A carregar...
Publicação
A relação entre o capital intelectual e o desempenho financeiro no setor farmacêutico europeu e norte-americano
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 1.68 MB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
Atualmente, as empresas estão cada vez mais cientes da importância de explorar os seus
recursos intangíveis como estratégia para obter vantagem competitiva. Entre esses
recursos, destaca-se o Capital Intelectual (CI), uma das principais fontes de eficiência
organizacional e maximização de valor. Assim, é expectável que indústrias intensivas em
conhecimento, como a farmacêutica, atinjam melhores níveis de eficiência, dada a sua
forte dependência de ativos incorpóreos.
A maioria destes recursos enquadra-se na esfera do CI, descrito na literatura como
composto por diferentes dimensões de intangíveis. A sua eficiência é mensurada
sobretudo através do método Value Added Intellectual Coefficient (VAICTM), que
considera três componentes: a Eficiência do Capital Humano (HCE), a Eficiência do
Capital Estrutural (SCE) e a Eficiência do Capital Empregue (CEE).
O presente estudo avalia o impacto destas componentes no desempenho financeiro,
medido pelos indicadores Return on Assets (ROA) e Return on Equity (ROE), de
farmacêuticas europeias e norte-americanas. Esta escolha deve-se ao facto destas
organizações representarem os principais núcleos do setor farmacêutico mundial, apesar
da literatura existente sobre o impacto do CI nestes contextos ser ainda limitada. Para tal,
foram utilizados Modelos de Regressão Linear Múltipla (MRLM) e uma amostra de
empresas ativas e cotadas em bolsa.
Os resultados refletem efeitos positivos e significativos do SCE e do CEE na
rentabilidade, confirmando as hipóteses formuladas. Já o HCE revelou uma influência
negativa e não significativa, carecendo de investimentos intensivos e um horizonte
temporal mais amplo para gerar retorno.
Em síntese, conclui-se que a SCE e a CEE são determinantes na performance financeira
do setor farmacêutico europeu e norte-americano, salientando a relevância de uma gestão
estratégica dos ativos intangíveis.
Currently, companies are increasingly aware of the importance of exploiting their intangible resources as a strategy to gain competitive advantage. Among these resources, Intellectual Capital (IC) stands out as one of the main sources of organisational efficiency and value maximisation. Thus, it is expected that knowledge-intensive industries, such as pharmaceuticals, will achieve higher levels of efficiency, given their strong dependence on intangible assets. Most of these resources fall within the sphere of IC, described in the literature as comprising different dimensions of intangibles. Their efficiency is measured mainly through the Value Added Intellectual Coefficient (VAICTM) method, which considers three components: Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE) and Capital Employed Efficiency (CEE). This study assesses the impact of these components on the financial performance, measured by Return on Assets (ROA) and Return on Equity (ROE) indicators, of European and North American pharmaceutical companies. This choice is due to the fact that these organisations represent the main hubs of the global pharmaceutical sector, despite the fact that the existing literature on the impact of IC in these contexts is still limited. To this end, Multiple Linear Regression Models (MRLM) and a sample of active, publicly traded companies were used. The results reflect positive and significant effects of SCE and CEE on profitability, confirming the hypotheses formulated. HCE, on the other hand, revealed a negative and insignificant influence, requiring intensive investments and a broader time horizon to generate returns. In summary, it can be concluded that SCE and CEE are decisive factors in the financial performance of the European and North American pharmaceutical sector, highlighting the importance of strategic management of intangible assets.
Currently, companies are increasingly aware of the importance of exploiting their intangible resources as a strategy to gain competitive advantage. Among these resources, Intellectual Capital (IC) stands out as one of the main sources of organisational efficiency and value maximisation. Thus, it is expected that knowledge-intensive industries, such as pharmaceuticals, will achieve higher levels of efficiency, given their strong dependence on intangible assets. Most of these resources fall within the sphere of IC, described in the literature as comprising different dimensions of intangibles. Their efficiency is measured mainly through the Value Added Intellectual Coefficient (VAICTM) method, which considers three components: Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE) and Capital Employed Efficiency (CEE). This study assesses the impact of these components on the financial performance, measured by Return on Assets (ROA) and Return on Equity (ROE) indicators, of European and North American pharmaceutical companies. This choice is due to the fact that these organisations represent the main hubs of the global pharmaceutical sector, despite the fact that the existing literature on the impact of IC in these contexts is still limited. To this end, Multiple Linear Regression Models (MRLM) and a sample of active, publicly traded companies were used. The results reflect positive and significant effects of SCE and CEE on profitability, confirming the hypotheses formulated. HCE, on the other hand, revealed a negative and insignificant influence, requiring intensive investments and a broader time horizon to generate returns. In summary, it can be concluded that SCE and CEE are decisive factors in the financial performance of the European and North American pharmaceutical sector, highlighting the importance of strategic management of intangible assets.
Descrição
Palavras-chave
Capital intelectual VAICTM Desempenho financeiro Indústria farmacêutica Intellectual capital Financial performance Pharmaceutical industry