The impact of research and development expenditures on the value relevance of accounting items

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dc.authoridMelik Ertuğrul / 0000-0003-2068-2080en_US
dc.authorscopusidMelik Ertuğrul / 57201323895 
dc.authorwosidMelik Ertuğrul / L-5129-2018
dc.contributor.authorErtuğrul, Melik
dc.date.accessioned2020-08-30T20:01:34Z
dc.date.available2020-08-30T20:01:34Z
dc.date.issued2020
dc.departmentİstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümüen_US
dc.descriptionErtugrul, Melik (isu author)
dc.description.abstractThe literature extensively analyses research and development expenditures (RDE) from the valuation perspective and documents its direct value relevance (VR). In this paper, in addition to revealing VR of RDE, we shed light on the impact of RDE on VR of book value of equity (BV) and earnings figures; hence, we analyze the indirect impact of RDE on VR of accounting items. By examining listed firms on the Borsa Istanbul between 2009 and 2018, we document that the impact of RDE on market values is significantly positive. Moreover, we report that the impact of BV (earnings) on market values becomes negative (more positive) RDE increase which should be read as evidence for the shifted attention of the market from the balance sheet to the income statement with increasing RDE. As losses convey more information than profits (Hayn, C., Journal of Accounting and Economics 20:125-153, 1995), we further extend our analyses by considering profit and loss firms. For loss recording firms, RDE significantly and negatively affect market values although this effect becomes insignificant for observations with RDE. Furthermore, as RDE increase, for loss firms, the impact of BV on market values significantly becomes negative while the impact of earnings on market values remains statistically unaffected. When analyses are reperformed for observations with RDE, all these statistically significant outcomes disappear which may indicate that our main outcomes may be driven by firms with no RDE. © Springer Nature Switzerland AG 2020.en_US
dc.identifier.citationErtuğrul, M. (2020). The impact of research and development expenditures on the value relevance of accounting items. In Strategic Priorities in Competitive Environments (pp. 41-67). Springer, Cham.en_US
dc.identifier.doi10.1007/978-3-030-45023-6_3en_US
dc.identifier.endpage67en_US
dc.identifier.issn1431-1941en_US
dc.identifier.scopus2-s2.0-85087167245en_US
dc.identifier.scopusqualityQ4en_US
dc.identifier.startpage41en_US
dc.identifier.urihttps://doi.org/10.1007/978-3-030-45023-6_3
dc.identifier.urihttps://hdl.handle.net/20.500.12713/293
dc.indekslendigikaynakScopusen_US
dc.institutionauthorErtuğrul, Meliken_US
dc.language.isoenen_US
dc.publisherSpringeren_US
dc.relation.ispartofContributions to Management Scienceen_US
dc.relation.publicationcategoryKitap Bölümü - Uluslararasıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.titleThe impact of research and development expenditures on the value relevance of accounting itemsen_US
dc.typeBook Chapteren_US

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