Araştırma Makalesi
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DIRECT AND INDIRECT VALUE RELEVANCE OF R&D CAPITALIZATION

Yıl 2020, Cilt: 19 Sayı: 37, 781 - 802, 01.06.2020

Öz

The accounting treatment of R&D investments has been an open and contentious discussion as certain accounting regimes eliminate capitalizing and require immediate expensing while capitalization of R&D investments satisfying all necessary criteria is mandatory in IAS 38. By analysing a sample of listed firms on Borsa Istanbul over 2009-2018, we shed light on the impact of capitalized R&D investments on i) market values, and ii) the value relevance of book value of equity and earnings. We define the former (latter) as the direct (indirect) value relevance. By revealing a significantly positive association between capitalized R&D investments and market values, we conclude that capitalized R&D investments are directly value relevant. Furthermore, the value relevance of earnings (book value of equity) increases (remains unchanged) as capitalized R&D investments increase. These outcomes are consistent with our expectations and the outcome for earnings provides evidence for the indirect value relevance of capitalized R&D investments.

Kaynakça

  • Aboody, D., & Lev, B. (1998). The Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research, 36, 161–191.
  • Ahmed, K., & Falk, H. (2006). The value relevance of management’s research and development reporting choice: Evidence from Australia. Journal of Accounting and Public Policy, 25(3), 231–264.
  • Alali, F. A., & Foote, P. S. (2012). The Value Relevance of International Financial Reporting Standards: Empirical Evidence in an Emerging Market. International Journal of Accounting, 47(1), 85–108.
  • Allison, P. D. (2006). Fixed Effects Regression Methods in SAS. SUGI 31 Proceedings, 1–20.
  • Amir, E., Harris, T. S., & Venuti, E. K. (1993). A comparison of the value-relevance of U.S. versus Non-U.S. GAAP accounting measures using Form 20-F reconciliations. Journal of Accounting Research, 31, 230–264.
  • Amir, E., & Lev, B. (1996). Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics, 22(1–3), 3–30.
  • Ates, S. (2020). Membership of sustainability index in an emerging market: Implications for sustainability. Journal of Cleaner Production, 250, 119465.
  • Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159–178.
  • Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996). Valuation Characteristics of Equity Book Value and Net Income: Tests of the Abandonment Option Hypothesis.
  • Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics, 31(1–3), 77–104.
  • Beaver, W. H. (1968). The Information Content of Annual Announcements Earnings. Journal of Accounting Research, 6(3), 67–92.
  • Bepari, M. K., Rahman, S. F., & Mollik, A. T. (2013). Value relevance of earnings and cash flows during the global financial crisis. Review of Accounting and Finance, 12(3), 226–251.
  • Bhana, N. (2013). The valuation of research and development expenditures: The case for companies listed on the Johannesburg Stock Exchange. International Journal of Finance and Policy Analysis, 5(2), 3–15.
  • Bilgic, F. A., Ho, S., Hodgson, A., & Xiong, Z. (2018). Do Macro-economic Crises Determine Accounting Value Relevance? Accounting in Europe, 15(3), 402–422.
  • Brown, S., Lo, K., & Lys, T. (1999). Use of R2 in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28(2), 83–115.
  • Burgstahler, D. C., & Dichev, I. D. (1997). Earnings, Adaptation and Equity Value. The Accounting Review, 72(2), 187–215.
  • Cazavan-Jeny, A., & Jeanjean, T. (2006). The negative impact of R&D capitalization: A value relevance approach. European Accounting Review, 15(1), 37–61.
