The new millennium is the time for entrepreneurship both nationally and internationally because the new millennium has many opportunities, afforded by technology and global communications, as it is filled with challenges and uncertainty. The South African government has identified the important role small- and medium-sized enterprises have to play in employment creation. The first step towards economic development is creating new businesses; the second step is ensuring sustainability through value creation. Value-based management can be defined as a management approach that maximises long-term shareholder value, which is incorporated in the business’ strategy and goals, through the identification and management of key value drivers, whereby all employees think and act like shareholders. To ensure value creation takes place, some form of control mechanism is required. Managerial decisions and actions to create shareholder value, therefore, are measured through a metric, and employee performance is linked to the value created. Value-based management is not a staff-driven exercise but focusses on better decision making at all levels. Value-based management metrics are based on the idea of comparing cash flows generated by a company against the cost of capital in generating these flows, and thereby measuring shareholder value. Understanding what drives value in a company is essential for creating shareholder value, as well as how these drivers affect one another. This will enable all stakeholders, from senior management right down to the shop floor, to make the right informed decision that will result in creating and increasing shareholder value. Entrepreneurship can be defined as a dynamic goal-oriented process whereby an individual combines creative thinking to identify marketplace needs and new opportunities with the ability to manage secure resources, and adapt to the environment to achieve desired results, while assuming some portion of risk for the venture. Entrepreneurship is about the exploitation of perceived opportunities by individuals, based solely on personal judgement and visions. These are either not seen by other individuals, or they are unable to bear the risks of acting upon them. Without effective and efficient management by objectives, and management of projects, a small business cannot function. The decision to invest in an entrepreneurial business can be viewed as a hard evidence-oriented, substance-based process and investors discount the figures in a business plan, as these figures are wildly optimistic as well as padded by entrepreneurs. A venture capitalist sometimes chooses to invest in a new venture, even if the discounted cash flow (DCF) analysis results shows that the net present value is a negative reason, being that the DCF approach does not take into account the flexibility obtained by active management. The environment faced by the venture-backed firm is highly uncertain, making overlooking this flexibility a particularly serious problem. Private equity is potentially one of the most expensive forms of capital financing. New and emerging firms are usually the issuers of private equity, as these firms cannot raise money in the public markets, or they are public firms going private that require massive amounts of private financing. Smaller unlisted companies regard the Johannesburg Securities Exchange’s Alternative Exchange (AltX) as a stepping-stone to bigger things, including graduating to the main bourse of the JSE. Capital structure is arguably at the core of modern corporate finance, and a simple capital structure as a form of competitive strategy, as fewer physical assets contribute to organisational flexibility, and as a result, small firm owners often weigh the benefits of expansion against the benefits of remaining small. Performance evaluation is an important tool in continuously improving performance in order to stay competitive. Performance evaluation and benchmarking positively forces any business to constantly improve and evolve. Benchmarking a firm’s financial results against its own peers or industry averages enables management to identify the relative strength and weaknesses of the firms and as a result, ensure better future planning. Data envelopment analysis (DEA) is a non-parametric linear programming technique that computes a comparative ratio of outputs or inputs for each unit, which is reported as the relative efficiency score. DEA assists in identifying areas in