O EFEITO DA INOVAÇÃO NO DESEMPENHO FINANCEIRO E NA INTENSIDADE DAS EXPORTAÇÕES DE EMPRESAS EM PAÍSES EMERGENTES

Quelhas, Filipe de Castro

doi:10.5902/1983465938078

Acessibilidade / Reportar erro

Brasil

Revista de Administração da UFSM

Español English

Brasil

Español English

sumário « anterior atual seguinte »

Sumário

Articles • Rev. Adm. UFSM 14 (spe) • Nov 2021 • https://doi.org/10.5902/1983465938078 copiar

O EFEITO DA INOVAÇÃO NO DESEMPENHO FINANCEIRO E NA INTENSIDADE DAS EXPORTAÇÕES DE EMPRESAS EM PAÍSES EMERGENTES

Autoria SCIMAGO INSTITUTIONS RANKINGS

RESUMO

Objetivo -

Qual o impacto da inovação no desempenho financeiro e na intensidade das exportações de empresas em países emergentes?

Design/metodologia /abordagem -

Esta contribuição é o resultado de uma análise de dados de cinco anos (2008-2012) de uma pesquisa multinacional realizada com 140 empresas predominantemente manufatureiras do Brasil, Rússia, Índia, China.

Resultados

- Em contraste com a literatura prevalecente, os resultados revelam fortes correlações positivas entre as principais variáveis do estudo.

Originalidade/valor -

Estudos sobre o assunto encontraram resultados contraditórios no que diz respeito ao efeito da inovação no desempenho da empresa. Apenas uma minoria desses estudos operacionalizou suas investigações usando dados históricos de uma série de países diferentes e menos ainda se concentraram em países emergentes. Este artigo contribui para o debate ao relatar os efeitos da atividade de inovação por empresas de países emergentes em seu desempenho financeiro. e intensidade de exportação.

Palavras-chave:
Inovação; desempenho financeiro; intensidade exportadora

Group	Variable	Operational definition	Availability of data	Type	Measure	Coding of binary and discrete variables
Primary study variables	ROA	Return on assets	Annual	Discrete	0.1.2,…11	-100~-81%=0, -80~-61%=1,…81~100%=11
	ROE	Return on equity	Annual	Discrete	0.1.2,…11	-100~-81%=0, -80~-61%=1,…81~100%=11
	ROS	Return on sales	Annual	Discrete	0.1.2,…11	-100~-81%=0, -80~-61%=1,…81~100%=11
	PATINT	Number of international patents	Annual	Continuous	No limits	-
	PATINT2	Number of international patents squared
	PATDOM	Number of domestic patents	Annual	Continuous	No limits	-
	PATDOM2	Number of domestic patents squared
	EXPORT	Exports as percentage of total sales	Annual	Discrete	0.1.2,…10	0%=0.1~10%=1, 11~20%=2,…91~100%=10
Firm level control variables	FIRMSIZE	Number of employees	Fixed	Continuous	No limits	-
	FORPAR	Foreign shareholder	Fixed	Binary	0.1	No=0, Yes=1
	FIRMAGE	Year firm founded	Fixed	Continuous	No limits	-
	GOVPAR	Government shareholder	Fixed	Binary	0.1	No=0, Yes=1
	CEOEDU	CEO’s educational level	Annual	Categorical	0, 1, 2, 3	0=No degree, 1=bachelor’s degree, 2=masters, 3=doctorate
	EMPEDU	Percentage of employees with degree	Annual	Discrete	0.1.2,…10	0%=0.1~10%=1, 11~20%=2,…91~100%=10
	XDIFIC	Assessment of difficulty of competing in international market compared to domestic	Fixed	Binary	0.1	0=domestic market is more difficult, 1= international market is more difficult
	XYEAR	Year first exported	Fixed	Continuous	No limits	-
	XINTER	Level of interest in export markets	Fixed	Categorical	0.1.2.3	Very negative=0, Negative=1, Positive=2 Very positive=3
	XPROF	Assessment of profitability of international market compared to domestic	Fixed	Binary	0.1	0=domestic market is more difficult, 1= international market is more difficult
Binary country control variables	BRAZIL	Brazilian firm	Fixed	Binary	0.1	No=0, Yes=1
	RUSSIA	Russian firm	Fixed	Binary	0.1	No=0, Yes=1
	INDIA	Indian firm	Fixed	Binary	0.1	No=0, Yes=1
	CHINA	Chinese firm	Fixed	Binary	0.1	No=0, Yes=1
Binary year control variables	YR2008	Year 2008	Fixed	Binary	0.1	No=0, Yes=1
	YR2009	Year 2009	Fixed	Binary	0.1	No=0, Yes=1
	YR2010	Year 2010	Fixed	Binary	0.1	No=0, Yes=1
	YR2011	Year 2011	Fixed	Binary	0.1	No=0, Yes=1
	YR2012	Year 2012	Fixed	Binary	0.1	No=0, Yes=1
Binary industry control variables	AERO	Aerospace industry	Fixed	Binary	0.1	No=0, Yes=1
	AUTO	Automotive industry	Fixed	Binary	0.1	No=0, Yes=1
	CHEM	Chemicals industry	Fixed	Binary	0.1	No=0, Yes=1
	ELECTR	Electrical and electronics industry	Fixed	Binary	0.1	No=0, Yes=1
	CONGOOD	Consumer goods industry	Fixed	Binary	0.1	No=0, Yes=1
	MACH	Machinery industry	Fixed	Binary	0.1	No=0, Yes=1
	METAL	Metalworking industry	Fixed	Binary	0.1	No=0, Yes=1
	PHARM	Pharmaceutical industry	Fixed	Binary	0.1	No=0, Yes=1
	SHIP	Shipbuilding industry	Fixed	Binary	0.1	No=0, Yes=1
	ETC	Other industries	Fixed	Binary	0.1	No=0, Yes=1

