Estudo sobre a estratégia de inovação e estrutura de capital em empresas brasileiras no período de 2002 a 2006

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

The purpose of this work was identify the relationship between capital structure and innovation in the brazilian context during the period from 2002 to 2006 and was based on OBrien (2003), whom estimated the importance of financing resources for companies in the competitive strategy based on innovation using equity or debt financing and for maintaining financial slack.. This work considered industrial sectors which had innovation in 2003 and 2005. The financial informations were collected by Serasa, next was merged with innovation information and advertising intensity offered by Instituto Brasileiro de Geografia e Estatística-IBGE. The procedures of this work were similar of applied by Marques (2007) that will be explained in the sequence. In order to check the consistency of the results, many multiple regression were calculated with two databases which had different innovation investment levels, according to the questionary applied by IBGE each two years, in many sectors of brazilian industrial companies. The results confirmed the research of OBrien (2003) and indicated that the more companies invest in innovation less will be their leverage; the more innovation is important as strategy for companies less will be the relationship between leverage and performance and, exist a negative interaction between leverage and the importance of innovation in the strategy regarding the impacts on the performance of the company. Besides OBrien (2003) tests was applied another one which indicated the more is strategy investment more financial slack.

ASSUNTO(S)

innovation inovação estrutura de capital capital structure administracao de empresas folga financeira financial slack

ACESSO AO ARTIGO

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