Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-03T15:32:55Z No. of bitstreams: 1 66080100256.pdf: 1176091 bytes, checksum: fcc0a2692cf5fd1eb1a05eb610c446c2 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:43:34Z (GMT) No. of bitstreams: 1 66080100256.pdf: 1176091 bytes, checksum: fcc0a2692cf5fd1eb1a05eb610c446c2 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:57:44Z (GMT) No. of bitstreams: 1 66080100256.pdf: 1176091 bytes, checksum: fcc0a2692cf5fd1eb1a05eb610c446c2 (MD5) / Made available in DSpace on 2011-06-03T17:04:48Z (GMT). No. of bitstreams: 1 66080100256.pdf: 1176091 bytes, checksum: fcc0a2692cf5fd1eb1a05eb610c446c2 (MD5) Previous issue date: 2011-01-14 / After the deep financial crisis in 2008, there has been an increasing questioning of the Firm’s objectives and its relationship with the financial markets. There is a paradox between the current practice of maximizing financial short-term performance of organizations, demanded by financial agents to corporate executives, and the financial concept of valuation of the Firm, which considers Firm value as the present value of discounted future cash flows. Therefore, according to the maximizing value proposition the Firm's objective is to increase its long-term total value (Jensen, 2000). The primary function of marketing strategies, innovations (R&D investments) included, is to generate both growth and consistent long-term business, i.e. the expansion of intangible assets to generate tangible assets. Based on the conceptual framework of Market-based Assets (Srivastava, Shervani and Fahey 1998), this paper seeks to contribute to the subject by proposing simple metrics, the adjusted performance indexes of retail sector, the Customer Average Ticket (TMC) and the Customer Average Ticket Earnings (LTMC). These metrics could relate investments in marketing to the value of the Firm (shareholder value) through the variation in quality of the company's customer base, which is the source of revenue generation and part of the intangible assets. For empirical tests, this study used data from the following publicly companies listed in Bovespa (São Paulo Stock Exchange): Sadia and Perdigao, belonging to the food processing sector, in the period of 1999 to 2010, and also the air line companies TAM and Gol in the period of 2004 to 2010. The tests were inconclusive, due to certain data limitations, not allowing proving or ruling out the tested hypotheses. But the logical line and simplicity of the method should be explored by future studies. If the method could be confirmed and proven, it would provide all agents (marketing executives, CEOs and CFOs, market analysts and investors) with a simple and objective tool for analysis and way of communication about the value creation of Marketbased Assets (intangible assets) that impact the total Firm value. / Após a profunda crise financeira de 2008, houve um aumento do questionamento sobre os objetivos da Firma e a sua relação com os mercados financeiros. Existe um paradoxo entre a prática corrente de maximização da performance financeira de curto-prazo da organização, demandada pelos agentes financeiros aos executivos das empresas, e o próprio conceito financeiro de valoração da Firma., que considera como valor da Firma o valor presente dos fluxos de caixa futuros descontados. Portanto, segundo a proposição de maximização de valor, o objetivo da Firma é aumentar o seu valor total de longo prazo (JENSEN, 2000). É função primordial das estratégias de marketing, aí incluídos os investimentos em inovação (P&D), o objetivo de gerar crescimento e consistência de longo prazo do negócio, isto é, a ampliação dos ativos intangíveis para gerar ativos tangíveis. Norteado pela estrutura conceitual de Ativos base Mercado (SRIVASTAVA; SHERVANI; FAHEY, 1998), o presente trabalho busca contribuir para o tema, com uma proposição de métricas simples, adaptadas de índices de desempenho do setor varejo, o Ticket Médio Cliente (TMC) e o Lucro Ticket Médio Cliente (LTMC), que possam relacionar os investimentos em marketing e o valor da Firma através da variação da qualidade da base de clientes da empresa, que é a fonte de geração de receitas e parte dos ativos intangíveis. O estudo utilizou para os testes empíricos dados das seguintes empresas, com ações negociadas na Bovespa: Sadia e Perdigão, pertencentes ao setor de alimentos processados, de 1999 a 2010, e também as companhias aéreas TAM e Gol no período de 2004 a 2010. Os testes não foram conclusivos, devido a determinadas limitações dos dados, não permitindo provar ou descartar as hipóteses testadas. Porém a linha lógica e a simplicidade do método deveriam ser exploradas por estudos futuros, pois se confirmado e provado, forneceria uma ferramenta simples e objetiva de análise e comunicação por parte de todos os agentes envolvidos (executivos de marketing, diretores financeiros e presidentes, analistas de mercado e investidores), com relação à criação de valor de Ativos base Mercado (ativos intangíveis) que impactam o valor da Firma.