which a firm has strengths and weaknesses (relative to competition) and when improvements are needed (relative to peers). DEA can indicate the level of improvement required, and provides a consistent and reliable measure of managerial or operational efficiency. A two-stage DEA model was developed to benchmark performance in terms of value creation in the first stage, and in the second stage, share price performance. The study was designed to evaluate companies at operating level (day-to-day activity) as well as company level. In addition to the two-stage model, a single stage model was developed as a separate analysis in terms of output maximisation regarding share prices. As far as could be determined, it was the first time this type of research was done on South African companies listed on the AltX. Furthermore, the study is the first to apply a benchmarking technique to determine the relative efficiency of companies to convert resources into value-based performance measures and to convert the same measures into share-value. The majority of companies listed on the AltX are not efficient in reflecting company performance in share prices by means of value-based management principles. A very limited number of companies were able to be efficient simultaneously in creating value and reflecting the value created in the share price. Based on the efficiency frontier in terms of value creation, a very limited number of companies listed on the AltX are deemed efficient. The majority of the companies are not able to create value at the levels of the efficient companies. A small fraction of the companies listed on the AltX is deemed efficient based on the efficiency frontier for reflecting value creation in share prices. AltX companies’ share prices have the potential to increase significantly in value, if all companies were efficient in reflecting created value in share prices. Small and medium enterprises should give more attention to value-based management principles in the process to create shareholders’ wealth. In light of the evidence that the value creation process must start with educating the management of small and medium enterprises on the concepts and principles of value-based management, it would also be highly recommended that small and medium enterprises should make value-based management part of the business’ strategies and goals. Small and medium enterprises must identify and manage key value drivers. This process is not a generic process, as each business is unique in its own way. It is important for management to understand the key value drivers in order to get employees to understand them. The management of small and medium enterprises are warned against a short-term value maximisation focus at the expense of long-term shareholder value creation. Any reward and recognition system should not reward short-term benefits, but rather should focus on long-term, sustainable initiatives, that will create value in the long run to the benefit of all stakeholders involved. / PhD (Business Administration), North-West University, Potchefstroom Campus, 2015

Purpose This paper analyses the use of marketing metrics and marketing information and metrics contained in 2006/7 annual reports of companies listed on the Johannesburg Stock Exchange. The assumption is that the annual reports are the vehicle whereby listed companies communicate to their shareholders and other stakeholder constituencies. Methodology The assessment criteria is based on Ambler’s (2003) suggested marketing metrics and qualitative data is based on a checklist compiled from various academic sources. The elements which are assessed pertain to brand equity, other customer metrics, segmentation, competition, innovation and environmental and strategic aspects. The information obtained is compared to information required by investors and rating is done based on a grand total maturity. Findings Research results indicate that the use of quantitative metrics and qualitative data is very limited. The majority of companies display a lack of information pertaining to marketing. The results reflect a bi-modal tendency. Half (53%) of the companies do not provide any or poor information on their brand whereas 26% of companies supplied good and excellent information. The grand total score indicates that nearly two thirds (60%) of companies obtain a score of less than 50%, providing insufficient information. On the other hand, 27% of companies provide good and excellent