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This paper aims to analyze the impact of intellectual capital (IC) on Brazilian companies’ sustainable value creation (VC).

An empirical study was performed using descriptive and multivariate statistics based on the finance, strategy and IC theories. This research is quantitative, explanatory, descriptive, applied and ex post facto and uses traditional economic-financial variables (derived from financial statements – FSs) linked to two established frameworks for IC analysis: the market-to-book ratio (IC-INDEX) and the MVAIC, a variation of the value-added intellectual coefficient (VAIC™).

The findings showed that the IC estimated through the IC-INDEX and the MVAIC frameworks is directly related to the VC of Brazilian companies throughout the entire period and revealed a consistent effect in all time frames analyzed. Both models were robust and complementary in assessing the company’s VC and sustainability. The conclusion shows that IC is the most relevant factor in explaining VC and its continuity over time, regardless of other traditional variables used to study the phenomenon.

From a theoretical perspective, this study contributes to mastering the understanding of the subject by applying two important IC measurement frameworks to explain sustainable VC over time and examining the problem in the Brazilian market – paving the way for future investigations.

This study provides users of accounting and financial information and other market agents with a better understanding of the VC process and the central role of IC in this process. These findings suggest that these asset investments tend to be more qualified to create corporate wealth for shareholders and other stakeholders. Such a result can help improve decision-making processes, besides generating competitive benchmarking and assisting them in financial analysis and resource allocation in the economy.

The uniqueness of the research arises from applying two important IC measurement frameworks (IC-INDEX and MVAIC) simultaneously to explain sustainable VC over time and the analysis in a relevant and complex emerging market – both issues are unexplored in the literature.

This paper aims to analyze the economic-financial performance (EFP) and value creation (VC) in the Brazilian construction industry.

Based on the theories of strategy and finance, a quantitative-qualitative, descriptive and explanatory and applied study was carried out, contrasting the performance of the Direcional company and the civil construction industry – both listed on the Brazilian Stock Exchange and the Over-the-Counter Market (B3)

The analysis of the EFP in the Brazilian construction industry shows that EZTEC, Helbor, Trisul and Direcional were the companies with the best EFP in the period. The analysis of the Economic Value Added (EVA®, henceforth EVA), as a VC metric and basis for assessing the relative technical efficiency score by Data Envelopment Analysis (DEA®, henceforth DEA), revealed that the companies Direcional, EZTEC, MRV and CR2 were considered efficient throughout the period covered. The multicriteria methodology for empirical testing of the EFP and VC allowed not only contrasts Direcional's results with the other companies of the construction industry but also offered a complementary tool for comparative analysis of enterprises of different sizes, structures and realities.

Regardless of any contextual limitations, from a theoretical point of view, the research not only helps fill the research gap aforementioned but also expands knowledge on the topic and demonstrates how this multi-criteria methodology (integrating DEA and EVA) can be used to assess EFP and VC in addition to traditional tools. However, this new approach evaluates, at the same time, corporate and sectorial effectiveness by contrasting the efficiency and efficacy (simultaneously) in the generation of performance and value of a company in relation to the industry.

Significant implications for managerial practice could be noted by offering a tool to improve company performance and creating a competitive benchmarking process for analysts, investors, managers, financing agencies, shareholders, policymakers and business owners, as well as organizations and sectors in similar situations – who need to assess the EFP and VC holistically and improve their decision-making processes.

The uniqueness and innovation of this research come from the original multi-criteria methodology developed, applied and validated for analysis of EFP and VC. This methodology was operationalized through DEA applied to the companies' EVA, making it possible to compare corporate results and those of the whole industry in a balanced way – an unexplored issue in the literature, especially in emerging economies, opening several avenues for future research.

Este artículo tiene como objetivo analizar el desempeño económico-financiero (DEF) y la creación de valor (CV) en la industria de la construcción brasileña.

Con base en las teorías de estrategia y finanzas, se realizó un estudio cuanti-cualitativo, descriptivo, explicativo y aplicado, contrastando el desempeño de la empresa Direcional y de la industria de la construcción civil, ambas cotizadas en la Bolsa y Mercado Extrabursátil Brasileña (B3).

El análisis de la DEF en la industria de la construcción brasileña muestra que EZTEC, Helbor, Trisul y la Direcional fueron las empresas con el mejor desempeño en el período. El análisis del Valor Económico Agregado (en adelante EVA), como métrica de CV y base para evaluar el puntaje de eficiencia técnica relativa mediante Análisis Envolvente de Datos (en adelante DEA), reveló que las empresas Direcional, EZTEC, MRV y la CR2 se consideraron eficientes durante todo el período cubierto. La metodología multicriterio para pruebas empíricas de la DEF y CV permitió no sólo contrastar los resultados de la Direcional con los de otras empresas del sector de la construcción, sino que también ofreció una herramienta complementaria para el análisis comparativo de empresas de diferentes tamaños, estructuras y realidades.

