Investissement en capital immatériel et utilité de l'information comptable : étude comparative sur les marchés financiers britanniques, espagnols et français
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
|Date of creation:||2008|
|Date of revision:|
|Publication status:||Published in coordonné par L. Escaffre et P.-V. Ngobo. Investissement en capital immatériel et utilité de l'information comptable : étude comparative sur les marchés financiers britanniques, espagnols et français, Presses Universitaires d'Angers, p. 43-83, 2008|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00679568|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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.:
- Iain Cockburn & Zvi Griliches, 1987.
"Industry Effects and Appropriability Measures in the Stock Markets Valuation of R&D and Patents,"
NBER Working Papers
2465, National Bureau of Economic Research, Inc.
- 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 419-23, May.
- 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.
- Robert E. Hall, 2001.
"The Stock Market and Capital Accumulation,"
American Economic Review,
American Economic Association, vol. 91(5), pages 1185-1202, December.
- 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.
- 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 454-58, August.
- 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.
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)
If references are entirely missing, you can add them using this form.