Variable	Observations	Mean	Standard deviation	Minimum	Maximum
ROA	700	6.453	2.001	0	11
ROE	700	6.321	2.133	0	11
ROS	700	6.609	2.008	0	11
EXPORT	700	3.551	2.729	0	10
PATINT	700	8.267	33.398	0	500
PATINT2	700	1182.159	11949.380	0	250000
PATDOM	700	16.071	48.898	0	535
PATDOM2	700	2645.863	18335.110	0	286225
FIRMSIZE	700	2607.657	11037.230	10	125000
FIRMAGE	700	24.086	21.592	6	155
FORPAR	700	0.407	0.492	0	1
GOVPAR	700	0.257	0.437	0	1
CEOEDU	700	1.841	0.767	0	3
EMPEDU	700	4.310	2.542	0	10
XDIFIC	700	0.679	0.467	0	1
XYEAR	700	13.279	13.557	0	88
XINTER	700	2.364	0.689	0	3
XPROF	700	0.629	0.484	0	1
BRAZIL	700	0.086	0.280	0	1
RUSSIA	700	0.286	0.452	0	1
INDIA	700	0.393	0.489	0	1
CHINA	700	0.236	0.425	0	1
YR2008	700	0.200	0.400	0	1
YR2009	700	0.200	0.400	0	1
YR2010	700	0.200	0.400	0	1
YR2011	700	0.200	0.400	0	1
YR2012	700	0.200	0.400	0	1
AERO	700	0.014	0.119	0	1
AUTO	700	0.121	0.327	0	1
CHEM	700	0.129	0.335	0	1
ELECTR	700	0.193	0.395	0	1
CONGOOD	700	0.214	0.411	0	1
MACH	700	0.179	0.383	0	1
METAL	700	0.079	0.269	0	1
PHARM	700	0.021	0.145	0	1
SHIP	700	0.007	0.084	0	1
ETC	700	0.043	0.203	0	1

	ROA	ROE	ROS	EXPORT	PATINT	PATDOM	FIRMSIZE	FIRMAGE	FORPAR	GOVPAR	CEOEDU	EMPEDU	XDIFIC	XYEAR	XINTER	XPROF
ROA	1
ROE	0.768*	1
ROS	0.701*	0.635*	1
EXPORT	0.408*	0.359*	0.319*	1
PATINT	0.221*	0.224*	0.223*	0.264*	1
PATDOM	0.064	0.103*	0.081*	0.177*	0.569*	1
FIRMSIZE	0.115*	0.083*	0.053	0.053	0.007	0.039	1
FIRMAGE	0.067	0.122*	0.093*	0.019	-0.034	0.114*	0.031	1
FORPAR	0.045	0.001	-0.015	0.410*	0.169*	0.153*	0.162*	0.089*	1
GOVPAR	-0.053	-0.079*	0.044	0.123*	0.055	0.097*	0.001	0.168*	0.277*	1
CEOEDU	0.040	0.047	0.120*	0.194*	0.134*	0.156*	0.104*	0.153*	0.106*	0.130*	1
EMPEDU	0.261*	0.278*	0.282*	0.368*	0.221*	0.137*	-0.003	0.075*	0.171*	0.174*	0.258*	1
XDIFIC	0.119*	0.142*	0.129*	0.020	0.097*	0.048	0.053	0.145*	-0.052	0.020	0.188*	0.097*	1
XYEAR	0.052	0.080*	0.075*	0.197*	0.027	0.148*	0.078*	0.793*	0.136*	0.129*	0.224*	0.088*	0.142*	1
XINTER	0.072	0.026	0.068	0.416*	0.072	0.093*	0.057	0.101*	0.321*	0.068	0.106*	0.086*	0.119*	0.176*	1
XPROF	0.033	0.020	0.034	0.199*	-0.058	0.053	0.012	-0.070	0.035	0.046	0.118*	-0.102*	0.040	-0.080*	0.363*	1

