Desempenho financeiro e atividade inovativa nas empresas

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Imagem de Miniatura
Tipo
Tese
Data
2019-12-16
Autores
Taques, Fernando Henrique
Orientador
Basso, Leonardo Fernando Cruz
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Hadad Junior, Eli
Silva, Florinda Conceição Cerejeira Campos
Carvalho, Ruy Quadros
Santos, David Ferreira Lopes
Programa
Administração de Empresas
Resumo
Organizational innovation has been the subject of debate for several decades from its most diverse perspectives. As a central focus, it involves discussions about its effects on firms 'financial performance, which can lead to competitive advantages, cost reductions or scale gains, conditions that affect companies' own market value. Under this approach, the thesis is divided into three chapters with distinct but complementary objectives, as well as introduction and conclusion. The first involves the perception that innovation can be a source of competitive advantage for companies by improving methods and techniques that can generate new products or services, or even improve existing ones. Along these lines, it is particularly important to measure innovation and discuss the results associated with it. The purpose of this chapter is to address the key innovation indicators in the organizational realm and discuss the advantages and disadvantages inherent in this choice. The results suggest advances in the literature to improve measurement from a variety of perspectives: products and processes, manufacturing and services, as well as input, intermediate and output indicators, but there are still difficulties and limitations, including biases that may distort the effects found in the estimates of researchers. Moreover, multidimensional indicators provide a broader and more accurate view of the phenomenon of innovation in companies as they are broader in the conceptual understanding of the debate itself, unlike the one-dimensional choice that carries constraint to discuss the real effects in the organizational context, especially in the case of the industry. services. The second stage of research is to understand whether organizational innovation can explain companies' market value from published patent indicators, cited patents, and R&D disbursements. With a sample of 1342 companies for the period 1986-2016, estimates were made for panel data models (fixed and random effects) and quantile regression for panel data. There was partial support in the evidence that innovation positively affects companies' market value. Although occurrences of the positive effect of innovation on market value were identified in both methods employed, this result differs from the indicator applied in the estimates and the methodology employed. Regardless of the empirical method, the variables total assets and gross revenues were able to explain the variations in market value of organizations in most models. However, the coefficients vary among the sample quantiles, a condition that suggests the importance of company size in this relationship. Finally, the third part of the research discusses whether resources allocated to innovation are essentially classified as investments under uncertainty or if there are market difficulties in understanding the expected return derived from this type of investment with publicly available information. That said, the object of the research is to assess whether organizations' ability to innovate may be able to explain abnormal returns to firms by composing risk factor models. Using R&D investment indicators and published patents from a global sample of companies for the period 1992 to 2018, the 3-factor, 4-factor and 5-risk models were applied. Partly the case is that increased investment in innovation contributes to better sales performance and, consequently, excess returns. The composition of several risk factors suggests that broadening these criteria may help the phenomenon and affect returns differently. Regarding the rolling regression method, the results show few scenarios in which the ability to innovate (individually or combined with another indicator) is na explanatory factor for financial performance.
Descrição
Palavras-chave
inovação , manufatura , serviços , valor de mercado , risco
Citação
TAQUES, Fernando Henrique. Desempenho financeiro e atividade inovativa nas empresas. 2019. 157 f. Tese (Doutorado em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo, 2019.