La singularidad y la innovación de esta investigación provienen de la metodología original multicriterio desarrollada, aplicada y validada para el análisis de DEF y CV. Esta metodología fue operacionalizada a través de DEA aplicado al EVA de las empresas, permitiendo comparar los resultados corporativos y los de toda la industria de manera equilibrada – un tema inexplorado en la literatura, especialmente en las economías emergentes, abriendo varias vías para futuras investigaciones.

Independientemente de las limitaciones contextuales, desde un punto de vista teórico, la investigación no solo ayuda a llenar el vacío mencionado anteriormente, sino que también amplía el conocimiento sobre el tema y demuestra cómo esta metodología multicriterio (integrando DEA y EVA) puede utilizarse para evaluar el DEF y CV además de las herramientas tradicionales. Sin embargo, este nuevo enfoque evalúa, al mismo tiempo, la efectividad corporativa y sectorial contrastando la eficiencia y eficacia (simultáneamente) en la generación de desempeño y valor de una empresa en relación con la industria.

Se podrían observar implicaciones significativas para la práctica gerencial al ofrecer una herramienta para mejorar el desempeño de la empresa y crear un proceso de evaluación comparativa competitivo para analistas, inversionistas, gerentes, agencias financieras, accionistas, formuladores de políticas y propietarios de negocios, así como organizaciones y sectores en situaciones similares, que necesitan evaluar el DEF y el CV de manera integral y mejorar sus procesos de toma de decisiones.

One of the main contemporary challenges in organisations is finding ways of measuring their intellectual capital (IC), and its effects on competitiveness and financial sustainability. The purpose of this paper is to analyse the influence of IC on the long-term financial performance of Brazilian companies.

Considering that previous studies have not been able to explain the role of IC in financial sustainability (measured by long-term corporate performance), this paper attempts to fill this gap by means of a quantitative, descriptive and applied study. Based on the theories of knowledge management, accounting and finance, the authors have undertaken a study of the companies listed on the BM&FBovespa, based on secondary data, using a multi-industrial cut, over the period 2005 to 2014, using descriptive and multivariate statistics.

The analysis supports three major conclusions: IC influences positively the profitability and corporate return of these companies; the more intangible-intensive public companies listed on the BM&FBovespa demonstrate higher financial sustainability than the others, in terms of profitability and corporate return, either individually, globally or by industry; and that IC helps increase financial performance, systematically, over time.

Contributions of the following types were sought: theoretical (increasing an understanding of the effects of IC on business performance from a long-term perspective – an understanding that is still only incipient in the management literature); and empirical (increasing an understanding of the role of IC in the differentiation of companies, in organisational profitability and on the return on applications of resources).

The original proposal for the measurement of financial performance presented in this paper proved to be valid and consistent, complementing what is known about the subject under examination, contributing to the improvement of management theory and practice and providing a competitive benchmarking process. This can make it possible for company analysts or managers to evaluate their company in relation to its industry or its market as a whole by means of such indicators, individually or combined with other quantitative or qualitative metrics.

The results of this research reduce a gap in the management and accounting literature, as they shed light on the performance measurement process. In addition to the range and depth of the statistical tests carried out, attention should be drawn to the originality of the proposal presented in this paper. This facilitates the measurement of the effects of IC on financial performance through the selection and application of specific indicators for the assessment of the contribution of IC to organisational results.

This paper aims to analyze the role and performance of different artificial intelligence (AI) algorithms in forecasting future movements in the main indices of the world’s largest stock exchanges.

Drawing on finance-based theory, an empirical and experimental study was carried out using four AI-based models. The investigation comprised training, testing and analysis of model performance using accuracy metrics and F1-Score on data from 34 indices, using 9 technical indicators, descriptive statistics, Shapiro–Wilk, Student’s t and Mann–Whitney and Spearman correlation coefficient tests.

All AI-based models performed better than the markets' return expectations, thereby supporting financial, strategic and organizational decisions. The number of days used to calculate the technical indicators enabled the development of models with better performance. Those based on the random forest algorithm present better results than other AI algorithms, regardless of the performance metric adopted.

The study expands knowledge on the topic and provides robust evidence on the role of AI in financial analysis and decision-making, as well as in predicting the movements of the largest stock exchanges in the world. This brings theoretical, strategic and managerial contributions, enabling the discussion of efficient market hypothesis (EMH) in a complex economic reality – in which the use of automation and application of AI has been expanded, opening new avenues of future investigation and the extensive use of technical analysis as support for decisions and machine learning.

The AI algorithms' flexibility to determine their parameters and the window for measuring and estimating technical indicators provide contextually adjusted models that can entail the best possible performance. This expands the informational and decision-making capacity of investors, managers, controllers, market analysts and other economic agents while emphasizing the role of AI algorithms in improving resource allocation in the financial and capital markets.

The originality and value of the research come from the methodology and systematic testing of the EMH through the main indices of the world’s largest stock exchanges – something still unprecedented despite being widely expected by scholars and the market.

