Revista Brasileira de Gestão e Inovação (Jul 2024)
INFLUENCE OF RESEARCH, DEVELOPMENT, AND CONTINGENT FACTORS ON THE FINANCIAL PERFORMANCE OF THE BRAZILIAN ENERGY SECTOR
Abstract
The objective was to analyze the influence of research and development (R&D) and contingent factors such as temperature, carbon dioxide (CO₂) emissions, COVID-19, and inflation on the financial performance of the Brazilian energy sector. A quantitative approach was used, with a sample of 58 companies listed on B3 from 2010 to 2021. Performance measures adopted included ROA, ROI, Net Margin, and Tobin's Q. The independent variables considered were R&D expenditures, temperature, and CO₂ emissions, and multiple linear regression analysis was employed. It was observed that R&D had a positive relationship with performance when lagged by three years. Additionally, temperature and CO₂ emissions also showed a positive relationship with performance. This research contributes to the literature by observing the influence of R&D on performance from the perspective of the Resource-Based View (RBV) theory, proposing that innovation can increase competitive advantages for organizations. Furthermore, it contributes by examining the effects of contingent factors on the performance of the energy sector, highlighting the importance of evaluating the influence of external factors on company results, and assisting investors and economic agents by addressing analyses of publicly traded companies, pointing out possible influences of R&D and contingent factors on performance. It is noted as relevant in this study that R&D shows a positive result on performance due to the temporal analysis. Moreover, the RBV does not consider contingent factors, which present significant correlations with the results of the energy sector.
