{"title":"重新审视研发活动提高价值相关性的能力","authors":"Dedhy Sulistiawan, Felizia Arni Rudiawarni","doi":"10.1108/bpmj-09-2023-0728","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This article aims to evaluate the informativeness of accruals on stock prices. Investors may misinterpret the information contained in accruals and produce accrual anomalies. Accruals accounting improves the quality of financial statements by providing useful information, although it also contains judgments and is less objective than operating cash-flows.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>We employ data panel regression analysis to investigate the value relevance of financial information. Our study takes the object of companies listed on the Nasdaq stock exchange (NASDAQ) as the representative of the prominent stock exchange for technology-driven enterprises and entrepreneurs. Expanding the findings, we also use Shanghai Stock Exchange (SSE) data.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>Our research finds that accruals are still relevant. However, firms with R&D expenditures reduce the ability of accruals to explain stock prices for non-technology firms and firms without intangible assets. After analyzing only tech firms (and firms with intangible assets), our tests show that R&D expenditures improve the relevancy of accruals. These findings apply to both Nasdaq and SSE.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>Practitioners and the investment community get valuable insights into how the recognition and measurement of R&D expenditures affect the value relevance. Information about R&D increases relevancy only in firms with intangible assets and those that operate in the technology industry.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>Our paper provides benefits by using R&D expenses to affect accruals' informativeness by comparing two countries with different recognition of R&D.</p><!--/ Abstract__block -->","PeriodicalId":47964,"journal":{"name":"Business Process Management Journal","volume":null,"pages":null},"PeriodicalIF":4.5000,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Revisiting the ability of research and development activities to improve value relevance\",\"authors\":\"Dedhy Sulistiawan, Felizia Arni Rudiawarni\",\"doi\":\"10.1108/bpmj-09-2023-0728\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This article aims to evaluate the informativeness of accruals on stock prices. Investors may misinterpret the information contained in accruals and produce accrual anomalies. Accruals accounting improves the quality of financial statements by providing useful information, although it also contains judgments and is less objective than operating cash-flows.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>We employ data panel regression analysis to investigate the value relevance of financial information. Our study takes the object of companies listed on the Nasdaq stock exchange (NASDAQ) as the representative of the prominent stock exchange for technology-driven enterprises and entrepreneurs. Expanding the findings, we also use Shanghai Stock Exchange (SSE) data.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>Our research finds that accruals are still relevant. However, firms with R&D expenditures reduce the ability of accruals to explain stock prices for non-technology firms and firms without intangible assets. After analyzing only tech firms (and firms with intangible assets), our tests show that R&D expenditures improve the relevancy of accruals. These findings apply to both Nasdaq and SSE.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>Practitioners and the investment community get valuable insights into how the recognition and measurement of R&D expenditures affect the value relevance. Information about R&D increases relevancy only in firms with intangible assets and those that operate in the technology industry.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>Our paper provides benefits by using R&D expenses to affect accruals' informativeness by comparing two countries with different recognition of R&D.</p><!--/ Abstract__block -->\",\"PeriodicalId\":47964,\"journal\":{\"name\":\"Business Process Management Journal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.5000,\"publicationDate\":\"2024-08-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Business Process Management Journal\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1108/bpmj-09-2023-0728\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Business Process Management Journal","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/bpmj-09-2023-0728","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Revisiting the ability of research and development activities to improve value relevance
Purpose
This article aims to evaluate the informativeness of accruals on stock prices. Investors may misinterpret the information contained in accruals and produce accrual anomalies. Accruals accounting improves the quality of financial statements by providing useful information, although it also contains judgments and is less objective than operating cash-flows.
Design/methodology/approach
We employ data panel regression analysis to investigate the value relevance of financial information. Our study takes the object of companies listed on the Nasdaq stock exchange (NASDAQ) as the representative of the prominent stock exchange for technology-driven enterprises and entrepreneurs. Expanding the findings, we also use Shanghai Stock Exchange (SSE) data.
Findings
Our research finds that accruals are still relevant. However, firms with R&D expenditures reduce the ability of accruals to explain stock prices for non-technology firms and firms without intangible assets. After analyzing only tech firms (and firms with intangible assets), our tests show that R&D expenditures improve the relevancy of accruals. These findings apply to both Nasdaq and SSE.
Practical implications
Practitioners and the investment community get valuable insights into how the recognition and measurement of R&D expenditures affect the value relevance. Information about R&D increases relevancy only in firms with intangible assets and those that operate in the technology industry.
Originality/value
Our paper provides benefits by using R&D expenses to affect accruals' informativeness by comparing two countries with different recognition of R&D.
期刊介绍:
Business processes are a fundamental building block of organizational success. Even though effectively managing business process is a key activity for business prosperity, there remain considerable gaps in understanding how to drive efficiency through a process approach. Building a clear and deep understanding of the range process, how they function, and how to manage them is the major challenge facing modern business. Business Process Management Journal (BPMJ) examines how a variety of business processes intrinsic to organizational efficiency and effectiveness are integrated and managed for competitive success. BPMJ builds a deep appreciation of how to manage business processes effectively by disseminating best practice. Coverage includes: BPM in eBusiness, eCommerce and eGovernment Web-based enterprise application integration eBPM, ERP, CRM, ASP & SCM Knowledge management and learning organization Methodologies, techniques and tools of business process modeling, analysis and design Techniques of moving from one-shot business process re-engineering to continuous improvement Best practices in BPM Performance management Tools and techniques of change management BPM case studies.