  • Chambers, D., Linsmeier, T. J., Shakespeare, C., & Sougiannis, T. (2007). An evaluation of SFAS No. 130 comprehensive income disclosures. Review of Accounting Studies, 12, 557–593. Chandrapala, P. (2013). The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size. Journal of Competitiveness, 5(2), 98–107.
  • Chen, T.-L. G., & Ramaboa, K. K. K. M. (2017). Evidence of mispricing for South African listed R&D firms contributed by accounting conservatism. Intangible Capital, 13(2), 411–429.
  • Ciftci, M., Darrough, M., & Mashruwala, R. (2014). Value Relevance of Accounting Information for Intangible-Intensive Industries and the Impact of Scale: The US Evidence. European Accounting Review, 23(2), 199–226.
  • Clark, M. W. (1993). Entity Theory, Modern Capital Structure Theory, and the Distinction Between Debt and Equity. Accounting Horizons, 7(3), 14–31.
  • Correia, S. (2015). Singletons, cluster-robust standard errors and fixed effects: A bad mix. Technical Note, Duke University.
  • Dinçergök, B. (2013). Value Relevance of Earnings and Book Value of Equity in Turkey: The 2003-2009 Period. İktisat, İşletme ve Finans, 28(332), 47–66.
  • Dukes, R. E., Dyckman, T. R., & Elliott, J. A. (1980). Accounting for Research and Development Costs: The Impact on Research and Development Expenditures. Journal of Accounting Research, 18, 1–26.
  • Easton, P. D., & Sommers, G. A. (2003). Scale and the Scale Effect in Market-based Accounting Research. Journal of Business Finance and Accounting, 30(1–2), 25–55.
  • Eccher, E. A. (1998). Discussion of the Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research, 36, 193–198.
  • Eng, L. L., Lin, J., & Neiva De Figueiredo, J. (2019). International Financial Reporting Standards adoption and information quality: Evidence from Brazil. Journal of International Financial Management and Accounting, 30(1), 5–29.
  • Ertuğrul, M. (2019a). A Review of the Literature on IFRS Adoption From the Perspective of the Value Relevance. In H. Dincer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making (pp. 367–394). IGI Global.
  • Ertuğrul, M. (2019b). Interpretation of the Value Relevance Indicator With(out) Dummies: Demeaning. In H. Dincer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making (pp. 192–213). IGI Global.
  • Ertuğrul, M. (2020). Maddi Olmayan Duran Varlıkların Değer İlişkisi. Muhasebe ve Denetime Bakış, 59, 213–233.
  • Ertuğrul, M., & Demir, V. (2018). How Does Unobserved Heterogeneity Affect Value Relevance? Australian Accounting Review, 28(2), 288–301.
  • Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37(2), 319–352.
  • Glova, J., & Mrazkova, S. (2018). Impact of Intangibles on Firm Value: An Empirical Evidence from European Public Companies. Ekonomický C̆asopis, 66(7), 665–680.
  • Goncharov, I., & Veenman, D. (2014). Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends. European Accounting Review, 23(1), 25–55.
  • Gow, I. D., Ormazabal, G., & Taylor, D. J. (2010). Correcting for Cross‐Sectional and Time‐Series Dependence in Accounting Research. Accounting Review, 85(2), 483–512.
  • Gür, E. (2016). Do improvements in IFRS mitigate earnings management in the post-adoption period? Evidence from Turkey (Unpublished Masters Thesis). Tilburg University, Tilburg, the Netherlands.
  • Han, B. H., & Manry, D. (2004). The value-relevance of R&D and advertising expenditures: Evidence from Korea. International Journal of Accounting, 39(2), 155–173.
  • Hana, U. (2013). Competitive Advantage Achievement through Innovation and Knowledge. Journal of Competitiveness, 5(1), 82–96.
  • Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20, 125–153.
  • Hellman, N. (2008). Accounting Conservatism under IFRS. Accounting in Europe, 5(2), 71–100.
  • Ilhan, U. D. (2019). Kuşaklar Açısından Çalışma Değerleri ve Örgütsel Bağlılık (1st ed.). Ankara: Nobel Yayinevi.
