Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]

Detalhes bibliográficos
Autor(a) principal: Almendra, Rafael Sales
Data de Publicação: 2017
Outros Autores: Vasconcelos, Alessandra Carvalho de, Aragão, Rayane Nogueira, Cysne, Ione Azevedo
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Eletrônica de Ciência Administrativa
Texto Completo: http://www.periodicosibepes.org.br/index.php/recadm/article/view/2326
Resumo: In this study the influence of the capital structure in the investments in innovation of 120 industries listed on the BM&FBovespa was analyzed in the period from 2013 to 2015. As proxies for capital structure, we consider short-term, long-term and total debt. In order to represent the investments in innovation, the number of registered patents and the percentage of expenditure in with R&D in relation to sales were considered. Through the Fischer LSD Test, it was possible to verify that companies that do not invest in innovation have higher debts. Through linear regression with panel data, it was verified that only the long-term and total debts have a positive influence on innovation investments through patents. Therefore, the results suggest that own resources may be insufficient to investments in innovation, leading third parties resources to contribute to the increase of investments in innovation through patent registration as stated by the Pecking Order Theory, as well as to collaborate to the reduction of agency costs, limiting the role of the managers, as proposed by the Agency Theory.
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spelling Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]Influência da estrutura de capital nos investimentos em inovação das indústrias listadas na BM&FBOVESPACapital structure; Investments in innovation; Pecking Order Theory; Agency TheoryEstrutura de capital; Investimentos em inovação; Teoria Pecking Order; Teoria da AgênciaIn this study the influence of the capital structure in the investments in innovation of 120 industries listed on the BM&FBovespa was analyzed in the period from 2013 to 2015. As proxies for capital structure, we consider short-term, long-term and total debt. In order to represent the investments in innovation, the number of registered patents and the percentage of expenditure in with R&D in relation to sales were considered. Through the Fischer LSD Test, it was possible to verify that companies that do not invest in innovation have higher debts. Through linear regression with panel data, it was verified that only the long-term and total debts have a positive influence on innovation investments through patents. Therefore, the results suggest that own resources may be insufficient to investments in innovation, leading third parties resources to contribute to the increase of investments in innovation through patent registration as stated by the Pecking Order Theory, as well as to collaborate to the reduction of agency costs, limiting the role of the managers, as proposed by the Agency Theory.Analisou-se a influência da estrutura de capital nos investimentos em inovação de 120 indústrias listadas na BM&FBovespa no período de 2013 a 2015. Como proxies para estrutura de capital, consideraram-se os endividamentos de curto prazo, de longo prazo e total. Para representar os investimentos em inovação, utilizou-se o número de patentes registradas e o percentual dos gastos com P&D em relação às vendas. Através do Teste LSD de Fischer, foi possível constatar que as empresas que não investem em inovação possuem endividamento superior. Por meio da regressão linear com dados em painel, verificou-se que somente os endividamentos de longo prazo e total influenciam positivamente os investimentos em inovação via patentes. Assim, os resultados sugerem que os recursos próprios podem ser insuficientes para investimentos em inovação, levando os recursos de terceiros a contribuir para o aumento dos investimentos em inovação via registro de patentes, conforme preconiza a Teoria Pecking Order, bem como colaborar para a redução dos custos de agência, limitando a atuação dos gestores, como proposto pela Teoria da Agência.Instituto Brasileiro de Estudos e Pesquisas Sociais - IBEPESAlmendra, Rafael SalesVasconcelos, Alessandra Carvalho deAragão, Rayane NogueiraCysne, Ione Azevedo2017-04-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://www.periodicosibepes.org.br/index.php/recadm/article/view/232610.21529/RECADM.2017002Revista Eletrônica de Ciência Administrativa; v. 16, n. 1 (2017): Janeiro-Abril; 40-61Revista Eletrônica de Ciência Administrativa; v. 16, n. 1 (2017): Janeiro-Abril; 40-61Revista Eletrônica de Ciência Administrativa; v. 16, n. 1 (2017): Janeiro-Abril; 40-611677-738710.21529/RECADM.20171601reponame:Revista Eletrônica de Ciência Administrativainstname:Faculdade Cenecista de Campo Largo (FACECLA)instacron:FACECLAporhttp://www.periodicosibepes.org.br/index.php/recadm/article/view/2326/929http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/621http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/647http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/648http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/649Direitos autorais 2017 Rafael Sales Almendra, Alessandra Carvalho de Vasconcelos, Rayane Nogueira Aragão, Ione Azevedo Cysnehttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccess2018-06-05T04:21:44Zoai:periodicosibepes.org.br:article/2326Revistahttp://www.periodicosibepes.org.br/recadmONGhttp://www.periodicosibepes.org.br/recadm/oairecadm.editor@ibepes.org.br1677-73871677-7387opendoar:2018-06-05T04:21:44Revista Eletrônica de Ciência Administrativa - Faculdade Cenecista de Campo Largo (FACECLA)false
