La relevancia de los gastos de I+D. Estudio empírico en el sector del automóvil
The value-relevance of the r&d expenditures. An empirical study on The automotive industry
Resumen
Antecedentes El Financial Accounting Standard Board preocupado ante el deterioro de la utilidad de la información financiera, abrió un proceso de consultas y deliberaciones con objeto de incluir esta preocupación en su agenda: quedaba patente la importancia de las inversiones conductoras de la innovación, pero los principios de contabilidad generalmente aceptados en el ámbito estadounidense (conocidos por las siglas US GAAP) no permitían su reconocimiento como activos. La cuestión que nos planteamos es: ¿Con independencia del tratamiento contable asignado a las partidas de I+D, los inversores las consideran relevantes? Objetivo En el presente trabajo de investigación trataremos de contrastar la relevancia del valor de los gastos de I+D corriente y con retardo de un ejercicio económico. Metodología y muestra Usando como función base el modelo de Ohlson (1995), introducimos variantes del mismo y con ellas, fijamos nuestro objetivo en la modelización del precio de cotización. La muestra está formada por empresas que cotizan en Estados Unidos y que pertenecen al sector del automóvil. El horizonte temporal analizado comprende 10 años. Resultado y conclusiones Nuestros resultados muestran que los inversores consideran que los gastos de I+D corriente y los del ejercicio anterior no aportan valor añadido a las compañías, es decir, que los valoran como cualquier otro gasto del ejercicio y que, por tanto, no son relevantes para estimar el valor de mercado de las compañías que forman nuestra muestra.
Descargas
Citas
[Aboody et al., 2005] D. Aboody, J. Hughes, L. Jing. Earnings Quality, Insider Trading, and Cost of Capital. Journal of Accounting Research, 43 (2005), pp. 651-673
[Aboody and Lev, 1998] D. Aboody, B. Lev. The Value Relevance of Intangibles, The Case of Software Capitalization. Journal of Accounting Research, 36 (1998), pp. 161-191
[Ballester et al., 2003] M. Ballester, M. García-Ayuso, J. Livnat. The Economic Value of the I+D Intangible Asset. European Accounting Review, 12 (2003), pp. 605-633
[Barth, 1994] M.E. Barth. Fair Value Accounting Evidence from Investment Securities and the Market Valuations of Banks. The Accounting Review, 69 (1994), pp. 1-25
[Barth, 2000] M.E. Barth. Valuation-based accounting research. Implications for financial reporting and opportunities for future research. Accounting and Finance, 40 (2000), pp. 7-31
[Barth et al., 2005] M. Barth, W. Beaver, J. Hand, W. Landsman. Accruals, Accounting-Based Valuation Models, and the Prediction of Equity Values. Journal of Accounting, Auditing and Finance, 20 (2005), pp. 311-345
[Barth and Clinch, 1998] M.E. Barth, G. Clinch. Revalued financial, tangible and intangible assets, associations with share prices and non-market-based value Estimates. Journal of Accounting Research, 36 (1998), pp. 199-233
[Barth and Clinch, 2009] M.E. Barth, G. Clinch. Scale Effects in Capital Markets-Based Accounting Research. Journal of Business Finance, & Accounting, 36 (2009), pp. 253 http://dx.doi.org/10.1016/j.jebo.2014.01.017
[Barth and Kallapur, 1996] M.E. Barth, S. Kallapur. The effects of cross-sectional scale differences on regression results in empirical accounting research. Contemporary Accounting Research, 13 (1996), pp. 527-567
[Beaver, 1999] W. Beaver. Comments on “An empirical assessment of the residual income valuation model”. Journal of Accounting and Economics, 26 (1999), pp. 35-42
[Bens et al., 2003] D.A. Bens, J.D. Hanna, X.F. Zhang. Research and Development. Risk, and Stock Returns. Working paper, (march 2003),
[Bernard, 1994] V. Bernard. Accounting-Based Valuation Methods. Determinants of Market-to-Book Ratios, and Implications for Financial Statements Analysis. Working paper, (january 1994),
[Boulton and Libert, 2000] R. Boulton, B. Libert. A Business Model for a New Economy. Journal of Business Strategy, 21 (2000), pp. 29-36