隨著經濟全球化的發展，創新創業在國際競爭的地位越來越重要，創新不僅是國家經濟增長的動力，也是企業長期競爭力的關鍵。我國創業投資在電子產業快速發展進程中，扮演緩解新創企業融資障礙的重要角色。近期各項經濟數據均顯示，伴隨國家產業創新政策，電子新創企業在研發投入過程中有嚴重的資源錯置問題。本研究以台灣創投投資電子產業之研發效率為例，研究結果證實電子新創企業於首次公開發行期間具研發效率不足現象，主要原因為企業致力於美化財報，提高資本支出以利當期產出反應高財務績效，而抑制研發投入作為上市（櫃）經營策略。 / Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs.

The Thesis is composed by three complementary research investigations on the economic and policy aspects of EU corporate R&D.Collectively, the work first reviews the theoretical and empirical literature of corporate R&D intensity decomposition; it then investigates the EU R&D intensity and its decomposition elements comparatively with most closed competitors and with emerging economies over the period 2005-2013. Finally, it inspects further some key aspects that can be associated to the EU R&D intensity gap: sectoral dynamics and the resulting sectoral and technological specialisations as well as the drivers for R&D investment growth across sectors and firms' age groups of top R&D investing firms over time. These studies also address the possible policy implications that derive from their outcomes.The investigations rely on literature as well as on company data, mainly from nine editions (2006-2014) of the EU Industrial R&D Investment Scoreboard. For analytical purposes they use literature review, meta-analysis, descriptive statistics, R&D intensity decomposition computational approach, Manhattan distance and Technological Revealed Comparative Advantage metrics, and a multinominal logit regression model. The results of these three research works are novel in several aspects. It indicates that literature results on R&D intensity decomposition differ because of data and methodological heterogeneities, and that the structural cause is the main determinant of EU R&D intensity gap if sector compositions of the countries are considered. It inspects how the use of different data sources and analytical methods impact differently on R&D intensity decomposition results, and what the analytical and policy implications are.The empirical research results of this Thesis confirm the structural nature of the EU R&D intensity gap. In the last decade the gap between the EU and the USA has widened, whereas the EU gap with Japan has remained relatively stable. In contrast, the emerging countries' R&D intensity gap compared to the EU has remained relatively stable, while companies from emerging economies are considerably reducing such gap. Besides, as novel contribution to the state of the art of the literature, this Thesis uncovers the differences between EU and US by inspecting which sectors, countries and firms are more accountable for the aggregate R&D intensity performance of these two economies, and it finds a high heterogeneity of firms' R&D intensity within sectors. Furthermore, it shows that there is a bigger population of both larger and smaller US top R&D firms which invest more strongly in R&D than competitors, and that the global R&D investment is concentrated in a few firms, countries and industries. Finally, the research founds a slightly higher EU R&D shift over sectors compared to the US, but not strongly enough towards high-tech sectors. Also, the EU has an even broader technological specialisation than its already broad industrial R&D sector specialisation, while the USA leads by number of technological fields belonging mostly to the industrial R&D sectors of its specialisation. Furthermore, the EU has been better able than the USA and Japan to maintain its world share of R&D investment even during the years of economic and financial crisis. Lastly, the study also indicates that firms make a complementary use of capital expenditures and R&D intensity for their R&D investment growth strategies and it reveals that there are differences in their use between firms' age classes across sectors. Overall, the main results of the Thesis suggest that to reach a more positive R&D dynamics and boost its competitiveness, the EU should adapt its industrial structure and increase the weight of high R&D intensive sectors. A focus on creating the conditions for firm creation and growth in new-emerging innovative sectors is advised together with favouring the exploitation of the full capacity of EU leading - but mature - sectors to also absorb high-technology from other sectors. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Tesis por compendio / [ES] El crecimiento económico y la competitividad se han establecido en la vanguardia de la agenda política desde el inicio de las teorías del desarrollo económico. Los países han tratado de impulsar el crecimiento económico y la competitividad mediante la adopción de políticas de innovación. Sin embargo, las nuevas demandas de la sociedad derivadas de los retos del desarrollo sostenible exigen un progreso basado en los principios de sostenibilidad y en el bienestar de la población mundial. Las desigualdades entre países y personas deben reducirse significativamente y, en el mejor de los casos, eliminarse. El creciente interés por el desarrollo sostenible en todos los ámbitos de la sociedad exige también procesos y actividades de innovación. La innovación debe basarse en las dimensiones económica, social y medioambiental de la sostenibilidad. Por eso, la importancia de conceptos como la eco-innovación ha aumentado en las últimas décadas. La consecución de un desarrollo sostenible mediante estrategias de eco-innovación