Determinants of the degree of innovation in the industries listed on the B3

The study aims to identify the determinants of the degree of innovation of industries listed on the Brazilian Stock Exchange - B3. To this end, it used as sample 129 industries that trade their shares on the B3. From the principal component analysis, it was found that the innovation indicators are combined into two distinct factors. Therefore, it can be said that the degree of innovation of the firms takes into account the combination of indicators referring to the innovation strategies of exploitation and exploration, and, by encompassing two distinct factors, it is valid to mention that the degree of innovation has a two-dimensional character, suggesting the existence of a synergy between the innovation strategies.