O impacto da financeirização na inovação: uma análise empírica das empresas não-financeiras brasileiras para o período de 2010 a 2018

Abstract

Financial institutions, investors and financial funds have achieved a growing importance economy since the 1970s. The rise of financial logic within non-financial companies was expressed through Corporate Governance focused on maximizing shareholder value, which changed strategies businesses to “retain and invest” the resources to “downsize and distribute” (LAZONICK; O’SULLIVAN, 2000). The literature suggests that financialization harms investments in innovation to the drain on resources with the maximization of shareholder value and the priority given to the short term by managers, who seek agility in return to shareholders (DOSI et al., 2016; JIBRIL et al., 2017; MAZZUCATO; TANCIONI, 2012). Thus, this dissertation aims to verify the impacts of financialization on the innovation of publicly traded non-financial Brazilian companies in the period from 2010 to 2018. More specifically, it starts from the hypothesis that this phenomenon reduces investment in innovation through three channels: increased financial activities; the strategy of maximizing shareholder wealth and increasing indebtedness. For this, a model of Brazilian companies non-financial was estimated using Generalized Method of Moments System method (GMM System) in the two-step, with accounting datas and financial datas available in Economática and the B3 website. The results found suggest that the maximization of shareholder wealth (increased distribution of shares, payment of debt interest and share repurchase practices) and the increase in corporate indebtedness reduce the innovation of non-financial companies. The variables that capture the increase in financial activities were not significant. Thus, the results found corroborated the hypothesis that the financialization process in Brazil negatively affects innovations.