The impact of investment in intellectual capital on firms’ profitability

Abstract Purpose: This study investigates the effect of investment in intellectual capital and its components on performance Brazilian companies listed Brasil, Bolsa, Balcão (B3) exchange. More specifically, we examine whether a positive relationship exists between proxies for intellectual, structural, human, invested firms’ return assets equity. Originality/value: differs from those Richieri (2007), Turra et al. (2015), Brizolla (2015) by using panel data static dynamic econometric regression models to analyze performance. It also Nadeem (2018) equity measure Design/methodology/approach: We estimated two equations employing estimators (static OLS fixed effect) (dynamic GMM), as proposed (2018). performed strict exogeneity tests ascertain need use models. Thus, first equation analyzed future (measured ROA ROE). In contrast, second investigated impact invested, human these same indicators. Findings: The results indicate companies. addition, all are significant increasing returns