A inovação como determinante no desempenho do negócio: uma análise na indústria aeroespacial e de defesa norteamericana

• Autor(a) principal: Santos, Udinelli Alves da Silva
• Data de Publicação: 2018
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da UFG
• Texto Completo: http://repositorio.bc.ufg.br/tede/handle/tede/9688
• topic: Inovação; Desempenho financeiro; Indústria aeroespacial e de defesa; Innovation; Financial performance; Aerospace and defense industry; ADMINISTRACAO DE EMPRESAS::MERCADOLOGIA

This study aims to portray the influence of innovation (considering R&D expenses, patent application and investments in equipment and IT) on performance in term of profitability (profit margin), efficiency (total asset turnover) and equity multiplier (leverage) in the aerospace and defense industry of United States of America. Such influence was analyzed through nine hypotheses. The sample consists of ten US firms considering those that showed balance sheets in the period from 1987 to 2016, adopting the Thomson Reuters Eikon database for performance, R&D expenses and investments in equipment and IT data. As for the patent application data, the World Intellectual Property Organization database were used. For the analyzes, were used dynamic models of regression for a balanced panel data, intending to capture dynamic relations, over time, of the observations. For further investigation, regressions for each firm were generated to analyze the relationship between innovation and performance on a case-by-case basis. The result of the panel analysis suggests that there is a statistically positive and significant relationship between R&D expenditures and the total asset turnover. Therefore, only one of the hypotheses was supported. For the analysis case-by-case, different hypotheses were supported. There is one case where R&D positively impacts the profit margin. For the positive impact of R&D on the total asset turnover, there are three cases. Considering the investment in equipment and IT, there were five cases in which there was a positive impact, one case considering the profit margin, two cases considering the total asset turnover and two cases considering the equity multiplier. Lastly, for the positive impact of patent applications, there are two cases, one related to profit margin and another related to equity multiplier. This study contributes to the literature providing empirical evidence of the positive and significant relationship between innovation and performance. However, the relationship was better verified in the case-by-case analysis and only for six firms, considering the different interactions among the variables used.