O impacto do investimento em I&D na rendibilidade das PME portuguesas: o caso do setor farmacêutico e do setor químico

• Autor(a) principal: Castro, Sofia Luís de
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.22/19182
• topic: Inovação; Performance financeira; Investimento em I&D; Pequenas e Médias Empresas; Setor quimico e farmacêutico; Innovation; Financial performance; Investment in R&D; Small and medium-sized enterprise; Economia

Although the world we live in is constantly evolving and we are in a constant search for knowledge, there are still many aspects that we cannot take for granted. What differentiates a good company from a bad one? What makes them more competitive? What is the key to success? These are some of the questions that still have no clear and absolute answer. In this study, we have tried to approach one of the variables that causes a lot of discussion among companies, namely regarding Portuguese SMEs in the chemical and pharmaceutical sector: Innovation. Is there an effective relationship between innovation and the financial performance of these companies? Is this relationship positive or negative? And also, is this a linear relationship? Additionally, will the age and size of a company have an impact on the relationship between innovation and performance? These are the main questions that will be raised throughout this study. The truth is that measuring innovation is, by itself, something complex, so as a proxy for it we used the variation of Intangible Assets, having resorted to the SABI database. The sample used in this study covered the time horizon from 2009 to 2019, a total of 629 companies and the GMM estimation methodology was used to process the data. This study allowed validating the positive relationship between innovation and financial performance of SMEs belonging to the Portuguese chemical and pharmaceutical sector, which is stronger in younger companies than in older ones, and also that the relationship between innovation and performance is not a linear relationship, so that investment in Research and Development is beneficial for companies up to a certain point, after which it begins to generate negative returns.