A eficiência do capital intangível em empresas de concessão de rodovias brasileiras

Abstract

As a strategic part for the business of public highway concession companies, the recognition of the technical efficiency of the intangible assets of concession contracts (external intangibles), added to the indices of the components of the adjusted Intellectual Capital (VAICTM) value aggregation model ( internal intangibles), relating to the interests of stakeholders, is used as a criterion for analyzing the competitiveness and value of the company. This work intends to understand the effective development of external intangible assets, added to internal intangible assets related to the efficiency of Net Operating Profit (LLO). The research aims to analyze investments in intangible assets acquired externally or produced internally that affect the efficiency of competitive advantage. To carry out this research, financial information was used from the annual reports of the financial statements and the balance sheet of 14 concessionaires listed on BM&FBovespa, referring to the years 2019 to 2021. For the analysis, the non parametric technique of Data Envelopment Analysis was applied (DEA). The results showed a weak negative correlation between the inputs of the variables analyzed by the DEA, this justifies the excess demands on the inputs identified by the model that characterize the non efficiency of some variables. To meet the general objective, the model pointed out that relational, human and structural capital (internal intangibles) have an impact on the performance of the Intangible Assets of concession contracts (external intangibles) of the companies studied and affects the efficiency of competitive advantage. Given this, the efficient result in generating profit through effective investments in internal and external intangible assets was achieved. Thus, the company Anhanguera Bandeirante S.A, was the only company among the 14 analyzed to achieve efficiency in all DEA models both at input and output. In this sense, it was observed that the factors Human Capital (HC) and Structural Capital (CE) were decisive in the research in projecting technical efficiency, oriented towards output in maximizing the result measured by Net Operating Profit (LLO). The research contributes to a differentiated approach in associating the added value components of the VAIC™ model adjusted with the amount of investment in intangible assets of public highway service concession contracts. Furthermore, it contributes to expanding the analysis beyond human capital, covering other value components, in order to consider the efficiency of different types of inputs (Research and Development and Information Technology) in creating value for the output (LLO).