The Determinants and Value Relevance of the Choice of Accounting for Research and Development Expenditures in the United Kingdom
The Determinants and Value Relevance of the Choice of Accounting for Research and Development Expenditures in the United Kingdom
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DOI：
10.1111/j.1468-5957.2007.02060.x
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
D. Oswald
中科院分区：
文献类型：
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作者：
D. Oswald
本文研究了英国 (UK) 拥有研发 (R&D) 项目的公司开发支出会计方法选择的决定因素和价值相关性影响。通过对 1996 年至 2004 年期间 3,229 个英国公司年度观察的样本进行分析，我发现支出与资本化开发支出的决策受到收益波动性、收益迹象、公司规模、研发强度、杠杆、公司研发计划的稳态状态以及研发计划成功的影响。其他结果表明，支出者和资本者的报告数字和调整后数字之间的价值相关性几乎没有差异。本文的证据表明，管理者选择“正确”的研发核算方法，以便最好地传达他们所掌握的私人信息。版权所有 2007 The Author Journal 汇编 (c) 2007 Blackwell Publishing Ltd.
This paper investigates the determinants and value relevance implications of the accounting method choice for development expenditures for firms with research and development (R&D) programs in the United Kingdom (UK). Using a sample of 3,229 UK firm-year observations over the period 1996-2004, I find that the decision to expense versus capitalize development expenditures is influenced by earnings variability, earnings sign, firm size, R&D intensity, leverage, steady-state status of the firm's R&D program, and R&D program success. Additional results indicate that there is little difference in value relevance between reported and adjusted numbers for both the Expensers and the Capitalizers. The evidence in this paper suggests that managers choose the 'correct' method for accounting for R&D in order to best communicate the private information which they hold. Copyright 2007 The Author Journal compilation (c) 2007 Blackwell Publishing Ltd.