  • Kane, G. D., Leece, R. D., Richardson, F. M., & Velury, U. (2015). The Impact of Recession on the Value-relevance of Accounting Information. Australian Accounting Review, 25(2), 185–191.
  • Kargin, S. (2013). The Impact of IFRS on the Value Relevance of Accounting Information: Evidence from Turkish Firms. International Journal of Economics and Finance, 5(4), 71–80.
  • Kaytmaz Balsarı, Ç., & Özkan, S. (2009). Impact of Financial Crises on The Value Relevance of Earnings and Book Value: 1994 and 2001 Crises in Turkey. EconAnadolu 2009: Anadolu International Conference in Economics. Eskişehir.
  • Ke, F. Y., Pham, T., & Fargher, N. (2004). The Relevance to Firm Valuation of Capitalized Research and Development Expenditures. Australian Accounting Review, 14(3), 72–76.
  • Kerstein, J., & Kim, S. (1995). The Incremental Information Content of Capital Expenditures. The Accounting Review, 70(3), 513–526.
  • Kothari, S. P., & Zimmerman, J. L. (1995). Price and return models. Journal of Accounting and Economics, 20(2), 155–192.
  • Lev, B. (2000). Intangibles: Management, Measurement and Reporting. Brookings Institution Press.
  • Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21, 107–138.
  • Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them. Journal of Accounting Research, 37(2), 353–385.
  • Markarian, G., Pozza, L., & Prencipe, A. (2008). Capitalization of R&D costs and earnings management: Evidence from Italian listed companies. International Journal of Accounting, 43(3), 246–267.
  • Mestelman, S., Mohammad, E., & Shehata, M. (2015). The Convergence of IFRS and U.S. GAAP: Evidence from the SEC’s Removal of Form 20-F Reconciliations. Accounting Perspectives, 14(3), 190–211.
  • Miller, M. H., & Modigliani, F. (1966). Some Estimates of the Cost of Capital to the Electric Utility Industry, 1954-1957. The American Economic Review, 56(3), 333–391.
  • Mitrione, L., Tanewski, G., & Birt, J. (2014). The relevance to firm valuation of research and development expenditure in the Australian health-care industry. Australian Journal of Management, 39(3), 425–452.
  • Napoli, F. (2015). The value relevance of R&D expenditure after the adoption of the International Accounting Standards by Italian publicly listed companies. Problems and Perspectives in Management, 13(2), 91–101.
  • Nobes, C., & Zeff, S. A. (2016). Have Canada, Japan and Switzerland Adopted IFRS? Australian Accounting Review, 26(3), 284–290.
  • OECD. (2006). Creating Value from Intellectual Assets.
  • Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687.
  • Onali, E., Ginesti, G., & Vasilakis, C. (2017). How should we estimate value-relevance models? Insights from European data. British Accounting Review, 49(5), 460–473.
  • Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480.
  • Piekkola, H. (2016). Intangible investment and market valuation. Review of Income and Wealth, 62(1), 28–51.
  • Seow, G., Shangguan, Z., & Vasudevan, G. (2006). Intangible Investments and the Cost of Equity Capital. International Journal of Finance, 18(2), 3980–4012.
  • Suadiye, G. (2012). Value Relevance of Book Value & Earnings Under the Local GAAP and IFRS: Evidence from Turkey. Ege Akademik Bakış, 12(3), 301–310.
  • Tsoligkas, F., & Tsalavoutas, I. (2011). Value relevance of R&D in the UK after IFRS mandatory implementation. Applied Financial Economics, 21(13), 957–967.
  • Wang, M. C. (2013). Value relevance on intellectual capital valuation methods: The role of corporate governance. Quality and Quantity, 47(2), 1213–1223.
  • Zahid, R. M. A., & Simga-Mugan, C. (2019). An Analysis of IFRS and SME-IFRS Adoption Determinants: A Worldwide Study. Emerging Markets Finance and Trade, 55(2), 391–408.

