifiers: CERVIERI JÚNIOR, Osmar; OLIVEIRA, Fernando Nascimento de. Uma análise da relação entre a metodologia do BNDES para avaliação de capitais intangíveis e o valor de mercado das empresas avaliadas = An analysis of the relationship between the BNDES’s methodology for intangible capital valuation and the market value of the evaluated firms. Revista do BNDES, Rio de Janeiro, v. 28, n. 55 , p. [9]-86, jun. 2021
http://web.bndes.gov.br/bib/jspui/handle/1408/21623
Appears in Collections:Produção BNDES - Artigos

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