[Bublitz and Ettedge, 1989] B. Bublitz, M. Ettedge. The Information in Discretionary Outlays, Advertising. Research, and Development. The Accounting Review, 64 (1989), pp. 108-124
[Cabedo and Tirado, 2007] J.D. Cabedo, J.M. Tirado. El beneficio anormal en el modelo de Ohlson. Una propuesta para su estimación. Revista de Contabilidad, 10 (2007), pp. 75-98
[Callen and Morel, 2001] J. Callen, M. Morel. Linear Accounting Valuation When Abnormal Earnings Are AR (2). Review of Quantitative Finance and Accounting, 16 (2001), pp. 191-203
[Callen and Morel, 2005] J. Callen, M. Morel. The valuation relevance of I+D expenditures. Time series evidence. International Review of financial Analysis, 14 (2005), pp. 304-325
[Callen and Segal, 2005] J. Callen, D. Segal. Empirical Tests of the Feltham-Ohlson (1995) Model. Review of Accounting Studies, 10 (2005), pp. 409-429
[Cañibano et al., 2000] L. Cañibano, M. García-Ayuso, P. Sánchez. La valoración de los intangibles. Estudios de innovación vs información contable-financiera. Análisis Financiero, 80 (2000), pp. 6-24
[Cazavan-Jeny and Jeanjean, 2006] A. Cazavan-Jeny, T. Jeanjean. The Negative Impact of I+D Capitalization. A value Relevance Approach. European Accounting Review, 15 (2006), pp. 37-61
[Chan et al., 2001] L. Chan, J. Lakonishok, T. Sougiannis. The Stock Market Valuation of Research and Development Expenditures. The Journal of Finance, 56 (2001), pp. 2431-2459
[Chauvin and Hirschey, 1993] D.W. Chauvin, M. Hirschey. Advertising I+D Expenditures and the Market Value of the Firm. Financial Management, 22 (1993), pp. 128-140
[Chung et al., 2003] K.H. Chung, P. Wright, B. Kedia. Corporate Governance and Market Valuation of Capital and R&D Investments. Review of Financial Economic, 12 (2003), pp. 161-172
[Collins et al., 1997] D. Collins, E. Maydew, I. Weiss. Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 24 (1997), pp. 39-67
[Dechow et al., 1999] P. Dechow, A. Hutton, R. Sloan. An empirical assessment of the residual income valuation model. Journal of Accounting and Economics, 26 (1999), pp. 1-34
[Doukas and Switzer, 1992] J. Doukas, L. Switzer. The stock markets view of R&D spending and market concentration. Journal of Economic and Business, 23 (1992), pp. 191-216
[Easton, 1999] P. Easton. Commentary on security returns and value relevance of accounting data. Accounting horizons, 13 (1999), pp. 399-412
[Easton and Sommers, 2003] P. Easton, G. Sommers. Scale and scale effect in market-based accounting research. Journal of Business Finance and Accounting, 30 (2003), pp. 25-55
[Ely and Waymire, 1999] K. Ely, G. Waymire. Intangibles Assets and Stock Prices in the Pre-SEC Era. Journal of Accounting Research, 37 (1999), pp. 17-51
[Fama and Macbeth, 1973] E. Fama, J. Macbeth. Risk, Return, and Equilibrium, Empirical Tests. The Journal of Political Economy, 81 (1973), pp. 607-636
[Feltham and Ohlson, 1995] G. Feltham, J. Ohlson. Valuation and Clean Surplus Accounting for Operating and Financial Activities. Contemporary Accounting Research, 11 (1995), pp. 689-731
[Feltham and Ohlson, 1996] G. Feltham, J. Ohlson. Uncertainty Resolution and the Theory of Depreciation Measurement. Journal of Accounting Research, 34 (1996), pp. 209-234
[Financial Accounting Standards Board, 1974] Financial Accounting Standards Board. Statement of Financial Accounting Standards, 2. Accounting for Research and Development Costs. FASB, Norwalk, (1974),
[Financial Accounting Standards Board, 1985] Financial Accounting Standards Board. Statement 86. Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed. Norwalk, Connecticut, (1985),
[Financial Accounting Standards Board, 1999] Financial Accounting Standards Board. The IASC-US Comparison Project, A Report on the Similarities and Differences between IASC Standards and US GAAP-Second Edition, Norwalk. Connecticut, (1999),
