Table 1. Variables of interest in the... | Emerald Publishing

Table 1.

Variables of interest in the relationship between intangibility and performance

Variables	Metric	Expected relationship	Authors
Dependent variables
Return on assets	(ROA) Operating profit in relation to total assets	Dependent variable	Nascimento et al. (2012), Decker et al. (2013), Kreuzberg et al. (2013), Ritta et al. (2017) and Sprenger et al. (2017)
Operating margin	(OM) Operating profit in relation to the net sales	Dependent variable	Nascimento et al. (2012), Kreuzberg et al. (2013) and Sprenger et al. (2017)
Asset turnover	(AT) Net sales in relation to total assets	Dependent variable	Nascimento et al. (2012), Mazzioni et al. (2014), Ritta et al. (2017) and Sprenger et al. (2017)
Independent variables
Representativeness of the intangible asset	(RIA) Total intangible assets in relation to total assets	Positive	Moura et al. (2014), Luca et al. (2014) and Ritta et al. (2017)
Degree of intangibility	(DI) Total market value of the stocks in relation to net equity	Positive	Kayo (2002), Perez and Famá (2006), Ritta and Ensslin (2010) and Nascimento et al. (2012)
Tobin’s Q	(Tobin) Relationship between the market value of a company plus total debts and the total value of assets	Positive	Villalonga (2004) and Carvalho et al. (2010)
Control variables
Current liquidity	(CL) Relationship between current assets and current liabilities	Positive	Bomfim et al. (2011)
Operational efficiency index	(OE) Relationship between operating cash flow and net income	Positive	Bomfim et al. (2011)
Indebtedness	(IND) Total debt in relation to net equity	Negative	Antunes and Martins (2007), Mazzioni et al. (2014) and Sprenger et al. (2017)
Size	(SIZ) Natural logarithm of total assets	Positive	Mazzioni et al. (2014) and Sprenger et al. (2017)

Variables	Metric	Expected relationship	Authors
Dependent variables
Return on assets	(ROA)Operating profit in relation to total assets	Dependent variable	Nascimento et al. (2012), Decker et al. (2013), Kreuzberg et al. (2013), Ritta et al. (2017) and Sprenger et al. (2017)
Operating margin	(OM)Operating profit in relation to the net sales	Dependent variable	Nascimento et al. (2012), Kreuzberg et al. (2013) and Sprenger et al. (2017)
Asset turnover	(AT)Net sales in relation to total assets	Dependent variable	Nascimento et al. (2012), Mazzioni et al. (2014), Ritta et al. (2017) and Sprenger et al. (2017)
Independent variables
Representativeness of the intangible asset	(RIA)Total intangible assets in relation to total assets	Positive	Moura et al. (2014), Luca et al. (2014) and Ritta et al. (2017)
Degree of intangibility	(DI)Total market value of the stocks in relation to net equity	Positive	Kayo (2002), Perez and Famá (2006), Ritta and Ensslin (2010) and Nascimento et al. (2012)
Tobin’s Q	(Tobin)Relationship between the market value of a company plus total debts and the total value of assets	Positive	Villalonga (2004) and Carvalho et al. (2010)
Control variables
Current liquidity	(CL)Relationship between current assets and current liabilities	Positive	Bomfim et al. (2011)
Operational efficiency index	(OE)Relationship between operating cash flow and net income	Positive	Bomfim et al. (2011)
Indebtedness	(IND)Total debt in relation to net equity	Negative	Antunes and Martins (2007), Mazzioni et al. (2014) and Sprenger et al. (2017)
Size	(SIZ)Natural logarithm of total assets	Positive	Mazzioni et al. (2014) and Sprenger et al. (2017)

Source: Prepared by the authors.