Does innovation in Brazil provide financial returns? A study about the companies listed on Bovespa

Authors

  • Joás Tomaz de Aquino Universidade Federal de Pernambuco
  • Renata Braga Berenguer de Vasconcelos Universidade Federal de Pernambuco
  • Charles Ulises de Montreuil Carmona Universidade Federal de Pernambuco

DOI:

https://doi.org/10.5585/exactaep.v15n4.6948

Keywords:

Innovation. Intangibility. Financial performance.

Abstract

The present study aims to verify if the most innovative companies have a superior financial performance to the less innovative companies and to verify if the innovative resources provide persistent performance over time. The companies listed on the Bovespa were selected from the Innoscience 3i ranking in the period from March 2009 to March 2016. Through regression with panel data, based on the Villalonga (2004) model, the study identified that the most innovative companies of the sample have statistically higher returns on investments than less innovative firms. The results found reinforced the studies of Joode (2011), Adcock et al. (2014) and Carmona et al. (2016), demonstrating the relevance of investments in innovation in the return of the most innovative companies. However, there was no persistence of the innovation element over time in the return of most innovative companies, nor of the tangibility element in the return of less innovative companies.

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Author Biographies

Joás Tomaz de Aquino, Universidade Federal de Pernambuco

Mestre em Administração pela Universidade Federal de Pernambuco – UFPE.

Renata Braga Berenguer de Vasconcelos, Universidade Federal de Pernambuco

Mestranda em Administração pela Universidade Federal de Pernambuco – UFPE.

Charles Ulises de Montreuil Carmona, Universidade Federal de Pernambuco

Professor do Departamento de Ciências Administrativas da Universidade Federal de Pernambuco – UFPE.

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Published

2017-12-28

How to Cite

Aquino, J. T. de, Vasconcelos, R. B. B. de, & Carmona, C. U. de M. (2017). Does innovation in Brazil provide financial returns? A study about the companies listed on Bovespa. Exacta, 15(4). https://doi.org/10.5585/exactaep.v15n4.6948

Issue

Vol. 15 No. 4 (2017): (Out-Dez)

Section

Papers

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