Research and development spending and economic regulation: An analysis of companies listed on Brazilian Stock Exchange

Aline Ribeiro Souza, Mayla Cristina Costa, Ademir Clemente


The objective of this paper is to verify if companies of economically regulated markets are discouraged to invest in research and development (R&D). Panel data analysis has been performed on a sample of 55 companies listed on the Brazilian Stock Exchange (B3), which published information on the amounts allocated to Research and Development (R&D) activities. The sample period comprises the years 2009 to 2014. Results show that regulation did not reach statistical significance in relation to the level of expenditure on R&D. However, we confirm the effects of certain characteristics of companies, such as size and performance, on R&D activities. These results may contribute to the formulation of public policies aiming at economic development.

Keywords: regulation, innovation, research and development, Brazilian Stock Exchange (B3).

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