Value relevance assigned to disclosure of R&D expenditures in the Brazilian capital market
DOI:
https://doi.org/10.19094/contextus.v0i0.33312Keywords:
Value Relevance, Disclosure, Research & Development, Innovation, IntangiblesAbstract
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.
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