A adocão das IFRS, a pesquisa & desenvolvimento e o valor da empresa

Abstract

The relationship between Research and Development, and companies' market value, based on accounting information, have been extensively researched in the last three decades. However, in Brazil, this relationship has been poorly explored after an international convergence of accounting standards (IFRS) that became mandatory in 2010. The objective of this study was to verify the influence of intangibles, especially R&D, on the market value of the companies listed on BM&FBovespa. We sought to answer the following research question: "Do R&D investments influence the market value of companies in Brazil after the adoption of IFRS?" The sample used to answer this question consists of 136 companies in continuous operation from 2003 to 2007 and from 2010 to 2015, segregated by groups of high and low technology. The analysis was performed using multiple regression models and panel data using fixed-effects models for the periods before and after the norm change. The results suggest that capitalized expenditures on R&D was significant to explain increases in stock market values of the surveyed companies. Capitalized expenditures on intangible assets, however, explained less significantly, change in the market value of companies. In fact, if we only analyze the data after IFRS, we observe that the expenses with intangibles contribute to a lower market value of the companies. Possible explanations for the obtained result, considering the existing literature, are that there is still little disclosure of expenditures on intangibles by companies, the market is still small and flexible regarding regulation and standards - a natural fact in emerging countries - and there is also the possibility of earnings management by business managers.