information. Segmentation metrics are generally not reflected in annual reports, neither are competitors. Innovation and environmental aspects influencing market trends are covered by two thirds, however a third provides insufficient information. Other findings include that no standard reporting format exists. Information pertaining to marketing is spread throughout the annual reports. None of the companies provide a glossary of marketing definition or brand terminology. Research implications More in-depth research needs to be conducted on various industry sectors and amongst investors as to their needs. Originality/ value The paper is of value to corporate executives, marketing and communication practitioners who seek to improve communication and to convey optimal information for the investment community. The aim is to stimulate executive management to revise their relationship towards customers, the brand, marketing strategy and investors. / Graduate School of Business Leadership / MBL

現代工商企業之經營，需要極其龐大資金，其資金來源，每難為少數個人所能完全供 應，其最理想之途徑莫過於籌集社會大眾閒置之資金，將其導入生產企業，股份有限 公司乃隨之應運而生，唯其因係以聚集多數人資金，以形成大資本為目的、股東人數 眾多且變動無常，是不宜將公司業務執行重任置於股東之上，而須專設法定必備之業 務執行機關以負責推展公司業務，此即所謂企業所有與企業經營分離之原則，乃股份 有限公司本質之所在。 在企業所有與經營分離之原則下；為貫徹加強董事會職權，及縮減股東會職權之旨意 ，在此二者權限分配上，即採取列舉股東會權限，而將未列舉之事項，全數劃歸董事 會，足見董事會實已為股份有限公司組織中最重要機構，且掌握公司經營大權。又現 行公司法開於公司業務固係採董事會集體執行制，但其構成份子仍為董事，因其有權 參與公司業務之決議。就此點而言，董事顯為董事會中個別的業務執行機關。且徒有 董事會之決策不足以自行，仍須有賴於個別董事加以貫徹，是董事於公司業務不唯參 與決策且負實際之執行工作，其地位尤其重要，且其權亦日趨擴張，唯有權者必然有 濫權之虞，是公司法在強化董事會及董事職權之餘，亦同時課以各種相當之義務，以 明確界定其權責，俾使業務之執行納入正軌，發揮企業管理與經營之高度效能，以因 應商場上之瞬息萬變，藉求發展，而股東亦得均霑其利益。 本文共八章，先就董事在組織上之定位乃至董事之各種義務與責任，逐章討論，最後 以董事責任之救濟作結。茲就各章要點簡述如下： 第一章 緒論 就董事在股份有限公司組織上之定位，董事與公司之法律關係，以及 董事對公司應盡之各種義務、先作介紹。 第二章 股份有限公司之組織 股份有限公司為法人，其本身不能為任何行為，如有 為行為之必要，則須藉助自然人之行為，此自然人即屬公司機關，股份有限公司之常 設機關有三，即股東會、董事會及監察人，其中又以董事會最為重要，本章即就董事 會制度之建立，董事之職權，略加介紹，並就其與股東會及監察人之關係，一併說明 ，最後論及企業所有與經營分離之原則。 第三章 董事之注意義務與責任 董事與公司間，因屬有償委任關係，是其在執行業 務、依法應負較高之善良管理人之注意義務，亦即以有相當思慮經驗之人為標準、在 日常生活中注意週到之程度，另董事基於董事會成員之地位，對於其他董事執行公司 業務之妥當與否，亦應以善良管理人之注意負監督之責。否則，董事若未盡此等注意 義務致生損害於公司或他人，應負損害賠償責任。唯董事若忠實地為公司謀利，且己 盡相當之注意，仍不免因判斷錯誤，致生損害於公司，則不宜遽以未盡注意義務為由 ，令董事負賠償責任，以免對董事經營行為造成不當限制，有礙公司之營展。 第四章 董事之忠實義務與責任 董事之忠實義務，在我國公司法並無明文規定，該 國學者見解亦未盡一致，通說則持肯定董事忠實義務為獨立義務類型，且有其存在重 要性。其內容主要係指服從監督義務、導守法令義務以及積極公開義務。 第五章 董事之競業禁止義務與責任 董事參與公司業務之執行，對公司之營業狀況 知之甚詳，為避免董事個人與公司利益衝突並保障公司股東利益，對董事從事與公司 之營業項目相近之競業行為，自應予限制，唯董事從事競業行為並無損於公司利益之 虞，且徵得股東會許可，既對社會整體經濟有益，自無強加限制必要。是現行法仿多 數法例，對董事競業行為採股東會許可為其合法化之條件，本章就違法競業行為之要 件、股東會之許可乃至違法行為之效果，遂項討論。 第六章 董事之說明義務與責任 董事經股東會選任，負責執行公司業務，獨攬公司 之經營權，其經營之損益情形，關係股東權益至鉅，股東自有權關心與了解、董事為 取信於股東會，對公司之財務與營業情形，負有說明義務，發現公司有受重大損害之 虞，並應立即向監察人報告。另公司營業會計處理上均有其一致性原則，非有正當理 由，不得任意變更，俾使公司會計制度建全，避免董事藉利益操作圖利私人，或圖隱 藏其經營責任，是此會計一致性原則若有變更之必要，須向股東會說明變更理由，否 則，其違法變更或未盡說明義務，致生損害、應向公司負損害賠償責任。 第七章 公司經營者之社會責任 公司固以追求利潤為目的，唯就社會整體經濟之觀 點、公司既取之於社會者多，自應有所回饋於社會大眾，以善盡其社會一份子之責任 ，在積極面、創造社會更多之財富，消極方面，則應避免製造諸如環境污染、物價上 漲及工廠噪音等社會問題，本章即就其社會責任分經濟與非經濟，法律上及道德上之 責任，並就其範圍，分別以其對股東、債權人、勞動者、消費者以及對地域住民等之 責任，遂一加以探討。 第八章 結論

Problem: Begreppet CSR har fått allt mer uppmärksamhet. Företagen tycks vara måna om att skydda sitt rykte och undvika händelser som kan skada deras bild som ett ”socialt ansvarsfullt företag”. Det råder i dagsläget ingen klarhet över hur pass allvarligt ett företag bestraffas av sina aktieägare när de missköter sitt sociala ansvar.  Syfte: Syftet med uppsatsen är att se hur den svenska finansiella marknaden reagerar på företag som missköter sitt sociala ansvar. Resultatet kan hjälpa företagen att ta ett mer välgrundad beslut kring resursfördelningen mellan vinstdrivande investeringar och CSR-drivna projekt. Resultatet kan även hjälpa investerare att på ett tydligare sätt kunna förutse vad som sker med deras aktier vid händelser som påverkar företagets CSR-image. Metod: En event studie kommer att utföras för att se om företagets aktie ger en abnormal avkastning. Publiceringen av noggrant utvalda händelser i någon av de tre tidningarna Expressen, Aftonbladet & Dagens Nyheter kommer att användas som händelsedatum. Ett t-test kommer att testa om den abnormala avkastningen kan bekräftas genom en dubbelsidig hypotesprövning. Slutsats: Nollhypotesen för de 30 utvalda händelserna kunde inte förkastas, vilket innebär att ingen signifikant abnormal avkastning uppstod vid publiceringen av nyheter som berörde företagens sociala misskötsel. Den finansiella marknaden reagerade alltså inte på sådana händelser. Slutsatsen blir därför att investerare är rationella aktörer som tycks ignorera händelser som inte berör företagets förmåga att skapa avkastning till dem.

