Impacts of Financialization on Innovation: a study for Brazilian nonfinancial corporation in the period 2010-2018

  • Jamille Limeira Bittencourt Mestre em Economia pelo PPGEcon/UNIFAL-MG
  • Bernardo Pádua Jardim de Miranda Universidade Federal de Alfenas
  • Cirlene Maria de Matos Universidade Federal de Alfenas
Keywords: Financialization, Maximization of shareholder value, Innovation


At the business level, financialization can be expressed by the principle of maximizing shareholder value, increasing financial activities and indebtedness. By directing resources to these three spheres, financialization can reduce funds that could be used to finance innovation. This paper’s goal is to study the impacts of financialization on the innovations of publicly traded non-financial companies in Brazil between 2010 and 2018. For this purpose, a dynamic panel was estimated using the GMM-System using accounting and financial data. The results showed that the maximization of shareholder value and the increase in corporate indebtedness hampered innovation of these companies.


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How to Cite
Limeira Bittencourt, J. ., Miranda, B. P. J. de, & Maria de Matos, C. (2024). Impacts of Financialization on Innovation: a study for Brazilian nonfinancial corporation in the period 2010-2018. Brazilian Keynesian Review, 10(1), 112-140.