Uma análise da relação entre a metodologia do BNDES para avaliação de capitais intangíveis e o valor de mercado das empresas avaliadas

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.