La délégation du pouvoir de gestion aux administrateurs et aux gestionnaires, une caractéristique intrinsèque à la gestion efficace de grandes entreprises dans un contexte de capitalisme, confère une grande discrétion à l’équipe de direction. Cette discrétion, si elle n’est pas surveillée, peut mener à des comportements opportunistes envers la corporation, les actionnaires et les autres fournisseurs de capital qui n’ont pas de pouvoir de gestion. Les conflits entre ces deux classes d’agents peuvent émerger à la fois de décisions de gouvernance générale ou de transactions particulières (ie. offre publique d’achat). Dans les cas extrêmes, ces conflits peuvent mener à la faillite de la firme. Dans les cas plus typiques, ils mènent l’extraction de bénéfices privés pour les administrateurs et gestionnaires, l’expropriation des actionnaires, et des réductions de valeur pour la firme. Nous prenons le point de vue d’un petit actionnaire minoritaire pour explorer les méchanismes de gouvernance disponibles au Canada et aux États‐Unis. Après une synthèse dans la Partie 1 des théories sous‐jacentes à l’étude du pouvoir dans la corporation (séparation de la propriété et du contrôle et les conflits d’agence), nous concentrons notre analyse dans la Partie 2 sur les différents types de méchanismes (1) de gouvernance interne, (2) juridiques et (3) marchands, qui confèrent du pouvoir aux deux classes d’agents. Nous examinons comment les intérêts de ces deux classes peuvent être réalignés afin de prévenir et résoudre les conflits au sein de la firme. La Partie 3 explore un équilibre dynamique de pouvoir corporatif qui cherche à minimiser le potentiel d’opportunisme toute en préservant une quantité de discrétion suffisante pour la gestion efficace de la firme. Nous analysons des moyens pour renforcer les protections des actionnaires minoritaires et proposons un survol des pistes de réforme possibles. / The delegation of power to corporate directors and officers (Insiders), an essential trait of modern firm management in the context of capitalism, presents desirable efficiency advantages. However, it also confers broad discretion to Insiders . This discretion, when unchecked, may lead to self‐interested opportunistic behaviour detrimental to the firm and to the outside shareholders (Outsiders) who supply finance to the firm but do not have management power. Conflicts between Insiders and Outsiders may emerge from either general governance decisions or from particular transactions (ie. takeovers). In extreme cases, these conflicts can lead to the bankruptcy of the firm or, in more typical cases, to the extraction of private benefits for Insiders, shareholder expropriation and value‐reducing actions for the firm. We take the perspective of an outside shareholder to explore corporate governance mechanisms available in the US and Canada. After reviewing in Part 1 the core theories underlying the study of power in the modern corporation (separation of ownership and control and agency conflicts), we focus in Part 2 on the (1) internal governance, (2) regulatory and (3) market mechanisms through which both Insiders and Outsiders draw power. We examine how Outsiders can harness these mechanisms to check Insiders, as well as to prevent and resolve various types of conflicts. In Part 3, we explore a corporate power equilibrium that helps to minimize Insider opportunism, while reserving sufficient Insider discretion for effective firm management. We make the case for strengthening protections for shareholders and provide an overview of potential legislative reform paths.

No description available.

Particular cases of statutory secondary liability in the law of limited companies are relatively frequent. Forasmuch as a publication providing comprehensive analysis of the subject matter is still missing, the aim of the thesis is to offer thorough treatise of the issue in its whole broadness. The first chapter analyses the secondary liability as the institution of the general law of obligations. Fundamental features of the secondary liability are pointed out and respective rights and duties of the relevant parties are outlined. The issue of subrogation, joint secondary liability, termination of the secondary liability and statutory bar of the rights arising therefrom are discussed. The second chapter deals with the statutory secondary liability of the members (shareholders) of the limited companies. The thesis shows that both debts and claims of company may be subject to secondary liability of its shareholders. The third chapter focuses on the statutory secondary liability of the members of company bodies (directors). Besides primary liability for the harm caused, the company law punishes the director's failure to observe his or her duties by means of secondary liability for the company's debts as well. Particular cases are critically analysed. The fourth chapter concentrates on the statutory...

