Efeito da competitividade e da governança corporativa no nível de intangibilidade das companhias familiares

Abstract

This study aimed to analyze the effect of competitiveness and corporate governance on the level of intangibility of family companies listed in Brazil Bolsa Balcão (B3). It is of a descriptive and quantitative approach and used Multiple Linear Regression to analyze the data in a sample that comprised 154 companies. Competitiveness was assessed through the Herfindahl-Hirschman Index (HHI) and corporate governance through a proxy variable represented by the B3 Differentiated Corporate Governance Stock Index (IGCX). The analysis period corresponded to the interval between the years 2010 to 2015. The results of the first model showed that the competitiveness and the size of the company positively affect the level of intangibility of the organizations, whereas the growth did not present itself as statistically significant. As for the second model, corporate governance and company size are positively associated with the level of intangibility, while growth has no impact on intangibility. The results of the research indicate that, in order to achieve a higher level of intangibility, companies seek to improve their image through the adoption of better corporate governance and their insertion in more competitive markets.