AKTİFLEŞTİRİLEN ARGE’NİN DOĞRUDAN VE DOLAYLI DEĞER İLİŞKİSİ

Yıl 2020, Cilt: 19 Sayı: 37, 781 - 802, 01.06.2020

Öz

ARGE yatırımlarının muhasebeleştirilmesi, bazı muhasebe standartlarınca aktifleştirmenin elimine edilmesi ve IAS 38’de gerekli koşulların sağlanması durumunda aktifleştirmenin zorunlu tutulmasından ötürü tartışılagelen bir konudur. Bu çalışmada, Borsa İstanbul’a 2009-2018 yılları arasında kote olan firmalara ilişkin bir veri seti analiz edilerek aktifleştirilen ARGE yatırımlarının hem piyasa değeri üzerindeki hem de kazançlar ile defter değerinin değer ilişkileri üzerindeki etkileri incelenmektedir. Bahsi geçen ilk etki ve ikinci etki dolaylı ve doğrudan değer ilişkisi olarak adlandırılmaktadır. İstatistiki olarak anlamlı bir şekilde pozitif olarak raporlanan aktifleştirilen ARGE yatırımları ile piyasa değeri arasındaki ilişki, bu yatırımların doğrudan değer ilişkisinin bulunduğunu göstermektedir. Ayrıca, aktifleştirilen ARGE yatırımları arttıkça kazançların değer ilişkisinin arttığı, fakat defter değerinin değer ilişkisinin değişmediği de bu çalşmada ortaya konulmaktadır. Bu sonuçlar beklentilerimizle örtüşmektedir ve kazançlar için raporlanan bulgular aktifleştirilen ARGE harcamalarının dolaylı değer ilişkisine kanıt teşkil etmektedir.