O Estado precisa de recursos para realizar suas atividades e tais recursos são obtidos dos cidadãos através de tributos que por eles são pagos. O Imposto sobre a renda, como forma de percepção de recursos pelo Estado, permite que seja atingido o princípio da igualdade na tributação dos cidadãos, pois essa é uma das melhores formas de mensurar a capacidade contributiva. No direito tributário, além do conceito de renda-produto e do conceito legalista, a renda pode ser definida como o acréscimo patrimonial existente entre dois períodos e pode ser mensurada, tanto por esse efetivo aumento patrimonial, quanto pelo valor do consumo mais o da poupança nesse período de tempo. Cabe ressaltar que o direito não possui a capacidade objetiva de mensurar tal acréscimo, estabelecendo apenas parâmetros teóricos. Por outro lado, a contabilidade visa reconhecer, aglutinar, mensurar e reportar os fatos modificativos do patrimônio da entidade. Do ponto de vista da ciência da contabilidade, diversas teorias foram estabelecidas para a explicação do fenômeno do patrimônio líquido, sem que houvesse uma teoria que se sobrepusesse às demais ou conseguisse explicar o patrimônio líquido em sua plenitude. Numa fase mais moderna, em decorrência da contabilidade voltada para o mercado de capitais, novas formas foram apresentadas para se definir o valor do patrimônio para a entidade, que também não se estabeleceram de forma definitiva, ainda. Outro ponto a ser destacado é o da crítica feita à qualidade do resultado do exercício apresentado pela contabilidade, principalmente por este estar sujeito à manipulações e interferência direta da administração, com influência direta no valor do patrimônio líquido. Finalmente, conclui-se que a contabilidade ainda não é capaz de expressar o conceito de patrimônio que satisfaça a necessidade do direito tributário para mensurar a renda-acréscimo patrimonial, tampouco pode estabelecer critérios insofismáveis no sentido de criar um conceito maior de riqueza, como o estabelecido, por exemplo, por Hicks. / Government needs resources to execute its duties and these resources are obtained from the taxpayers through taxes. The income tax, as the Government resources\' source, allows taxpayers taxation equality achievement, as it is one of the best ways to measure the ability to pay. In tax law, besides product-income and legal concept, income can be defined as the increse of wealth identified between two periods and might be measured as the effective wealth increase as well as the consumption and saving amounts durind said period of time. It should be noted that the Law does not have the objective to measure such increase, but rather to establish theoretical parameters. On the other hand, accountancy aims to recognize, pool, measure and report the facts that change an entity\'s wealth. From the accounting point of view, several theories were established as to define net equity, but none of them overcame the other nor could define the net equity as a hole. In a more modern phase, due to accounting related to the financial market, new theories were presented to define the entity\'s net equity, which were not definitely established. Another issue to be pointed out is the critic made to the quality of the earnings reported by accounting, mainly for these being subject to manipulation or direct management interference, with direct influence in the net equity value. Finally, it can be concluded that accounting can still not measure the net equity concept which satisfies tax law necessity to measure wealth increase, nor establish indubitable criteria in a manner to create a higher wealth concept, as established, (e.g.) by Hicks.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-07-08T14:56:18Z No. of bitstreams: 1 Henrique Horst da Silva.pdf: 2337183 bytes, checksum: cf073a3f2f72937932fd761ed33e195a (MD5) / Made available in DSpace on 2015-07-08T14:56:18Z (GMT). No. of bitstreams: 1 Henrique Horst da Silva.pdf: 2337183 bytes, checksum: cf073a3f2f72937932fd761ed33e195a (MD5) Previous issue date: 2014-09-24 / Nenhuma / Esta dissertação tem como objetivo aprofundar a relação existente entre o Customer Equity (CE) e o Shareholder Value (SHV) utilizando como base o modelo teórico desenvolvido no artigo Linking Customer and Financial Metrics to Shareholder Value: The Leverage Effect in Customer- Based Valuation. Os Drivers de Valor Internos e Externos das organizações foram acrescentados ao modelo, de modo a explicar as variações no CE, bem como a alocação dos recursos de marketing foi estudada, de modo a maximizar o retorno dos valores investidos. Como