出版社：Centre of Sociological Research, Szczecin, Poland
摘要：This study examines the correlation between R&D accounting treatment and market value in association with the firm’s performance,with a focus on biotech firms. Firstly,the results of the analysis show that capitalized R&D has a positive correlation with market value,consistent with existing literature. In the case of biotech firms,capitalized R&D has a higher value relevance compared to other industries. Secondly,this study examines the effect of a decrease in capitalized R&D on market value. It is found that the decrease in capitalized R&D has a negative effect on market value,however,this is not the case for biotech firms. In particular,in years where major biotech firms acknowledge and correct their accounting error,capitalized R&D decrease seems to have a more positive effect on market value. Additionally,this study extends the inquiry in association with the company performance and finds the decrease in capitalized R&D has a significant positive association with market value when the firms get better performance. But when the firm’s performance gets worse,a decrease in capitalized R&D adversely affects the market value. However,this is not the case for biotech firms,suggesting excessive expectation around the R&D process of biotechnology firms.
关键词：R&D accounting treatment;decrease in R&D capitalization;biotech;market value.
