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Abstract(s)
Vivemos num mundo global e extremamente competitivo, onde a diferenciação pela inovação assume cada vez mais um papel vital no desempenho das organizações. Contudo, a inovação é um desafio complexo e multifatorial, difícil de medir e quantificar. Os impactos que o investimento em inovação gera na rentabilidade empresarial não são consistentes ao longo da literatura e é exigida uma maior pesquisa sobre a temática.
O objetivo deste trabalho é analisar o impacto da inovação empresarial sobre a rentabilidade das empresas, estudando a possível relação entre o investimento feito em inovação e a rentabilidade financeira das empresas portuguesas. Considerando a dificuldade em mensurar a inovação empresarial, a análise foi desenvolvida atendendo aos valores investidos em ativos intangíveis, uma vez que a sua utilização como proxy da inovação é adequada e permite capturar a amplitude e profundidade de uma empresa nesta ótica. Adicionalmente, possibilita medir a inovação em empresas mais pequenas devido à sua acessibilidade e boa qualidade dos números.
Com recurso ao SABI, o presente estudo analisou 17.210 empresas portuguesas inseridas na indústria transformadora, durante o período de 2011-2018 e utilizou o modelo de estimação GMM para tratamento de dados. O estudo parece indicar que existe uma relação negativa entre o investimento efetuado em inovação num ano e a performance financeira obtida no ano seguinte. Complementarmente, a eficácia dos investimentos em inovação é maior nas empresas que operam em ambientes globais e não pertencem a grupos económicos.
We live in a global and extremely competitive world, where differentiation through innovation increasingly assumes a vital role in the performance of organizations. However, innovation is a complex and multifactorial challenge, difficult to measure and quantify. The impacts that investment in innovation generates on corporate profitability are not consistent throughout the literature and further research on the subject is required. The objective of this work is to analyze the impact of business innovation on the profitability of companies, studying the possible relationship between the investment made in innovation and the financial results of Portuguese companies. Considering the difficulty in measuring business innovation, an analysis was developed taking into account the amounts invested in intangible assets, since its use as an innovation proxy is adequate and allows to capture a breadth and depth of a company in this perspective. Additionally, it makes it possible to assess innovation in smaller companies due to its accessibility and good quality of numbers. Using SABI, the present study analyzed 17,210 Portuguese companies in the manufacturing industry, during the period 2011-2018 and used the GMM estimation model for data processing. The study seems to indicate that there is a negative relationship between the investment made in innovation in one year and the financial performance obtained in the following year. Completely, the effectiveness of investments in innovation is greater in companies that operate in global environments and do not belong to economic groups.
We live in a global and extremely competitive world, where differentiation through innovation increasingly assumes a vital role in the performance of organizations. However, innovation is a complex and multifactorial challenge, difficult to measure and quantify. The impacts that investment in innovation generates on corporate profitability are not consistent throughout the literature and further research on the subject is required. The objective of this work is to analyze the impact of business innovation on the profitability of companies, studying the possible relationship between the investment made in innovation and the financial results of Portuguese companies. Considering the difficulty in measuring business innovation, an analysis was developed taking into account the amounts invested in intangible assets, since its use as an innovation proxy is adequate and allows to capture a breadth and depth of a company in this perspective. Additionally, it makes it possible to assess innovation in smaller companies due to its accessibility and good quality of numbers. Using SABI, the present study analyzed 17,210 Portuguese companies in the manufacturing industry, during the period 2011-2018 and used the GMM estimation model for data processing. The study seems to indicate that there is a negative relationship between the investment made in innovation in one year and the financial performance obtained in the following year. Completely, the effectiveness of investments in innovation is greater in companies that operate in global environments and do not belong to economic groups.
Description
Versão Final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Inovação Rentabilidade empresarial Ativos intangíveis Crescimento económico Innovation Economic growth Business performance Intangible assets