R&D Expenses and the Expectation of Value Generation in Brazilian Firms

Júlia Peres Tortoli, Anelise Krauspenhar Pinto Figari, Marcelo Augusto Ambrozini, Marcelo Botelho da Costa Moraes

Abstract


The purpose of this study is to verify the existence of a causal relationship between R&D expenses not activated by Accounting, a proxy for innovation, and the book-to-market ratio (BTM), which demonstrates expectation of value generation in firms. We analyzed a sample composed of 30 Brazilian public firms that disclosed information about R&am


Keywords


R&D expenses; Intangible assets; Innovation; Granger Causality Test.

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