Kaynakça

  • Aboody, D., & Lev, B. (1998). The Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research, 36, 161–191.
  • Ahmed, K., & Falk, H. (2006). The value relevance of management’s research and development reporting choice: Evidence from Australia. Journal of Accounting and Public Policy, 25(3), 231–264.
  • Alali, F. A., & Foote, P. S. (2012). The Value Relevance of International Financial Reporting Standards: Empirical Evidence in an Emerging Market. International Journal of Accounting, 47(1), 85–108.
  • Allison, P. D. (2006). Fixed Effects Regression Methods in SAS. SUGI 31 Proceedings, 1–20.
  • Amir, E., Harris, T. S., & Venuti, E. K. (1993). A comparison of the value-relevance of U.S. versus Non-U.S. GAAP accounting measures using Form 20-F reconciliations. Journal of Accounting Research, 31, 230–264.
  • Amir, E., & Lev, B. (1996). Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics, 22(1–3), 3–30.
  • Ates, S. (2020). Membership of sustainability index in an emerging market: Implications for sustainability. Journal of Cleaner Production, 250, 119465.
  • Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159–178.
  • Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996). Valuation Characteristics of Equity Book Value and Net Income: Tests of the Abandonment Option Hypothesis.
  • Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics, 31(1–3), 77–104.
  • Beaver, W. H. (1968). The Information Content of Annual Announcements Earnings. Journal of Accounting Research, 6(3), 67–92.
  • Bepari, M. K., Rahman, S. F., & Mollik, A. T. (2013). Value relevance of earnings and cash flows during the global financial crisis. Review of Accounting and Finance, 12(3), 226–251.
  • Bhana, N. (2013). The valuation of research and development expenditures: The case for companies listed on the Johannesburg Stock Exchange. International Journal of Finance and Policy Analysis, 5(2), 3–15.
  • Bilgic, F. A., Ho, S., Hodgson, A., & Xiong, Z. (2018). Do Macro-economic Crises Determine Accounting Value Relevance? Accounting in Europe, 15(3), 402–422.
  • Brown, S., Lo, K., & Lys, T. (1999). Use of R2 in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28(2), 83–115.
  • Burgstahler, D. C., & Dichev, I. D. (1997). Earnings, Adaptation and Equity Value. The Accounting Review, 72(2), 187–215.
  • Cazavan-Jeny, A., & Jeanjean, T. (2006). The negative impact of R&D capitalization: A value relevance approach. European Accounting Review, 15(1), 37–61.
  • Chambers, D., Linsmeier, T. J., Shakespeare, C., & Sougiannis, T. (2007). An evaluation of SFAS No. 130 comprehensive income disclosures. Review of Accounting Studies, 12, 557–593. Chandrapala, P. (2013). The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size. Journal of Competitiveness, 5(2), 98–107.
  • Chen, T.-L. G., & Ramaboa, K. K. K. M. (2017). Evidence of mispricing for South African listed R&D firms contributed by accounting conservatism. Intangible Capital, 13(2), 411–429.
  • Ciftci, M., Darrough, M., & Mashruwala, R. (2014). Value Relevance of Accounting Information for Intangible-Intensive Industries and the Impact of Scale: The US Evidence. European Accounting Review, 23(2), 199–226.
  • Clark, M. W. (1993). Entity Theory, Modern Capital Structure Theory, and the Distinction Between Debt and Equity. Accounting Horizons, 7(3), 14–31.
  • Correia, S. (2015). Singletons, cluster-robust standard errors and fixed effects: A bad mix. Technical Note, Duke University.
  • Dinçergök, B. (2013). Value Relevance of Earnings and Book Value of Equity in Turkey: The 2003-2009 Period. İktisat, İşletme ve Finans, 28(332), 47–66.
  • Dukes, R. E., Dyckman, T. R., & Elliott, J. A. (1980). Accounting for Research and Development Costs: The Impact on Research and Development Expenditures. Journal of Accounting Research, 18, 1–26.
  • Easton, P. D., & Sommers, G. A. (2003). Scale and the Scale Effect in Market-based Accounting Research. Journal of Business Finance and Accounting, 30(1–2), 25–55.
  • Eccher, E. A. (1998). Discussion of the Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research, 36, 193–198.
  • Eng, L. L., Lin, J., & Neiva De Figueiredo, J. (2019). International Financial Reporting Standards adoption and information quality: Evidence from Brazil. Journal of International Financial Management and Accounting, 30(1), 5–29.
  • Ertuğrul, M. (2019a). A Review of the Literature on IFRS Adoption From the Perspective of the Value Relevance. In H. Dincer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making (pp. 367–394). IGI Global.
  • Ertuğrul, M. (2019b). Interpretation of the Value Relevance Indicator With(out) Dummies: Demeaning. In H. Dincer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making (pp. 192–213). IGI Global.
  • Ertuğrul, M. (2020). Maddi Olmayan Duran Varlıkların Değer İlişkisi. Muhasebe ve Denetime Bakış, 59, 213–233.
  • Ertuğrul, M., & Demir, V. (2018). How Does Unobserved Heterogeneity Affect Value Relevance? Australian Accounting Review, 28(2), 288–301.
  • Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37(2), 319–352.
  • Glova, J., & Mrazkova, S. (2018). Impact of Intangibles on Firm Value: An Empirical Evidence from European Public Companies. Ekonomický C̆asopis, 66(7), 665–680.
