Abstract The aim of this research was to analyze the impact of industrial firms' proximity to regional innovation systems on financial performance and value creation, considering the Brazilian reality. The theoretical-empirical challenge explored was to propose a model to identify regional innovation systems based on the existence of innovation ecosystems. To do so, the research used variables such as researcher training, human capital devoted to research and development, patents and publications, and business creation to identify innovation ecosystems, whose level of geographical density allowed for the identification of regional innovation systems. Exploratory factor analysis was used. A total of 556 industrial firms in Brazil with published financial information were surveyed for the period 2017-2018. Profitability and value creation indicators, as well as the proximity of each firm to innovation ecosystems and regional innovation systems, were calculated. Five regional innovation systems were identified in Brazil, and it was found that firms' proximity to these systems has a positive and significant impact on financial and value creation indicators. These findings demonstrate the need to foster new regional innovation systems to support the country's economic development more equitably.

Resumen El objetivo de esta investigación fue analizar el impacto de la proximidad de las empresas industriales a los sistemas regionales de innovación en el desempeño financiero y en la creación de valor, se considerando la realidad brasileña. El desafío teórico-empírico explorado fue proponer un modelo para identificar los sistemas regionales de innovación, a partir de la existencia de ecosistemas de innovación. Para ello, la investigación utilizó variables de formación de investigadores, capital humano dedicado a la investigación y desarrollo, patentes y publicaciones y la creación de empresas para identificar los ecosistemas de innovación, cuyo nivel de densidad geográfica permitió identificar los sistemas regionales de innovación. Con este objetivo, se utilizó el análisis factorial exploratorio. Se levantaron 556 empresas industriales en Brasil con información financiera publicada y disponible para el período de 2017-2018. Se calcularon los indicadores rentabilidad y creación de valor, así como la proximidad de cada empresa a los ecosistemas y sistemas regionales de innovación. Se identificaron cinco sistemas regionales de innovación en Brasil y se verificó que la proximidad de las empresas a estos sistemas ejerce un impacto positivo y significativo en los indicadores financieros y de creación de valor. Estas evidencias demuestran la necesidad de fomentar nuevos sistemas regionales de innovación para apoyar el desarrollo económico del país de forma más equitativa.

Resumo O objetivo desta pesquisa foi analisar o impacto da proximidade das empresas industriais aos sistemas regionais de inovação no desempenho financeiro e na criação de valor, considerando-se a realidade brasileira. O desafio teórico-empírico explorado foi propor um modelo para identificar os sistemas regionais de inovação, a partir da existência de ecossistemas de inovação. Para tanto, a pesquisa utilizou variáveis de formação de pesquisadores, capital humano dedicado à pesquisa e ao desenvolvimento, patentes e publicações e a criação de empresas para identificar os ecossistemas de inovação, cujo nível de densidade geográfica permitiu identificar os sistemas regionais de inovação. Com esse intuito, utilizou-se a análise fatorial exploratória. Foram levantadas 556 empresas industriais no Brasil com informações financeiras publicadas e disponíveis para o período de 2017-2018. Calcularam-se os indicadores rentabilidade e criação de valor, bem como a proximidade de cada empresa aos ecossistemas e sistemas regionais de inovação. Identificaram-se cinco sistemas regionais de inovação no Brasil e verificou-se que a proximidade das empresas a estes sistemas exerce impacto positivo e significativo nos indicadores financeiros e de criação de valor. Essas evidências demonstram a necessidade de fomentar novos sistemas regionais de inovação para apoiar o desenvolvimento econômico do país de forma mais equitativa.

ABSTRACT The objective of this study was to evaluate the potential of improving the economic value of integrated crop-livestock systems (ICLS) compared to conventional systems specialized in monoculture. The experimental area was 16.02 ha, divided into 18 paddocks of 0.89 ha each, organized in a randomized block design, with three replicates and six models of production systems: crop system [corn ( Zea mays ) grain production], livestock system (beef cattle under grazing conditions), and four ICLS, identified as: ICLS-1, corn integrated with Marandu palisadegrass [ Urochloa brizantha (Hoechst. ex A. Rich.) R.D. Webster cv. Marandu (syn. Brachiaria brizantha cv. Marandu] sown simultaneously without herbicide; ICLS-2, corn and Marandu palisadegrass sown simultaneously with herbicide; ICLS-3, corn and Marandu palisadegrass with lagged sowing; and ICLS-4, corn and Marandu palisadegrass sown simultaneously, with herbicide in rows and between-rows of corn. We demonstrated the economic impact analysis combined with the risk optimization and discounted cash flow techniques based on Monte Carlo simulation, considering price and productivity uncertainties. The indicators of added value and return on investment of ICLS had an economic advantage compared with conventional systems. It was also found that ICLS needed a smaller operational area than conventional systems for the economic break-even point. Integrated systems provide lower financial and operational risk levels and greater economic value per hectare compared with conventional systems specialized in monoculture.

ABSTRACT Yield and profitability levels in sugarcane crops demonstrate the importance of the agricultural practices adopted, especially for soil preparation and planting systems. This study evaluated the costs involved in 40 alternative methods for the establishment of sugarcane crops resulting from the combination of eight soil preparation systems and five planting options, followed by an assessment of the economic viability of sugarcane production for suppliers and sugar mills. Data were collected from 31 sugar mills and 42 suppliers in São Paulo State, Brazil, from the 2016/17 season. The cost analysis and discounted cash flow analysis were used to calculate economic viability. Localized soil preparation with a fixed application rate of inputs (soil amendments) and mechanized planting with a variable application rate of fertilizers were the least costly systems to establish the sugarcane crop. Regarding the sugarcane establishment system, the medium–sized sugar mills were the most economically viable when compared to independent sugarcane producers. There was no significant difference in cost to establish sugarcane crops across the various sized groups of suppliers and we identified that costs rose as the size of the sugar mills increased.