THE IMPACT OF ACTIVE AND POST-LABOR HUMAN CAPITAL ON THE VALUE OF BRAZILIAN COMPANIES

Abstract

The research aimed to investigate the impacts of Personnel Expenses and Defined Benefits (BD) on the value of Brazilian companies. The study focused on the 29 companies listed on the IBrX-100 with disclosures related to BD, between 2013 and 2019 and used panel data. The findings point to a positive relationship between market value and Personnel Expenses possibly because they generate value creation for entities and a negative relationship with BD, probably due to the risks identified, leading managers to freeze or replace these plans.