Inovação e a capacidade de apropriar benefícios associados aos investimentos em P&D no Brasil

This paper seeks to analyze the ability of Brazilian companies to appropriate the benefits associated with R&D investments, following the methodology proposed by Cohen, Dietther and Malloy (2013), in order to reflect the capacity of firms to convert these investments into sales (Ability in Sales). During the period from 07/2009 to 07/2014 a total of 48 companies were analyzed. In addition to Ability in Sales, this paper proposes a new measure that incorporates the benefits of cost innovations (Ability in Margin). The results indicate that in fact, the capital market seems to ignore the ability of firms to efficiently allocate their R&D budgets, they suggest that innovations associated with sales increase produce future returns greater than those associated with cost reduction.