IDEAS home Printed from
   My bibliography  Save this paper

Investissement en capital immatériel et utilité de l'information comptable : étude comparative sur les marchés financiers britanniques, espagnols et français


  • Jean-François Casta

    () (DRM-Finance - DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)

  • Olivier Ramond

    () (DRM-Finance - DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)


Motivated by the recent works by Lev [2001b ; 2004] and the current debate surrounding the international financial reporting standard n°38 (i.e. IAS 38) adoption related to reported intangible investment issues, this study investigates whether European firms using national generally accounting principles (hereafter, GAAP) exhibit differences while considering the relationship between firm performance and reported intangible investment. Using a four-representative-European-country (i.e. France, Germany, Spain and U.K.) dynamic data panel, we investigate whether intangible accounting numbers in these different settings can be significantly linked, during the period 1993-2003, to the following firm performance triptych: financial, operational and competitive performance. Our findings bring us towards the following three concerns: (1) Firstly, in any stock market under scope, we do find clear evidence that while constructing their investment portfolios investors adopt a short-term perspective or "myopic view" by precluding firms from reporting high intangible investment in their financial statements. (2) Secondly, we do not find any evidence that reported intangible investments regardless the national GAAPs underpin a better competitive position inside a specific market. We conclude that relationship between reported intangibles and the firms' competitive advantage (or disadvantage) should not be held constant in future research designs. (3) Finally, our results clearly support the idea that Latin accounting frameworks, while opposed to Anglo-Saxon settings, ease the relationship recognition occurring between intangibles and the firm operational performance. This last result would suggest that IAS implementation could lead to disconnect progressively operational margins from reported intangibles as their valuations are, under IFRS, overall market-oriented

Suggested Citation

  • Jean-François Casta & Olivier Ramond, 2008. "Investissement en capital immatériel et utilité de l'information comptable : étude comparative sur les marchés financiers britanniques, espagnols et français," Post-Print halshs-00679568, HAL.
  • Handle: RePEc:hal:journl:halshs-00679568
    Note: View the original document on HAL open archive server:

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Robert E. Hall, 2001. "The Stock Market and Capital Accumulation," American Economic Review, American Economic Association, vol. 91(5), pages 1185-1202, December.
    2. Cockburn, Iain & Griliches, Zvi, 1988. "Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and Patents," American Economic Review, American Economic Association, vol. 78(2), pages 419-423, May.
    3. Schankerman, Mark, 1981. "The Effects of Double-Counting and Expensing on the Measured Returns to R&D," The Review of Economics and Statistics, MIT Press, vol. 63(3), pages 454-458, August.
    4. Hirschey, Mark, 1982. "Intangible Capital Aspects of Advertising and R&D Expenditures," Journal of Industrial Economics, Wiley Blackwell, vol. 30(4), pages 375-390, June.
    5. Lev, Baruch & Sunder, Shyam, 1979. "Methodological issues in the use of financial ratios," Journal of Accounting and Economics, Elsevier, vol. 1(3), pages 187-210, December.
    6. Anderson, T. W. & Hsiao, Cheng, 1982. "Formulation and estimation of dynamic models using panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 47-82, January.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. repec:rss:jnljms:v4i11p5 is not listed on IDEAS


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00679568. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.