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Article: The association of R&D and capital expenditures with subsequent earnings variability
Title | The association of R&D and capital expenditures with subsequent earnings variability |
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Authors | |
Keywords | Capital Expenditures (Capex) Earnings Variability Industry Analysis Research And Development (R&D) Sfas 2 |
Issue Date | 2007 |
Publisher | Blackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JBFA |
Citation | Journal Of Business Finance And Accounting, 2007, v. 34 n. 1-2, p. 222-246 How to Cite? |
Abstract | We estimate the association of investments in R&D and in physical assets (CAPEX) with subsequent earnings variability. We estimate these relations in different time periods and across industries. We find that R&D contributes to subsequent earnings variability more than CAPEX only in relative R&D-intensive industries - industries in which R&D is relatively more intensive than physical capital. In physical assets-intensive industries, we do not find similar relations. The findings suggest that with respect to subsequent earnings variability, fundamental differences between investment information about R&D and CAPEX exist. However, they are mainly noticeable in firms that operate in relatively R&D-intensive industries. The evidence also suggests there was a shift in the relations between R&D and CAPEX over time. Our findings contribute to the debate on accounting for R&D expenditures. © 2007 The Authors Journal compilation © 2007 Blackwell Publishing Ltd. |
Persistent Identifier | http://hdl.handle.net/10722/177977 |
ISSN | 2023 Impact Factor: 2.2 2023 SCImago Journal Rankings: 1.283 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Amir, E | en_US |
dc.contributor.author | Guan, Y | en_US |
dc.contributor.author | Livne, G | en_US |
dc.date.accessioned | 2012-12-19T09:41:08Z | - |
dc.date.available | 2012-12-19T09:41:08Z | - |
dc.date.issued | 2007 | en_US |
dc.identifier.citation | Journal Of Business Finance And Accounting, 2007, v. 34 n. 1-2, p. 222-246 | en_US |
dc.identifier.issn | 0306-686X | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177977 | - |
dc.description.abstract | We estimate the association of investments in R&D and in physical assets (CAPEX) with subsequent earnings variability. We estimate these relations in different time periods and across industries. We find that R&D contributes to subsequent earnings variability more than CAPEX only in relative R&D-intensive industries - industries in which R&D is relatively more intensive than physical capital. In physical assets-intensive industries, we do not find similar relations. The findings suggest that with respect to subsequent earnings variability, fundamental differences between investment information about R&D and CAPEX exist. However, they are mainly noticeable in firms that operate in relatively R&D-intensive industries. The evidence also suggests there was a shift in the relations between R&D and CAPEX over time. Our findings contribute to the debate on accounting for R&D expenditures. © 2007 The Authors Journal compilation © 2007 Blackwell Publishing Ltd. | en_US |
dc.language | eng | en_US |
dc.publisher | Blackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JBFA | en_US |
dc.relation.ispartof | Journal of Business Finance and Accounting | en_US |
dc.subject | Capital Expenditures (Capex) | en_US |
dc.subject | Earnings Variability | en_US |
dc.subject | Industry Analysis | en_US |
dc.subject | Research And Development (R&D) | en_US |
dc.subject | Sfas 2 | en_US |
dc.title | The association of R&D and capital expenditures with subsequent earnings variability | en_US |
dc.type | Article | en_US |
dc.identifier.email | Guan, Y: ylguan@hkucc.hku.hk | en_US |
dc.identifier.authority | Guan, Y=rp01064 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1111/j.1468-5957.2006.00651.x | en_US |
dc.identifier.scopus | eid_2-s2.0-33847364438 | en_US |
dc.identifier.hkuros | 131544 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-33847364438&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 34 | en_US |
dc.identifier.issue | 1-2 | en_US |
dc.identifier.spage | 222 | en_US |
dc.identifier.epage | 246 | en_US |
dc.identifier.eissn | 1468-5957 | - |
dc.identifier.isi | WOS:000244614300009 | - |
dc.publisher.place | United Kingdom | en_US |
dc.identifier.ssrn | 966484 | - |
dc.identifier.scopusauthorid | Amir, E=7004440694 | en_US |
dc.identifier.scopusauthorid | Guan, Y=16024282900 | en_US |
dc.identifier.scopusauthorid | Livne, G=16024806800 | en_US |
dc.identifier.citeulike | 1136294 | - |
dc.identifier.issnl | 0306-686X | - |