O Efeito Moderador da Recuperação Judicial na Relação entre a Eficiência dos Capitais Intangíveis e o Fluxo de Caixa Livre das Companhias Abertas Brasileiras

Abstract

Objective: To examine the moderating influence of the Judicial Recovery process on the relationship between the efficiency of intangible capital and the Free Cash Flow (FCL) of publicly traded corporations listed on the Brazilian Stock Exchange (B3). Methodology: The research methodology is quantitative and descriptive, based on document analysis of financial statements from companies listed for eight quarters before and after the judicial process, with all data obtained from the Refinitiv® database. The efficiency of intangible capital is measured using the theoretical model Modified Value-Added Intellectual Capital Coefficient (MVAIC), applied to the audited company data in both scenarios regarding FCL. The data were processed using unbalanced panel data, with the binary variable of judicial recovery being present in 12 companies in the sample. Originality: This study innovatively examines the comprehensive effect of intangible capital efficiency, measured by MVAIC, on the FCL of publicly traded companies moderated by the judicial recovery process. Results: The analysis demonstrated with statistical significance that human capital efficiency (HCE) and MVAIC positively influence FCL in a standard scenario, whereas this relationship reverses under the moderation of the judicial recovery process, with these same dimensions showing a negative effect on FCL. Contributions: The analysis of the proposed relationship provides valuable insights for decision-makers, stakeholders, and investors in companies facing or on the verge of judicial recovery, assisting in the proper management of investments and the efficiency of intangible capital, and its direct impact on FCL, particularly during critical periods of internal financial instability. Limitations and Suggestions for Future Research: The limitations of the study are related to the cautious application of MVAIC as a measure of intangible capital efficiency and the use of an unbalanced data model. Future studies are encouraged to evaluate this moderation in distinct scenarios, including at an international level, and to use other company performance indicators or direct methodologies for assessing the entity's intangible capital.