se ve influida por multitud de factores que interactúan entre sí, lo que añade complejidad al proceso de eco-innovación. Estas interacciones se producen dentro de las fronteras de sistemas de innovación definidos por características únicas que dependen de su contexto geográfico. Esta variedad de características nacionales o regionales obliga a orientar las políticas de eco-innovación. Esta tesis se estructura en cuatro capítulos, correspondiendo cada uno de ellos a un artículo científico. El objetivo principal de la tesis consiste en determinar la conexión entre el desarrollo sostenible, la eco-innovación y los sistemas de innovación, estudiando la complejidad de las dimensiones de la sostenibilidad y la innovación integradas en la eco-innovación, la interacción entre los agentes del sistema de innovación y el contexto socioeconómico y las características específicas de cada país. Esta triple conexión se analizó a través de cuatro metodologías. El posible vínculo entre desarrollo sostenible e innovación y sus facilitadores se estableció mediante una regresión lineal múltiple y el análisis clúster (cap. 2). Por medio de métodos bibliométricos, se examinó el estado actual de la bibliografía que estudia simultáneamente la eco-innovación y los sistemas de innovación para identificar posibles vías o alternativas de investigación sobre los sistemas de eco-innovación (cap. 3). Por último, el análisis comparativo cualitativo de conjuntos difusos (fsQCA) aportó perspectivas sobre cómo se explica la eco-innovación a través de la interacción de factores y agentes dentro de los sistemas de eco-innovación (cap. 4-5). Las conclusiones de este estudio resaltan la necesidad de una transición hacia modelos de economía circular y sostenibilidad en los que el crecimiento económico se controle y supervise para evitar la degradación del medio ambiente. En esta transición, las características nacionales adoptan un papel primordial a la hora de implementar estrategias de eco-innovación y sostenibilidad. La gran variedad de contextos nacionales y la existencia de recursos limitados requiere que los países obtengan una comprensión en profundidad de los sistemas de eco-innovación. Esta comprensión podría reducir la complejidad e incertidumbre inherentes a la eco-innovación y a las relaciones surgidas entre los agentes de los sistemas de innovación que estimulan u obstaculizan las actividades de eco-innovación. Por lo tanto, el éxito de la eco-innovación y el consiguiente logro del desarrollo sostenible se garantizarían estableciendo políticas de eco-innovación y sostenibilidad adaptadas a las características de cada sistema nacional de eco-innovación. Mediante la combinación de los conocimientos adquiridos a partir del análisis de los sistemas nacionales de eco-innovación y la participación en la colaboración internacional, podrían reducirse las desigualdades entre países en términos de desarrollo sostenible y bienestar. / [CA] El creixement econòmic i la competitivitat s'han establit en l'avantguarda de l'agenda política des de l'inici de les teories de desenvolupament econòmic. Els països han tractat d'impulsar el creixement econòmic i la competitivitat mitjançant l'adopció de polítiques d'innovació. No obstant això, les noves demandes de la societat derivades dels reptes del desenvolupament sostenible exigeixen un progrés basat en els principis de sostenibilitat i en el benestar de la població mundial. Les desigualtats entre països i persones han de reduir-se significativament i, en el millor dels casos, eliminar-se. El creixent interés pel desenvolupament sostenible en tots els àmbits de la societat exigeix també processos i activitats d'innovació. La innovació ha de basar-se en les dimensions econòmica, social i mediambiental de la sostenibilitat. Per això, la importància de conceptes com l'eco-innovació ha augmentat en les últimes dècades. La consecució d'un desenvolupament sostenible mitjançant estratègies d'eco-innovació es veu influïda per multitud de factors que interactuen entre si, la qual cosa afegeix complexitat al procés d'eco-innovació. Aquestes interaccions es produeixen dins de les fronteres de sistemes d'innovació definits per característiques úniques que depenen del seu context geogràfic. La varietat de característiques nacionals i regionals obliga a orientar les polítiques d'eco-innovació. Aquesta tesi s'estructura en quatre capítols, corresponent cadascun d'ells a un article científic. El objectiu principal de la tesi consisteix a determinar la connexió entre el desenvolupament sostenible, l'eco-innovació i els sistemes d'innovació, estudiant la complexitat de les dimensions de la sostenibilitat i la innovació integrades en l'eco-innovació, la interacció entre els agents del sistema d'innovació i el context socioeconòmic i les característiques específiques de cada país. Aquesta triple connexió es va analitzar a través de quatre metodologies. El possible vincle entre desenvolupament sostenible i innovació i els seus facilitadors es va establir mitjançant una regressió lineal múltiple i l'anàlisi clúster (cap. 2). Per mitjà de mètodes bibliomètrics, es va examinar l'estat actual de la bibliografia que estudia simultàniament l'eco-innovació i els sistemes de innovació per a identificar possibles vies o alternatives d'investigació sobre els sistemes d'eco-innovació (cap. 3). Finalment, l'anàlisi comparativa qualitativa de conjunts difusos (fsQCA), va