Tangibility and Intangibility in Identification of Persistent Performance: Evidence from the Brazilian Stock Market

Abstract Carvalho, Kayo and Martin (2010) point out that the above-average performance and persistent of an organization can be explained by its ability to properly exploit the resources and skills seen as rare and valuable. This research investigated if persistence of superior performance by Brazilian companies, by sector, can be attributed to tangibility, intangibility, corporate governance levels and the degree of company social responsibility. The sample consisted of Brazilian companies listed on the BM&F Bovespa Brazilian stock exchange and information was collected from the Bloomberg consulting database. We used a dynamic panel approach using the System Generalized of Moments Method (GMM-SYS) from Arellano and Bover (1995) and Blundell and Bond (1998). The results indicate significant evidence that intangibility imposed reductions to the persistence of company performance in most sectors. Tangibility and corporate governance levels have heterogeneous effects on persistent superior performance. Social responsibility levels positively and significantly impact the persistence of superior performance of public companies in Brazil.摘要：卡瓦略（Carvalho）、凯奥（Kayo）与马丁（Martin，2010）指出，组织的超额绩效与持续表现，可通过其合理利用被视为稀缺且具有价值的资源与技能的能力得到解释。本研究旨在探究巴西各行业企业的超额绩效持续性，是否可归因于有形资产、无形资产、公司治理水平以及企业社会责任程度。研究样本涵盖在巴西BM&F Bovespa证券交易所上市的巴西企业，相关信息采集自彭博（Bloomberg）咨询数据库。本研究采用动态面板分析方法，运用阿雷利亚诺与博韦尔（Arellano and Bover，1995）以及布伦德尔与邦德（Blundell and Bond，1998）提出的系统广义矩估计法（System Generalized Method of Moments，GMM-SYS）。研究结果显示，在多数行业中，无形资产会显著削弱企业绩效的持续性；有形资产与公司治理水平对超额绩效持续性的影响具有异质性；企业社会责任水平对巴西上市公司的超额绩效持续性具有显著的正向影响。