Relevância informativa das Despesas de Investigação e Desenvolvimento: um estudo para o caso português
AbstractThis study tests the value relevance of R&D expenses for the Portuguese context. The methodology adopted is based on econometric models, and takes into consideration the kind of information companies display and the adoption of IASB accounting standards in 2005. The empirical evidence suggests that investors value positively R&D information, most especially when it is quantitative and relates to the capitalisation of such expenses. Their value relevance is less obvious when the information is qualitative, and vanishes completely when both types of information are considered simultaneously in the models. The change in the accounting environment in 2005 seems to affect the empirical evidence. It suggests that a higher restrictiveness of IASB standards on concerning the capitalization of R&D justifies the increase in the value relevance of the expenses capitalized in 2005 and afterwards.
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Bibliographic InfoArticle provided by Faculdade de Economia, Universidade de Coimbra in its journal Notas Económicas.
Volume (Year): (2010)
Issue (Month): 31 (June)
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Find related papers by JEL classification:
- M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Louis K. C. Chan, 2001. "The Stock Market Valuation of Research and Development Expenditures," Journal of Finance, American Finance Association, vol. 56(6), pages 2431-2456, December.
- Baruch Lev & Theodore Sougiannis, 1999. "Penetrating the Book-to-Market Black Box: The R&D Effect," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(3-4), pages 419-449.
- Hirschey, Mark & Richardson, Vernon J & Scholz, Susan, 2001. " Value Relevance of Nonfinancial Information: The Case of Patent Data," Review of Quantitative Finance and Accounting, Springer, vol. 17(3), pages 223-35, November.
- Brown, Stephen & Lo, Kin & Lys, Thomas, 1999. "Use of R2 in accounting research: measuring changes in value relevance over the last four decades," Journal of Accounting and Economics, Elsevier, vol. 28(2), pages 83-115, December.
- Hirschey, Mark, 1982. "Intangible Capital Aspects of Advertising and R&D Expenditures," Journal of Industrial Economics, Wiley Blackwell, vol. 30(4), pages 375-90, June.
- Core, John E. & Guay, Wayne R. & Buskirk, Andrew Van, 2003. "Market valuations in the New Economy: an investigation of what has changed," Journal of Accounting and Economics, Elsevier, vol. 34(1-3), pages 43-67, January.
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