aportar perspectives sobre com s'explica l'eco-innovació a través de la interacció de factors i agents dins dels sistemes d'eco-innovació (cap. 4-5). Les conclusions d'aquest estudi ressalten la necessitat d'una transició cap a models d'economia circular i sostenibilitat en els quals el creixement econòmic es controle i supervise per a evitar la degradació del medi ambient. En aquesta transició, les característiques nacionals adopten un paper primordial a l'hora d'implementar estratègies d'eco-innovació i sostenibilitat. La gran varietat de contextos nacionals i l'existència de recursos limitats requereix que els països obtinguen una comprensió en profunditat dels sistemes d'eco-innovació. Aquesta comprensió podria reduir la complexitat i incertesa inherents a l'eco-innovació i a les relacions sorgides entre els agents dels sistemes d'innovació que estimulen o obstaculitzen les activitats d'eco-innovació. Per tant, l'èxit de l'eco-innovació i el consegüent assoliment del desenvolupament sostenible es garantirien establint polítiques d'eco-innovació i sostenibilitat adaptades a les característiques de cada sistema nacional d'eco-innovació. Mitjançant la combinació dels coneixements adquirits a partir de l'anàlisi dels sistemes nacionals d'eco-innovació i la participació en la col·laboració internacional, podrien reduir-se les desigualtats entre països en termes de desenvolupament sostenible i benestar. / [EN] Economic growth and competitiveness have been established at the forefront of the political agenda since the beginning of the economic development theories. Countries have tried to drive economic growth and competitiveness through the adoption of innovation policies. However, society's new demands arising from sustainable development challenges call for a progress based on sustainability principles and the well-being of the world population. Inequalities among countries and people need to be significantly reduced and, in the best case, removed. The growing interest for sustainable development in all fields of society also demands innovation processes and activities. Innovation should be based on the economic, social, and environmental dimensions of sustainability. This is why the importance of concepts such as eco-innovation has risen during the last decades. Achieving sustainable development through eco-innovation strategies is influenced by a multitude of factors, which also interact with each other, adding complexity to the eco-innovation process. These interactions occur within the frontiers of innovation systems defined by unique characteristics that depend on their geographical context. This variety of national or regional characteristics obliges to target eco-innovation policies. Understanding local characteristics is needed for the effective establishment of eco-innovation policies. This thesis is structured in four chapters, each one corresponding to a scientific article. The main thesis' objective is to determine the connection between sustainable development, eco-innovation, and innovation systems by studying the complexity of (i) sustainability and innovation dimensions integrated into eco-innovation processes, (ii) the interaction among innovation system agents, and (iii) the socio-economic context and specific characteristics of individual countries. This three-fold connection was analyzed through four methodologies which were applied at a three-step approach. The hypothetical link between sustainable development and innovation and its facilitators was established through multiple linear regression and cluster analyses (Chapter 2). By using bibliometric methods, the current state of the literature that simultaneously studies eco-innovation and innovation systems was examined to identify the possible research avenues or possibilities on eco-innovation systems (Chapter 3). Finally, fuzzy-set qualitative comparative analysis (fsQCA) provided perspectives on how eco-innovation is explained through the interaction of factors and agents within eco-innovation systems (Chapters 4 and 5). The conclusions of this study emphasize the need for a transition towards circular economy and sustainability models where economic growth is controlled and monitored to avoid environmental degradation. In this transition, national characteristics adopt a prominent role when applying eco-innovation and sustainability strategies. In this sense, the wide variety of national contexts and the existence of limited resources for countries call for a deep understanding of eco-innovation systems. This deep understanding could reduce the complexity and uncertainty inherent to eco-innovation and the relationships emerged among the agents of innovation systems that stimulate or hamper eco-innovation activities. Therefore, the success of eco-innovation and the subsequent sustainable development achievement would be ensured by establishing tailored eco-innovation and sustainability policies adapted to the characteristics of each national eco-innovation system. Through the combination of knowledge gained from the analysis of national eco-innovation systems and participation in international collaboration, world inequalities in terms of sustainable development and well-being could be reduced. / Chaparro Banegas, N. (2024). Driving sustainable development: eco-innovation systems and public policies [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/203653 / Compendio