DISCLOSURE OF INTELLECTUAL CAPITAL OF COMPANIES LISTED ON THE BM&FBOVESPA

Abstract

Because of its capacity to add value to organizations, when associated with tangible assets and resources of knowledge, intellectual capital has assumed a leading role in organizations. In this sense, the objective of this study was to analyze the content of the disclosure of voluntary information on intellectual capital published in management reports of companies listed in the Differentiated Levels of Corporate Governance of BM&FBOVESPA and also of companies from the Traditional Market, for the years of 2006, 2009 and 2012. To do so, the following categories were analyzed: human capital, organizational structural capital, technological structural capital, business relational capital, social relational capital and its respective subcategories, adopting the classification proposed by Macagnan (2007). The analysis was developed through the technique of content analysis, elaborating factorial maps based on the frequency of sentences identified in the categories and subcategories. The results obtained revealed a greater amount of sentences evidenced in the reports of the companies from the Novo Mercado segment, followed by Level 1, the Traditional Market and Level 2. Although companies from the Traditional Market are not subjected to stricter rules of transparency, they had more sentences evidenced than Level 2 companies. The relational capital and the human capital were the categories with the highest frequency of reported sentences, and the subcategories with the highest number of sentences evidenced were those that covered the basic strategic line and the opening of new markets.