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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
[Importance of R&D and Variety of Capitalism in Market Capitalization: Econometric Evidence from the Major European Companies in 2008]

Author

Listed:
  • Gonçalves, Vitor
  • Pinto, Hugo

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.

Suggested Citation

  • Gonçalves, Vitor & 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 [Importance of R&D and Variety of Capitalism in Market Ca," MPRA Paper 27192, University Library of Munich, Germany, revised 30 Oct 2010.
    • Handle: RePEc:pra:mprapa:27192
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    File URL: https://mpra.ub.uni-muenchen.de/27192/1/MPRA_paper_27192.pdf
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    References listed on IDEAS

    as
    1. Jean-Philippe BERROU (CED, IFReDE-GRES) & Christophe CARRINCAZEAUX (E3i, IFReDE-GRES), 2005. "Diversity of capitalism and Central and Eastern European Countries. A statistical analysis. (In French)," Cahiers du GRES (2002-2009) 2005-18, Groupement de Recherches Economiques et Sociales.
    2. Yannick Lung & Bruno Amable, 2008. "The European Socio-Economic Models of a Knowledge-based society. Main findings and conclusion," PSE-Ecole d'économie de Paris (Postprint) hal-00387535, HAL.
    3. Bruno AMABLE & Yannick LUNG, 2008. "The European Socio-Economic Models of a Knowledge-based society. \r\nMain findings and conclusion \r\n," Cahiers du GREThA (2007-2019) 2008-26, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Capitalization; R&D; Varieties of Capitalism; Regression Analysis;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables

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