O efeito da inovação na performance financeira das empresas
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2023
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Relacionar investimentos em inovação com o desempenho financeiro das empresas
é fundamental para entender se de fato inovação gera valor nas empresas que adotam
tal estratégia. Assim, o objetivo deste trabalho foi investigar a influência da inovação
incremental, radical e da ambidestria na performance financeira das empresas. Para
tanto, foi conduzida análise em uma base de dados contendo 18.344 empresas,
abrangendo um período de 2013 a 2022, incluindo empresas de 12 países. Para testar
as hipóteses formuladas, utilizou-se o modelo de regressão com dados em painel
dinâmico, estimado por meio do método GMM por Arellano-Bond. Os resultados da
pesquisa indicaram que tanto investimentos em inovação incremental quanto em
inovação radical apresentaram influência negativa na performance financeira das
empresas, essa última medida pelo ROA. No entanto, não foi encontrada uma
influência estatisticamente significantiva da ambidestria na performance financeira
das empresas estudadas. Além disso, os resultados variaram quando a amostra foi
segmentada entre empresas fundadas em países desenvolvidos (representados por
países do G7) e em países em desenvolvimento (representados por países do
BRICS). Verificou-se para empresas de países em desenvolvimento que a ambidestria
influencia o desempenho financeiro, enquanto para empresas de países
desenvolvidos a inovação incremental e a radical são as variáveis que afetam a
performance financeira das empresas. Esses achados ressaltam a importância de
adotar uma abordagem diferenciada ao analisar a relação entre inovação e
performance financeira, considerando tanto a variante da inovação quanto o contexto
do país (envelope institucional) em que as empresas operam. Como contribuição
prática, este estudo fornece insights valiosos para as empresas e formuladores de
políticas ao buscar estratégias inovadoras e eficazes em diferentes contextos
econômicos.
Linking innovation investments to companies's financial performance is crucial to understand whether innovation indeed creates value in the companies that adopt such a strategy. Therefore, the objective of this study was to investigate the influence of incremental, radical, and ambidextrous innovation on companies' financial performance. For this purpose, an analysis was conducted on a database containing 18,344 companies, covering the period from 2013 to 2022, including firms from 12 countries. To test the formulated hypotheses, a dynamic panel data regression model was employed, estimated using the GMM method by Arellano-Bond. The research results indicated that both investments in exploitation and exploration had a negative influence on the financial performance of the companies, with the latter measured by ROA. However, no statistically significant influence of ambidexterity on the financial performance of the studied companies was found. Additionally, the results varied when the sample was segmented between companies founded in developed countries (represented by G7 countries) and companies in developing countries (represented by BRICS countries). It has been found that ambidexterity influences the financial performance of companies in developing countries, while incremental and radical innovation are the variables that affect the financial performance of companies in developed countries. These findings highlight the importance of adopting a differentiated approach when analyzing the relationship between innovation and financial performance, considering both the type of innovation and the country's context (institutional environment) in which the companies operate. As a practical contribution, this study provides valuable insights for companies and policymakers in seeking innovative and effective strategies in different economic contexts.
Linking innovation investments to companies's financial performance is crucial to understand whether innovation indeed creates value in the companies that adopt such a strategy. Therefore, the objective of this study was to investigate the influence of incremental, radical, and ambidextrous innovation on companies' financial performance. For this purpose, an analysis was conducted on a database containing 18,344 companies, covering the period from 2013 to 2022, including firms from 12 countries. To test the formulated hypotheses, a dynamic panel data regression model was employed, estimated using the GMM method by Arellano-Bond. The research results indicated that both investments in exploitation and exploration had a negative influence on the financial performance of the companies, with the latter measured by ROA. However, no statistically significant influence of ambidexterity on the financial performance of the studied companies was found. Additionally, the results varied when the sample was segmented between companies founded in developed countries (represented by G7 countries) and companies in developing countries (represented by BRICS countries). It has been found that ambidexterity influences the financial performance of companies in developing countries, while incremental and radical innovation are the variables that affect the financial performance of companies in developed countries. These findings highlight the importance of adopting a differentiated approach when analyzing the relationship between innovation and financial performance, considering both the type of innovation and the country's context (institutional environment) in which the companies operate. As a practical contribution, this study provides valuable insights for companies and policymakers in seeking innovative and effective strategies in different economic contexts.
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