Responsible Editor: Rodrigo de Souza Gonçalves Andrea de Oliveira Gonçalves Associate Editor: Pedro Guilherme Ribeiro Piccoli Evaluation Process: Double Blind Review pelo SEER/OJS Journal of Accounting, Management and Governance. Brasilia, V.24 N.2, p. 167-184, May.-Aug. 2021 167 Revista Contabilidade, Gestão e Governança Value Relevance of Intangible Assets Recognized in a Business Combination ___________________________________ Juliane Pacheco Universidade Federal de Santa Catarina, Santa Catarina, Brasil pac.juliane@gmail.com Suliani Rover Universidade Federal de Santa Catarina, Santa Catarina, Brasil sulianirover@gmail.com How to Cite (APA)_________________________________________________________ Pacheco, J., & Rover, S. (2021). Value Relevance of Intangible Assets Recognized in a Business Combination. Journal of Accounting, Management and Governance, 24 (2), 167-184. http://dx.doi.org/10.51341/1984- 3925_2021v24n2a2 _____________________________________ Received: December 04, 2020 Revised: June 09, 2021 Accepted: June 25, 2021 Published: August 31, 2021 ABSTRACT Objective: To verify the value relevance of intangible assets recognized in a business combination of Brazilian publicly traded companies. Method: The sample of 165 companies, covering 962 observations, from 2010 to 2017, was analyzed using five panel data regressions based on Ohlson’s model (1995; 2005) to test four research hypotheses. Originality/Relevance: Value relevance studies have analyzed goodwill, but there are gaps this study seeks to fill. The study addresses the value relevance of intangibles assets recognized in a business combination for the stock market, exploring goodwill and other types of intangibles recognized in a business combination. Also, IFRS 3 was discussed in 2015, bringing the stock market’s perspective and the standard application to the center of accounting research. Results: The results showed that goodwill represents 23% to 30% of intangible assets recorded in the balance sheet, while other intangibles identified represent around 5.6%. As for value relevance, it was observed that both the recognized value of the intangible assets and, when segregated in goodwill and in identified intangible assets, were significant and positively related to the market value. Concerning the nature of intangibles recognized in business combinations, some of them were related to market value. Theoretical/Methodological contributions: The research contributes to value relevance literature on business combinations, allowing us to understand that they are relevant to the stock market and contribute to Brazilian companies’ market value. Keywords: Business combination; Intangible assets; Value relevance.