[Francis and Schipper, 1999] J. Francis, K. Schipper. Have Financial Statements lost Their Relevance?. Journal of Accounting Research, 37 (1999), pp. 319-352
[García, 2008] B. García. Board Independence and Rela Earnings Management, The Case of R&D Expenditure. Corporate Governance, 16 (2008), pp. 116-131
[García and Young, 2009] B. García, S. Young. R&D Expenditure and Earnings Targets. European Accounting Review, 18 (2009), pp. 7-32
[Garrod and Valentincic, 2005] N. Garrod, A. Valentincic. The Term Structure of Implicit Discount Rates in Security Valuation, Journal of Business Finance. & Accounting, 32 (2005), pp. 1237-1274
[Gelb, 2002] D. Gelb. Intangible Assets and Firms’ Disclosures, An Empirical Investigation. Journal of Business Finance & Accounting, 29 (2002), pp. 457-476 http://dx.doi.org/10.1016/j.jebo.2014.01.017
[Gietzmann and Ireland, 2005] M. Gietzmann, J. Ireland. Cost of Capital, Strategic Disclosures and Accounting choice. Journal of Business Finance & Accounting, 32 (2005), pp. 599-641 http://dx.doi.org/10.1016/j.jebo.2014.01.017
[Gil-Alana et al., 2011] L. Gil-Alana, R. Iñiguez-Sanchez, G. Lopez-Espinosa. Endogenous problems in cross-sectional valuation models based on accounting information. Review of Quantitative Finance and Accounting, 37 (2011), pp. 245-265
[Giner Inchausti and Iñiguez Sánchez, 2006] B. Giner Inchausti, R. Iñiguez Sánchez. La capacidad de los modelos Feltham- Ohlson para predecir el resultado anormal. Una aplicación empírica. Revista Española de Financiación y Contabilidad, 35 (2006), pp. 729-759
[Grabowski and Mueller, 1974] H.G. Grabowski, D.C. Mueller. Rates of Return on Corporate Investment. Research and Development and Advertising. Working Paper. Cornell University (1978). Industrial Research and Development, intangible capital stocks, and firm profit rates. The Bell Journal of Economics, 9 (1974), pp. 328-343
[Green et al., 1996] J.P. Green, A.W. Stark, M. Hardy. UK Evidence on the Market Valuation of Research and Development Expenditure. Journal of Business Finance and Accounting, 23 (1996), pp. 191-216
[Han and Manry, 2004] B. Han, D. Manry. The value-relevance of I+D and advertising expenditures. Evidence from Korea. The International Journal of Accounting, 39 (2004), pp. 155-173
[Healy and Palepu, 2001] P.M. Healy, Y.K.G. Palepu. Information asymmetry, corporate disclosure, and the capital markets, A review of the empirical disclosure literature. Journal of Accounting and Economics, 31 (2001), pp. 405-440
[Healy et al., 2002] P. Healy, S. Myers, C. Howe. R&D Accounting and the trade off between Relevance and Objectivity. Journal of Accounting Research, 40 (2002), pp. 677-710
[Hirschey, 1982] M. Hirschey. Intangible Capital Aspects of Advertising and I+D Expenditures. The Journal of Industrial Economic, 4 (1982), pp. 375-390
[Hirschey and Weygandt, 1985] M. Hirschey, J.J. Weygandt. Amortization Policy for advertising and Research and Development expenditures. Journal of Accounting Research, 23 (1985), pp. 326-335
[Hirschey et al., 2001] M. Hirschey, V.J. Richardson, S. Scholz. Value relevance of non-financial information, The case of patent data. Review of Quantitative Finance and Accounting, 17 (2001), pp. 223-235
[Holthausen and Watts, 2001] R.W. Holthausen, R.L. Watts. The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics, 31 (2001), pp. 3-75
[Íñiguez and Poveda, 2008] R. Íñiguez, F. Poveda. Persistencia del resultado contable y sus componentes, implicaciones de la medida de ajustes por devengo. Revista Española de Financiación y Contabilidad, enero/marzo, 37 (2008), pp. 33-61
[Johnson and Pazderka, 1993] L.D. Johnson, B. Pazderka. Firm Value and Investment in I+D. Managerial and Decision Economics, 14 (1993), pp. 14-24
[Jones, 2000] Jones D The relative importance of earnings and other information in the valuation of I+D intensive firms. PhD. University of Colorado 2000
[Kamien and Schwartz, 1975] M. Kamien, N. Schwartz. Market Structure and Innovation, A Survey. Journal of Economic Literature, march, (1975), pp. 1-37