  • Goncharov, I., & Veenman, D. (2014). Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends. European Accounting Review, 23(1), 25–55.
  • Gow, I. D., Ormazabal, G., & Taylor, D. J. (2010). Correcting for Cross‐Sectional and Time‐Series Dependence in Accounting Research. Accounting Review, 85(2), 483–512.
  • Gür, E. (2016). Do improvements in IFRS mitigate earnings management in the post-adoption period? Evidence from Turkey (Unpublished Masters Thesis). Tilburg University, Tilburg, the Netherlands.
  • Han, B. H., & Manry, D. (2004). The value-relevance of R&D and advertising expenditures: Evidence from Korea. International Journal of Accounting, 39(2), 155–173.
  • Hana, U. (2013). Competitive Advantage Achievement through Innovation and Knowledge. Journal of Competitiveness, 5(1), 82–96.
  • Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20, 125–153.
  • Hellman, N. (2008). Accounting Conservatism under IFRS. Accounting in Europe, 5(2), 71–100.
  • Ilhan, U. D. (2019). Kuşaklar Açısından Çalışma Değerleri ve Örgütsel Bağlılık (1st ed.). Ankara: Nobel Yayinevi.
  • Kane, G. D., Leece, R. D., Richardson, F. M., & Velury, U. (2015). The Impact of Recession on the Value-relevance of Accounting Information. Australian Accounting Review, 25(2), 185–191.
  • Kargin, S. (2013). The Impact of IFRS on the Value Relevance of Accounting Information: Evidence from Turkish Firms. International Journal of Economics and Finance, 5(4), 71–80.
  • Kaytmaz Balsarı, Ç., & Özkan, S. (2009). Impact of Financial Crises on The Value Relevance of Earnings and Book Value: 1994 and 2001 Crises in Turkey. EconAnadolu 2009: Anadolu International Conference in Economics. Eskişehir.
  • Ke, F. Y., Pham, T., & Fargher, N. (2004). The Relevance to Firm Valuation of Capitalized Research and Development Expenditures. Australian Accounting Review, 14(3), 72–76.
  • Kerstein, J., & Kim, S. (1995). The Incremental Information Content of Capital Expenditures. The Accounting Review, 70(3), 513–526.
  • Kothari, S. P., & Zimmerman, J. L. (1995). Price and return models. Journal of Accounting and Economics, 20(2), 155–192.
  • Lev, B. (2000). Intangibles: Management, Measurement and Reporting. Brookings Institution Press.
  • Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21, 107–138.
  • Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them. Journal of Accounting Research, 37(2), 353–385.
  • Markarian, G., Pozza, L., & Prencipe, A. (2008). Capitalization of R&D costs and earnings management: Evidence from Italian listed companies. International Journal of Accounting, 43(3), 246–267.
  • Mestelman, S., Mohammad, E., & Shehata, M. (2015). The Convergence of IFRS and U.S. GAAP: Evidence from the SEC’s Removal of Form 20-F Reconciliations. Accounting Perspectives, 14(3), 190–211.
  • Miller, M. H., & Modigliani, F. (1966). Some Estimates of the Cost of Capital to the Electric Utility Industry, 1954-1957. The American Economic Review, 56(3), 333–391.
  • Mitrione, L., Tanewski, G., & Birt, J. (2014). The relevance to firm valuation of research and development expenditure in the Australian health-care industry. Australian Journal of Management, 39(3), 425–452.
  • Napoli, F. (2015). The value relevance of R&D expenditure after the adoption of the International Accounting Standards by Italian publicly listed companies. Problems and Perspectives in Management, 13(2), 91–101.
  • Nobes, C., & Zeff, S. A. (2016). Have Canada, Japan and Switzerland Adopted IFRS? Australian Accounting Review, 26(3), 284–290.
  • OECD. (2006). Creating Value from Intellectual Assets.
  • Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687.
  • Onali, E., Ginesti, G., & Vasilakis, C. (2017). How should we estimate value-relevance models? Insights from European data. British Accounting Review, 49(5), 460–473.
  • Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480.
  • Piekkola, H. (2016). Intangible investment and market valuation. Review of Income and Wealth, 62(1), 28–51.
  • Seow, G., Shangguan, Z., & Vasudevan, G. (2006). Intangible Investments and the Cost of Equity Capital. International Journal of Finance, 18(2), 3980–4012.
  • Suadiye, G. (2012). Value Relevance of Book Value & Earnings Under the Local GAAP and IFRS: Evidence from Turkey. Ege Akademik Bakış, 12(3), 301–310.
  • Tsoligkas, F., & Tsalavoutas, I. (2011). Value relevance of R&D in the UK after IFRS mandatory implementation. Applied Financial Economics, 21(13), 957–967.
  • Wang, M. C. (2013). Value relevance on intellectual capital valuation methods: The role of corporate governance. Quality and Quantity, 47(2), 1213–1223.
  • Zahid, R. M. A., & Simga-Mugan, C. (2019). An Analysis of IFRS and SME-IFRS Adoption Determinants: A Worldwide Study. Emerging Markets Finance and Trade, 55(2), 391–408.
Toplam 66 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makaleleri
Yazarlar

Melik Ertuğrul Bu kişi benim 0000-0003-2068-2080

Yayımlanma Tarihi 1 Haziran 2020
Gönderilme Tarihi 25 Ocak 2020
Kabul Tarihi 15 Mayıs 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 19 Sayı: 37

Kaynak Göster

APA Ertuğrul, M. (2020). DIRECT AND INDIRECT VALUE RELEVANCE OF R&D CAPITALIZATION. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(37), 781-802.