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2 results on '"Andrezza de Albuquerque Espíndola"'

1. VALUE RELEVANCE ASSIGNED TO DISCLOSURE OF R&D EXPENDITURES IN THE BRAZILIAN CAPITAL MARKET

Author

Andrezza de Albuquerque Espíndola, José Glauber Cavalcante dos Santos, and Alessandra Carvalho de Vasconcelos

Subjects
Relevância Informacional, Disclosure, Pesquisa & Desenvolvimento, Inovação, Intangíveis, Commerce, HF1-6182, Economic theory. Demography, HB1-3840
Abstract

This paper aimed to analyze the value relevance of disclosing research and development (R&D) expenditures in Brazil’s capital market between 2011 and 2015. The study has a documental and quantitative approach and examined a population of 440 public companies listed in B3. Applying Ohlson’s model (1995), data were collected concerning earnings, net revenue, equity, R&D expenditures (2011-2015) and market value (2010-2015), composing a sample of 1,241 observations. These data come from financial statements, explanatory notes and Economatica® database. The analysis used linear regressions with panel data estimation with fixed effects. The hypotheses were rejected because the R&D expenditure disclosure and the investment in R&D expenditures are not value relevant. We concluded that R&D expenditures disclosure and the value applied in R&D activities do not indicate a greater probability to gain competitive advantage in the context of the Brazilian capital market.

Published
2018
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2. Relevância informacional atribuída ao disclosure de gastos com P&D no mercado de capitais brasileiro

Author

José Glauber Cavalcante dos Santos, Andrezza de Albuquerque Espíndola, and Alessandra Carvalho de Vasconcelos

Subjects
Net profit, education.field_of_study, Earnings, Welfare economics, Population, General Engineering, Equity (finance), Competitive advantage, Economics, General Earth and Planetary Sciences, Market value, education, Capital market, General Environmental Science, Panel data
Abstract

Buscou-se analisar a relevância de divulgar os gastos com pesquisa e desenvolvimento (P&D) no mercado de capitais brasileiro no período de 2011 a 2015. O estudo é documental, de natureza quantitativa, reunindo como população 440 empresas de capital aberto listadas na B3. Empregando o modelo de Ohlson (1995), foram coletados dados referentes a lucro líquido, receita líquida, patrimônio líquido, gastos com P&D (2011-2015) e valor de mercado (2010-2015), resultando em 1.241 observações. Os dados provêm dos relatórios contábeis, notas explicativas e Economatica®. A análise foi realizada através de regressões lineares com dados em painel com efeitos fixos. As hipóteses foram rejeitadas, pois o disclosure dos gastos com P&D e o valor investido em atividades de P&D não mostraram relevância informacional. Concluiu-se que a divulgação dos gastos com P&D e o valor aplicado nas atividades de P&D não sinalizam maior probabilidade de obter vantagens competitivas no contexto do mercado de capitais brasileiro.

Published
2018
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