PUBLICACIÓN DE PATENTES Y COSTO DE CAPITAL: Un análisis de empresas negociadas en B3
DOI:
https://doi.org/10.4270/ruc.2023115Palabras clave:
Patente;, Innovación, Divulgación de información, Asimetría de información, Costo de capitalResumen
Este estudio tiene como objetivo verificar la relación entre la difusión de la innovación y el costo de capital implícito de las empresas que cotizan en B3. La difusión de la innovación se analiza por la perspectiva de la publicación de patentes, y busca verificar la relación con el costo implícito de capital, mediado por la asimetría de información. Para esto, el estudio cuenta con una muestra de 91 empresas que cotizan en B3 entre 2014 y 2019. Los datos se analizaron trimestralmente mediante regresión de panel. El costo de capital fue considerado la variable dependiente del modelo, medido por el modelo de Easton (2004); la asimetría de información constituyó la variable mediadora, medida por el bid-ask spread, volatilidad, iliquidez en la bolsa y probabilidad de negociación informada; la publicación de patentes en el período se refiere a la variable independiente. Los resultados indicaron que la publicación de patentes mantiene una relación negativa con el costo implícito de capital, que está mediado por la volatilidad de los activos. Así, parece que la publicación de patentes puede ser un instrumento eficaz para reducir las asimetrías de información, permitiendo a los inversores acceder a información relevante sobre innovaciones y reevaluar sus expectativas sobre el valor de la empresa.
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