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A Importância da I&D e da Variedade de Capitalismo na Capitalização em Bolsa: Evidência Econométrica das Maiores Empresas Europeias em 2008

Gonçalves, Vitor and Pinto, Hugo (2010): A Importância da I&D e da Variedade de Capitalismo na Capitalização em Bolsa: Evidência Econométrica das Maiores Empresas Europeias em 2008.

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Abstract

The article discusses the factors influencing the market capitalization of a company. Using data on the thousand largest companies in Europe, taken from the 2009 EU Industrial R&D Investment Scoreboard, the analysis focuses on the impacts of net sales value of each company, investment in research and development and the number of employees in the valuation of the company in the stock markets. In parallel, there is also tested how the institutional architecture of an economy affects the capitalization of companies in financial markets. The linear regression model estimated suggests the central importance of sales but indicates that the R&D also impacts in the phenomenon studied. Firm size has a negligible explanatory power. There is evidence that companies from liberal market economies have higher growth rates in financial markets.

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