resultados, confirmando o trabalho base, o estudo da alocação das despesas de marketing ressaltou a aquisição de clientes como uma estratégia chave para a maximização do CE e, por consequência, no SHV. As despesas de marketing também apresentaram um elevado impacto negativo no SHV, ressaltando a importância do seu correto gerenciamento para as empresas. Neste ponto, os Drivers de Valor mostraram-se uteis, possibilitando a segmentação e a identificação dos clientes mais valiosos para a empresa. / This dissertation aims to study the relationship between the metrics of Customer Equity (CE) and the Shareholder Value (SHV) using as a basis the theoretical model developed in article Linking Customer and Financial Metrics to Shareholder Value: The Leverage Effect in Customer-Based Valuation. Internal and External Drivers of Value of organizations were added to the model in order to explain variations in the CE as well as the allocation of marketing resources was studied in order to maximize the return on invested amounts. As results, the study of the allocation of marketing expenses underscored customer acquisition as a key strategy for maximizing to CE and, consequently, to SHV. Marketing expenses also showed a high negative impact on SHV, emphasizing the importance of their proper management for the companies. At this point, the Drivers of Value proved useful enabling the segmentation and identification of the most valuable customers for the company.

Made available in DSpace on 2016-03-15T19:25:51Z (GMT). No. of bitstreams: 1 Erica Sumoyama Braune.pdf: 1695612 bytes, checksum: 77d29d722c605b6606c7ccbb7676468f (MD5) Previous issue date: 2012-02-08 / Fundo Mackenzie de Pesquisa / Companies are focusing on intangible assets with the intention of gaining competitive advantage. However, there is not a systematic way to calculate them. Gu and Lev (2003; 2011) propose a model of measurement of intangible assets, where the company's economic performance is generated by physical, financial and intangible assets. Based on this proposal, we calculate the Intangible Capital (IC) and Intangibles-Driven-Earnings (IDE) for companies in the consumer services sector of the United States according to data availability in the period from 2001 to 2010. We also investigate intangibility indexes proposed by Lev (1999); Gu e Lev (2003) and their relationship with value creation to shareholders. So we intend to provide a response to the following survey problem: Which is the influence of intangible assets on the value creation of consumer services companies? Based on a panel data, results show that the Comprehensive Value (CV) has a positive and significant relationship with the market value of firms and that there Intangible Capital (IC) and Intangibles-Driven-Earnings (IDE) are positively related to Research and Development (RD) and Capital Expenditure (CAPEX), financial variables that are commonly used to measure intangibles. In addition, we found most of the indices of intangibility have positive and significant relationship with the total shareholder return, showing they can be good indicators of intangibility. / As empresas estão focando nos ativos intangíveis com a intenção de obter vantagem competitiva. Contudo, não há uma forma sistemática de calculá-los. Gu e Lev (2003; 2011) propõem um modelo de mensuração dos ativos intangíveis, onde o desempenho econômico da empresa é gerado por ativos físicos, financeiros e intangíveis. Baseado nessa proposta nós calculamos o Intangible Capital (IC) e o Intangibles-Driven-Earnings (IDE) para empresas do setor de serviços ao consumidor dos Estados Unidos de acordo com a disponibilidade de dados no período de 2001 a 2010. Também investigamos os índices de intangibilidade propostos por Lev (1999); Gu e Lev (2003) e sua relação com a criação de valor aos acionistas. Assim pretendemos responder ao seguinte problema de pesquisa: Qual a influência dos ativos intangíveis na criação de valor de empresas do setor de serviços ao consumidor? Baseado no modelo de dados em painel, os resultados mostram que o Comprehensive Value tem uma relação positiva e significante com o valor de mercado das empresas e que o Intangible Capital (IC) e o Intangibles-Driven-Earnings (IDE) são positivamente relacionados com as variáveis de pesquisa e desenvolvimento (RD) e dispêndio de capital (CAPEX), variáveis financeiras que são comumente utilizadas para medir os intangíveis. Além disso, verificamos a maioria dos índices de intangibilidade, possuem relação positiva e significante com o retorno total ao acionista, mostrando que podem ser bons indicadores de intangibilidade.