Variables	ROA			ROE			ROS
Variables	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9
PATINT	0.013***	0.011***	0.011***	0.014***	0.012***	0.013***	0.013***	0.011***	0.010***
PATINT	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.001)	(0.002)
FIRMSIZE		2.21e-05***	2.45e-05***		1.82e-05***	1.99e-05***		1.21e-05***	1.49e-05***
FIRMSIZE		(3.01e-06)	(3.30e-06)		(3.04e-06)	(3.63e-06)		(2.63e-06)	(3.08e-06)
FIRMAGE		0.008***	0.006*		0.014***	0.014***		0.008***	0.008***
FIRMAGE		(0.002)	(0.003)		(0.002)	(0.003)		(0.002)	(0.003)
FORPAR		-0.082	-0.303*		-0.265*	-0.492***		-0.453***	-0.718***
FORPAR		(0.157)	(0.170)		(0.159)	(0.175)		(0.155)	(0.177)
GOVPAR		-0.497***	-0.389**		-0.674***	-0.632***		0.0199	0.179
GOVPAR		(0.187)	(0.185)		(0.187)	(0.188)		(0.180)	(0.189)
CEOEDU		-0.158	-0.146		-0.163	-0.156		0.0547	0.058
CEOEDU		(0.104)	(0.104)		(0.109)	(0.112)		(0.094)	(0.099)
EMPEDU		0.198***	0.184***		0.229***	0.208***		0.195***	0.188***
EMPEDU		(0.031)	(0.033)		(0.033)	(0.037)		(0.031)	(0.033)
Country control	No	No	Yes	No	No	Yes	No	No	Yes
Year control	No	No	Yes	No	No	Yes	No	No	Yes
Industry control	No	No	Yes	No	No	Yes	No	No	Yes
Constant	6.343***	5.693***	7.728***	6.203***	5.389***	6.790***	6.498***	5.508***	5.674***
Constant	(0.076)	(0.196)	(0.458)	(0.081)	(0.219)	(0.456)	(0.0758)	(0.201)	(0.574)
Observations	700	700	700	700	700	700	700	700	700
R ²	0.049	0.130	0.207	0.051	0.154	0.220	0.050	0.128	0.196

Variables	ROA			ROE			ROS
Variables	Model 2.1	Model 2.2	Model 2.3	Model 2.4	Model 2.5	Model 2.6	Model 2.7	Model 2.8	Model 2.9
PATDOM	0.003**	0.001	0.002*	0.003**	0.001	0.002*	0.003**	0.001	0.002*
	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
FIRMSIZE		1.13e-05***	1.35e-05***		1.13e-05***	1.35e-05***		1.13e-05***	1.35e-05***
		(0.000)	(0.000)		(0.000)	(0.000)		(0.000)	(0.000)
FIRMAGE		0.006**	0.007**		0.006**	0.007**		0.006**	0.007**
		(0.003)	(0.003)		(0.003)	(0.003)		(0.003)	(0.003)
FORPAR		-0.363**	-0.605***		-0.363**	-0.605***		-0.363**	-0.605***
		(0.157)	(0.179)		(0.157)	(0.179)		(0.157)	(0.179)
GOVPAR		0.002	0.191		0.002	0.191		0.002	0.191
		(0.183)	(0.192)		(0.183)	(0.192)		(0.183)	(0.192)
CEOEDU		0.086	0.084		0.086	0.084		0.086	0.084
		(0.096)	(0.102)		(0.096)	(0.102)		(0.096)	(0.102)
EMPEDU		0.219***	0.202***		0.219***	0.202***		0.219***	0.202***
		(0.031)	(0.033)		(0.031)	(0.033)		(0.031)	(0.033)
Country control	No	No	Yes	No	No	Yes	No	No	Yes
Year control	No	No	Yes	No	No	Yes	No	No	Yes
Industry control	No	No	Yes	No	No	Yes	No	No	Yes
Constant	6.555***	5.420***	5.563***	6.555***	5.420***	5.563***	6.555***	5.420***	5.563***
Constant	(0.078)	(0.200)	(0.587)	(0.078)	(0.200)	(0.587)	(0.078)	(0.200)	(0.587)
Observations	700	700	700	700	700	700	700	700	700
R ²	0.007	0.098	0.172	0.007	0.098	0.172	0.007	0.098	0.172

