VALUE RELEVANCE ASSIGNED TO DISCLOSURE OF R&D EXPENDITURES IN THE BRAZILIAN CAPITAL MARKET
| Autor: | Andrezza de Albuquerque Espíndola, José Glauber Cavalcante dos Santos, Alessandra Carvalho de Vasconcelos |
|---|---|
| Jazyk: | English<br />Spanish; Castilian<br />Portuguese |
| Rok vydání: | 2018 |
| Předmět: | |
| Zdroj: | Contextus, Vol 0, Iss 0, Pp 115-140 (2018) |
| Druh dokumentu: | article |
| ISSN: | 1678-2089 2178-9258 |
| DOI: | 10.19094/contextus.v0i0.33312 |
| Popis: | 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. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
|