Affiliation:
1. Federal University of Rondônia, Brazil
2. Federal University of Pará, Brazil
3. Polytechnic Institute of Santarém, Portugal & CICF-Research Centre on Accounting and Taxation, Portugal
Abstract
Research and development (R&D) are an important issue for companies in a wide range of sectors, as they generate innovation, productivity, and sustainability, which are important factors for competitive advantage. To analyze which corporate governance mechanisms influence R&D investment by B3-listed companies, a fixed effects panel regression analysis was performed from 2010 to 2020. From a universe of 477 companies, a sample of 61 companies that spent at least one year on R&D was drawn. The results show that despite the hypotheses that board independence, ownership concentration, and CEO duality have no positive or negative effect on R&D spending, rejecting the latter hypotheses leads to a negative relationship between the first two factors and R&D spending. Therefore, it can be concluded that some corporate governance mechanisms can explain organizational investment in research and development.
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