Variables	EXPORT
Variables	Model 3.1	Model 3.2	Model 3.3	Model 3.4
PATINT	0.021***	0.011***	0.011***	0.009***
	(0.003)	(0.001)	(0.001)	(0.001)
FIRMSIZE		-2.51e-06	-4.29e-06	-9.44e-06**
		(4.35e-06)	(4.85e-06)	(4.57e-06)
FIRMAGE		-0.003	-0.036***	-0.039***
		(0.003)	(0.005)	(0.005)
FORPAR		1.922***	1.347***	1.269***
		(0.206)	(0.203)	(0.207)
GOVPAR		-0.200	-0.135	-0.096
		(0.208)	(0.195)	(0.174)
CEOEDU		0.286***	0.063	0.078
		(0.109)	(0.114)	(0.108)
EMPEDU		0.285***	0.313***	0.306***
		(0.037)	(0.037)	(0.037)
XDIFIC			-0.300	-0.131
			(0.196)	(0.193)
XYEAR			0.069***	0.065***
			(0.009)	(0.009)
XINTER			0.874***	0.568***
			(0.122)	(0.138)
XPROF			0.885***	0.737***
			(0.176)	(0.182)
Country control	No	No	No	Yes
Year control	No	No	No	Yes
Industry control	No	No	No	Yes
Constant	3.373***	1.079***	-0.897***	1.676**
	(0.104)	(0.225)	(0.288)	(0.678)
Observations	700	700	700	700
R ²	0.070	0.286	0.426	0.520

Variables	EXPORT
Variables	Model 4.1	Model 4.2	Model 4.3	Model 4.4
PATDOM	0.009***	0.004***	0.002**	0.001
	(0.002)	(0.001)	(0.001)	(0.001)
FIRMSIZE		-3.39e-06	-5.32e-06	-1.09e-05**
		(4.14e-06)	(4.65e-06)	(4.44e-06)
FIRMAGE		-0.005*	-0.039***	-0.042***
		(0.003)	(0.005)	(0.005)
FORPAR		1.980***	1.424***	1.380***
		(0.206)	(0.204)	(0.207)
GOVPAR		-0.225	-0.149	-0.0798
		(0.209)	(0.197)	(0.179)
CEOEDU		0.299***	0.0861	0.108
		(0.110)	(0.114)	(0.109)
EMPEDU		0.305***	0.332***	0.317***
		(0.0375)	(0.037)	(0.037)
XDIFIC			-0.234	-0.094
			(0.198)	(0.194)
XYEAR			0.070***	0.068***
			(0.009)	(0.010)
XINTER			0.886***	0.538***
			(0.124)	(0.138)
XPROF			0.813***	0.688***
			(0.179)	(0.182)
Country control	No	No	No	Yes
Year control	No	No	No	Yes
Industry control	No	No	No	Yes
Constant	3.393***	1.027***	-0.978***	1.720**
	-0.108	-0.225	-0.293	-0.681
Observations	700	700	700	700
R ²	0.031	0.275	0.411	0.509

Universidade Federal de Santa Maria Avenida Roraima nº 1000, Prédio 74C, Sala 4210 - Cidade Universitária - Centro de Ciências Sociais e Humanas (CCSH) - Universidade Federal de Santa Maria (UFSM), Cep: 97105-900, Tel: +55 (55) 3220-9242 - Santa Maria - RS - Brazil
E-mail: rea@ufsm.br

Acompanhe os números deste periódico no seu leitor de RSS

[1] AUTHORS

Filipe de Castro Quelhas Institution: Faculdades IBMEC. Rio de Janeiro - RJ, Brazil. Degree in Portuguese Languages, Master in Administration Faculdades IBMEC /RJ. E-mail: jdquelhas@gmail.com ORCID https://orcid.org/0000-0003-3050-2143