The purpose of this paper is to propose a theoretical-conceptual model supporting the analysis of the effects of small- and medium-sized enterprises (SMEs) networks on knowledge management (KM) and intellectual capital (IC).

The paper reviews literature on KM, IC and networks theories. The role of SMEs networks on KM and IC was discussed, analysing previous studies that supported the proposition of the model in question. In such model SMEs networks are seen as knowledge networks which are analysed in terms of the network formation process, the context, the strategy, the organisational culture and the stimuli for the sharing of knowledge. KM is observed in terms of knowledge creation, systematisation and sharing. Finally, IC encompasses human capital, structural capital and relational capital. It is noteworthy that KM and IC were considered deeply and closely related.

The conclusions obtained help to fill an important gap in the management, accounting, KM and IC literature, showing that the processes of creating, acquiring, maintaining, systematising and sharing information and knowledge and IC generation in SMEs networks can be influenced by the network formation process, by the organisational context, as well as by the strategy, organisational culture and stimuli to sharing knowledge.

The paper provides a theoretical contribution by increasing understanding of the effect of SMEs networks on KM and IC practices – an understanding still at the early stages in the literature. Moreover, the originality of the model proposed extends the relevance of this research, as the literature does not contain a sufficiently established and tested approach that simultaneously provides a clear view of the relations between SMEs, networks, KM and IC, highlighting how SMEs can use networks as a strategy to achieve a more effective management of the knowledge assets forming IC. So, the paper offers several avenues for future research.

Based on previous empirical research, it was perceived that the original model presented in this paper is consistent, collaborating to improve management practice, providing a competitive benchmarking process. This can allow analysts, managers and other decision makers, by using SMEs networks to improve organisational performance, innovation, sustainability, competitiveness and value.

The paper presents an innovative theoretical-conceptual model focussed on the role of SMEs networks on KM and IC, indicating a strong link between the former and the latter in such enterprises in terms of performance, innovation, sustainability, competitiveness and value, an issue whose understanding, although quite relevant, is still incipient in the literature.

This paper aims to analyze the role of a knowledge-based network (k-network) in the intellectual capital (IC) and organizational performance of Brazilian small and medium-sized enterprises (SMEs).

This paper presents a descriptive, qualitative and applied case study, developed taking into account the theories of strategy, IC, networks and finance to analyze the relationship between k-network and the generation of IC and organizational performance in a multifocal perspective (observed in terms of financial and marketing results, efficiency and efficacy and innovation and competitiveness) in Brazilian SMEs.

The findings showed that k-network plays a crucial role in the generation of the IC and improvements in organizational performance in SMEs. In addition, the results revealed the strategic relevance of the relationship between people and enterprises to master the process of creation and sharing information and knowledge in the analyzed network. Taken as a whole, the conclusions demonstrated the establishment of IC (in its three dimensions) as a consequence of the strategic association of SMEs in k-network, as well as the mediation role of IC as a way to promote improvements in organizational performance, considering the observed amelioration in financial results, marketing growth, efficiency, efficacy, innovation and competitiveness.

This research provides theoretical contributions by broadening knowledge of the practical relationship between k-network, IC and the multifocal perspective of SMEs organizational performance – a relevant and underexplored issue in the literature, offering several avenues for future research.

The results highlight the economic, political and social relevance of SMEs and the strategic use of k-network to overcome SMEs organizational, financial and managerial difficulties. In such context, analysts, managers, businesspeople and other decision-makers are expected to use this type of network to improve the IC, in its human, relational and structural dimensions, mastering companies’ knowledge and sustainable organizational performance.

The paper fills a significant research gap, revealing how k-networks can and should be used as a deliberate strategy by SMEs to create, acquire, use, absorb and share information and knowledge, as well as to generate IC, thus providing organizational, financial, innovative and competitive benefits to these enterprises and their network.

The purpose of this paper is to analyze the influence of intellectual capital (IC) on sustainable economic and financial performance (EFP) and value creation (VC) in Brazilian companies.

Based on finance and accounting theories, a quantitative and descriptive long-term study was carried out in the companies listed on the Brazil Stock Exchange and Over-the-Counter Market (B3), covering 20 years period.

The results indicate that IC positively influences profitability, corporate return and organizational value sustainably; the most intangible-intensive Brazilian companies listed on B3 presented more robust results than the least intangible-intensive; and IC contributes to a systematic increase in EFP and VC over time.

Using a well-established metric, the IC-INDEX, the IC and its effects were measured, obtaining theoretical contributions (expanding the understanding of the IC influence in sustainable EFP and VC from a long-term perspective – one subject still unexplored in the literature); and empirical (increasing the understanding of the IC’s role as a driver of competitiveness, performance and organizational value).

This study increases the understanding of the theoretical and practical effects of IC, also providing a competitive benchmarking process to access sustainable EFP and VC of companies and their industries.

The originally applied and validated proposal extends existing theory by offering a set of indicators to scale the contribution of IC to competitiveness from the perspective of long-term (historical) corporate outcomes.