Open AccessResearch and development spending and economic regulation: An analysis of companies listed on Brazilian Stock Exchange
Author(s) -
Aline Ribeiro Souza,
Mayla Cristina Costa,
Ademir Clemente
Publication year - 2018
Publication title -
base - revista de administração e contabilidade da unisinos
Language(s) - English
Resource type - Journals
eISSN - 1984-8196
pISSN - 1807-054X
DOI - 10.4013/base.2018.153.03
Subject(s) - stock exchange , stock (firearms) , business , sample (material) , public spending , panel data , research development , statistical analysis , accounting , finance , economics , econometrics , political science , geography , statistics , paleontology , chemistry , test (biology) , archaeology , chromatography , politics , law , biology , mathematics
The objective of this paper is to verify if companies of economically regulated markets are discouraged to invest in research and development (R&D). Panel data analysis has been performed on a sample of 55 companies listed on the Brazilian Stock Exchange (B3), which published information on the amounts allocated to Research and Development (R&D) activities. The sample period comprises the years 2009 to 2014. Results show that regulation did not reach statistical significance in relation to the level of expenditure on R&D. However, we confirm the effects of certain characteristics of companies, such as size and performance, on R&D activities. These results may contribute to the formulation of public policies aiming at economic development. Keywords: regulation, innovation, research and development, Brazilian Stock Exchange (B3).
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