Innovative intensity and its impact on the performance of firms in Brazil

被引：6
|
作者：
da Silva, Raphael Braga [1 ]
Klotzle, Marcelo Cabus [1 ]
Figueiredo, Antonio Carlos [1 ]
Jacques da Motta, Luiz Felipe [1 ]
机构：
[1] Pontificia Univ Catolica Rio de Janeiro, St Marques De Sao Vicente,225, BR-22451900 Rio de Janeiro, RJ, Brazil
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2015年 / 34卷
关键词：
Research and development; Innovation; Performance; Returnsa;
D O I：
10.1016/j.ribaf.2014.11.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This article evaluates whether firms that invest in research and development (R&D) have better future performance and if stock market fully value such intangible investment. The results of annual cross-sectional regressions indicate a strong association between the intensity of R&D and future performance, even after controlling for other variables that affect future performance. However, after controlling for firm characteristics and risk factors, the innovative intensity was not significant in predicting future returns. In general, the results suggest that the R&D intensity is not useful for firm valuation in Brazil. (C) 2014 Elsevier B.V. All rights reserved.
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页码：1 / 16
页数：16
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