![]() Resumo Objetivo: O objetivo do presente estudo é investigar o efeito do investimento em capital intelectual e seus componentes na performance das empresas brasileiras listadas na Brasil, Bolsa, Balcão (B3). In addition, all components of intellectual capital are significant in increasing returns on assets and equity. Findings: The results indicate a positive effect of investment in intellectual capital on the performance of Brazilian companies. In contrast, the second equation investigated the impact of structural, invested, and human capital on these same performance indicators. Thus, the first equation analyzed the effect of intellectual capital on future performance (measured by ROA and ROE). We performed strict exogeneity tests to ascertain the need to use dynamic models. Design/methodology/approach: We estimated two equations employing static estimators (static OLS and fixed effect) and dynamic estimators (dynamic OLS and GMM), as proposed by Nadeem et al. (2018) by using return on equity and return on assets to measure performance. (2015), and Brizolla and Turra (2015) by using panel data and static and dynamic econometric regression models to analyze firms’ performance. Originality/value: This study differs from those of Richieri (2007), Turra et al. More specifically, we examine whether a positive relationship exists between the proxies for intellectual, structural, human, and invested capital and firms’ return on assets and equity. Purpose: This study investigates the effect of investment in intellectual capital and its components on the performance of Brazilian companies listed on the Brasil, Bolsa, Balcão (B3) exchange. This article discusses the major features of the four industrial revolutions, the opportunities of the fourth industrial revolution, and the challenges of the fourth industrial revolution. Although each industrial revolution is often considered a separate event, together they can be better understood as a series of events building upon innovations of the previous revolution and leading to more advanced forms of production. In the third industrial revolution, information technology was used to automate production. Oil and electricity facilitated mass production in the second industrial revolution. (Miller 2015, 3) The first industrial revolution changed our lives and economy from an agrarian and handicraft economy to one dominated by industry and machine manufacturing. The fourth industrial revolution, a term coined by Klaus Schwab, founder and executive chairman of the World Economic Forum, describes a world where individuals move between digital domains and offline reality with the use of connected technology to enable and manage their lives.
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