dc.title.none.fl_str_mv Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
Influência da estrutura de capital nos investimentos em inovação das indústrias listadas na BM&FBOVESPA
title Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
spellingShingle Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
Almendra, Rafael Sales
Capital structure; Investments in innovation; Pecking Order Theory; Agency Theory
Estrutura de capital; Investimentos em inovação; Teoria Pecking Order; Teoria da Agência
title_short Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
title_full Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
title_fullStr Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
title_full_unstemmed Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
title_sort Influence of the capital structure in the investments in innovation of the industries listed on the BM&FBOVESPA [doi: 10.21529/RECADM.2017002]
author Almendra, Rafael Sales
author_facet Almendra, Rafael Sales
Vasconcelos, Alessandra Carvalho de
Aragão, Rayane Nogueira
Cysne, Ione Azevedo
author_role author
author2 Vasconcelos, Alessandra Carvalho de
Aragão, Rayane Nogueira
Cysne, Ione Azevedo
author2_role author
author
author
dc.contributor.none.fl_str_mv

dc.contributor.author.fl_str_mv Almendra, Rafael Sales
Vasconcelos, Alessandra Carvalho de
Aragão, Rayane Nogueira
Cysne, Ione Azevedo
dc.subject.por.fl_str_mv Capital structure; Investments in innovation; Pecking Order Theory; Agency Theory
Estrutura de capital; Investimentos em inovação; Teoria Pecking Order; Teoria da Agência
topic Capital structure; Investments in innovation; Pecking Order Theory; Agency Theory
Estrutura de capital; Investimentos em inovação; Teoria Pecking Order; Teoria da Agência
description In this study the influence of the capital structure in the investments in innovation of 120 industries listed on the BM&FBovespa was analyzed in the period from 2013 to 2015. As proxies for capital structure, we consider short-term, long-term and total debt. In order to represent the investments in innovation, the number of registered patents and the percentage of expenditure in with R&D in relation to sales were considered. Through the Fischer LSD Test, it was possible to verify that companies that do not invest in innovation have higher debts. Through linear regression with panel data, it was verified that only the long-term and total debts have a positive influence on innovation investments through patents. Therefore, the results suggest that own resources may be insufficient to investments in innovation, leading third parties resources to contribute to the increase of investments in innovation through patent registration as stated by the Pecking Order Theory, as well as to collaborate to the reduction of agency costs, limiting the role of the managers, as proposed by the Agency Theory.
publishDate 2017
dc.date.none.fl_str_mv 2017-04-30
dc.type.none.fl_str_mv
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.periodicosibepes.org.br/index.php/recadm/article/view/2326
10.21529/RECADM.2017002
url http://www.periodicosibepes.org.br/index.php/recadm/article/view/2326
identifier_str_mv 10.21529/RECADM.2017002
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv http://www.periodicosibepes.org.br/index.php/recadm/article/view/2326/929
http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/621
http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/647
http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/648
http://www.periodicosibepes.org.br/index.php/recadm/article/downloadSuppFile/2326/649
dc.rights.driver.fl_str_mv https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Brasileiro de Estudos e Pesquisas Sociais - IBEPES
publisher.none.fl_str_mv Instituto Brasileiro de Estudos e Pesquisas Sociais - IBEPES
dc.source.none.fl_str_mv Revista Eletrônica de Ciência Administrativa; v. 16, n. 1 (2017): Janeiro-Abril; 40-61
Revista Eletrônica de Ciência Administrativa; v. 16, n. 1 (2017): Janeiro-Abril; 40-61
Revista Eletrônica de Ciência Administrativa; v. 16, n. 1 (2017): Janeiro-Abril; 40-61
1677-7387
10.21529/RECADM.20171601
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repository.mail.fl_str_mv recadm.editor@ibepes.org.br
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