O impacto dos investimentos em P&D no preço das ações: um estudo das companhias de energia elétrica listadas na B3

Abstract

Due to a global competitive scenery, where companies have been improving their products and processes to keep in the market on the market and aiming for expansion to meet ever-higher standards of consumer demand, Research and Development (R&D) is an effective tool for these entities as it promotes improvement and innovation. This research aims to verify whether investment in R&D results in Value Relevance for the capital market of companies in the electric power sector, listed in B3. Data analysis took place from 2010 to 2018, using multiple regression with panel data using Stata Software 13. . The results suggest that R&D investments made by these entities do not generate relevant information content to justify the stock price. A possible cause for this result may be attributed to the uncertainty generated by the R&D activity, due to its limitations in predicting the future benefits to the entities.