DIRECT AND INDIRECT VALUE RELEVANCE OF R&D CAPITALIZATION

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

Melik Ertuğrul

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.

Anahtar Kelimeler

Value Relevance, Capitalization, Capitalized R&D

AKTİFLEŞTİRİLEN ARGE’NİN DOĞRUDAN VE DOLAYLI DEĞER İLİŞKİSİ

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.

Anahtar Kelimeler

Değer İlişkisi, Aktifleştirme, Aktifleştirilen ARGE, Araştırma-Geliştirme

Kaynakça

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