[Kothari, 2001] S. Kothari. Capital Market research in accounting. Journal of Accounting and Economics, 31 (2001), pp. 105-231
[Kothari et al., 2002] S.P. Kothari, T.E. Laguerre, Y.J.L. Andrew. Capitalization versus Expensing. Evidence on the Uncertainty of Future Earnings from Capital Expenditures Versus I+D Outlays. Review of Accounting Studies, 7 (2002), pp. 355-382
[Larrán Jorge and Piñero López, 2005] M. Larrán Jorge, J.M. Piñero López. El modelo de Ohlson (1995)¿Hemos llegado realmente a comprenderlo?. Revista de Contabilidad, 8 (2005), pp. 115-149
[Lev and Sougiannis, 1996] B. Lev, T. Sougiannis. The capitalization, amortization, and value-relevance of I+D. Journal of Accounting and Economics, 21 (1996), pp. 107-138
[Lev and Sougiannis, 1999] B. Lev, T. Sougiannis. Penetrating the book-to market black box, The I+D effect. Journal of Business Finance, & Accounting, (abril/mayo 1999), pp. 419-450 http://dx.doi.org/10.1016/j.jebo.2014.01.017
[Lev and Zarowin, 1999] B. Lev, P. Zarowin. The Boundaries of Financial Reporting and How to Extend Them. Journal of Accounting Research, 37, 37 (1999), pp. 353-385
[Lo and Lys, 2000] K. Lo, T. Lys. The Ohlson model, contribution to valuation theory, limitations, and empirical applications. Journal of Accounting, Auditing and Finance, 15 (2000), pp. 337-367
[Mccrae and Nilsson, 2001] M. Mccrae, H. Nilsson. The explanatory and predictive power of different specifications of the Ohlson (1995) valuation models. The European Accounting Review, 10 (2001), pp. 315-341
[Morel, 2003] M. Morel. Endogenous Parameter Time Series Estimation of the Ohlson Model, Linear and Nonlinear Analysis, Journal of Business. Finance and Accounting, 30 (2003), pp. 1341-1363
[Mui-Siang and Yeow Lim, 2007] P. Mui-Siang, C. Yeow Lim. The value relevance for accounting variables and analysts’ forecasts. The case of biotechnology firms. Review for Accounting and Finane, 6 (2007), pp. 233-253
[Nguyen et al., 2010] P. Nguyen, S. Nivoix, M. Noma. The valuation of R&D expenditures in Japan. Accounting and Finance, 50 (2010), pp. 899-920
[Ohlson, 1995] J. Ohlson. Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11 (1995), pp. 661-687
[Oswald, 2008] D. Oswald. The determinants and value relevance of the choice of accounting for research and development expenditures in the United Kingdom. Journal of Business finance & Accounting, 35 (2008), pp. 1-24 http://dx.doi.org/10.1016/j.jebo.2014.01.017
[Oswald and Zarowin, 2007] D. Oswald, P. Zarowin. Capitalization of I+D and the informativeness of Stock Price. European Accounting Review, 16 (2007), pp. 703-726
[Seybert, 2010] N. Seybert. R&D Capitalization and Reputation-Driven Real Earnings Management. The Accounting Review, 85 (2010), pp. 671-693
[Shortridge, 2004] T. Shortridge. Market Valuation of Successful versus Non-Successful I+D Efforts in The Pharmaceutical Industry. Journal of Business Finance and Accounting, 31 (2004), pp. 1301-1325
[Sougiannis, 1994] T. Sougiannis. The Accounting Based Valuation of Corporate I+D. The Accounting Review, 69 (1994), pp. 44-68
[Sundaram et al., 1996] A.K. Sundaram, T.A. John, K. John. An Empirical Analysis of Strategic Competition and Firm Values. The case of R&D Competition. Journal of Financial Economics, 40 (1996), pp. 459-489
[White, 1980] H. White. A Heteroscedasticity Consistent Covariance Matrix Estimator and a Direct Test of Heroscedasticity. Econometrica, 48 (1980), pp. 817-818
[Wooldridge, 2006] J.M. Wooldridge. Introducción a la econometría. Un enfoque moderno, 2ª, Thomson-Paraninfo, (2006)
[Wyatt, 2008] A. Wyatt. What financial and non-financial information on intangibles is valuerelevant? A review of the evidence. Accounting and business Research, 38 (2008), pp. 217-259
[Zhao, 2002] R. Zhao. Relative Value Relevance of I+D Reporting, An International Comparison. Journal of International Financial Management and Accounting, 13 (2002), pp. 153-174
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
