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Value-Relevance of Research and Development Expenses and Intangible Assets: Is It a Matter of Accounting Choice?
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dc.contributor.author윤소라-
dc.date.issued2021-04-
dc.identifier.issn1598-8651-
dc.identifier.urihttps://aurora.ajou.ac.kr/handle/2018.oak/35393-
dc.description.abstract[Purpose]The purpose of this study is to examine whether R&D expenditure and the intangible assets of companies can provide value-relevant information to the capital market, and to examine whether the value-relevance of R&D is different depending on the company’s accounting choice. <br>[Methodology]Using two different regression equations, stock return and operating income are regressed on R&D intensity, intangible assets, and other control variables. <br>[Findings]The results show that both R&D intensity and intangible assets are positively related to stock return and operating income. These findings indicate that R&D expenditures present future economic value, and therefore, should not be treated like other expenses. In addition, this study finds that the value-relevance of R&D expense exists both in DI- and DS-adopting companies; therefore, it is concluded that the value-relevance of R&D expenditures is not a matter of accounting choice. <br>[Implications]This study provides empirical evidence of the financial value-relevance of R&D expenditure and intangible assets using recent data across industries and countries. These results can be used to develop novel systems that can appropriately value, measure, and report R&D expenses and intangible assets. The results also contribute to the consideration of an accounting method that accepts R&D and intangibles as value-creating assets.-
dc.language.isoEng-
dc.publisher한국경영교육학회-
dc.titleValue-Relevance of Research and Development Expenses and Intangible Assets: Is It a Matter of Accounting Choice?-
dc.title.alternative연구개발비와 무형자산의 가치관련성: 29개국 자본시장의 회계선택 관점에서의 분석-
dc.typeArticle-
dc.citation.endPage292-
dc.citation.number2-
dc.citation.startPage267-
dc.citation.title경영교육연구-
dc.citation.volume36-
dc.identifier.bibliographicCitation경영교육연구, Vol.36 No.2, pp.267-292-
dc.identifier.doi10.23839/kabe.2021.36.2.267-
dc.subject.keyword가치관련성-
dc.subject.keyword국제회계기준-
dc.subject.keyword무형자산-
dc.subject.keyword연구개발비-
dc.subject.keyword연구개발집중도-
dc.subject.keyword회계기준-
dc.subject.keyword회계선택-
dc.subject.keywordAccounting Choice-
dc.subject.keywordAccounting Standards-
dc.subject.keywordIFRS-
dc.subject.keywordIntangible Assets-
dc.subject.keywordR&D Expense-
dc.subject.keywordR&D Intensity-
dc.subject.keywordValue-Relevance-
dc.type.otherArticle-
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Yoon, Sora윤소라
Department of Business Administration
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