THE BOARD OF DIRECTORS COMPOSITION AS A DETERMINANT OF COMPANY'S INTELLECTUAL CAPITAL

This study aimed to investigate the relationship between the construction of intellectual capital and the establishment of interlocks between companies. Data were collected from the Economatica(C) database and the B3 website, and the intellectual capital was measured using the VAIC method. Stata (R) statistical software was use, with the application of Generalized Estimation Equation (GEE) modeling. The results found indicate that the size of the board of directors positively affects the composition of intellectual capital. The board's independence showed a negative relationship, the more independent members there are on the board, the worse the company's intellectual capital tends to be. The interlock variable between boards of directors did not show statistically valid results, so it cannot be said that this relationship shows improvements in intellectual capital. It is concluded that the participation of members external to the company, despite bringing experiences and know-how to the company, does not necessarily improve the creation and application of knowledge in them.