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Article: The association of R&D and capital expenditures with subsequent earnings variability

TitleThe association of R&D and capital expenditures with subsequent earnings variability
Authors
KeywordsCapital Expenditures (Capex)
Earnings Variability
Industry Analysis
Research And Development (R&D)
Sfas 2
Issue Date2007
PublisherBlackwell 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?
AbstractWe 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 Identifierhttp://hdl.handle.net/10722/177977
ISSN
2015 Impact Factor: 0.837
2015 SCImago Journal Rankings: 0.716
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorAmir, Een_US
dc.contributor.authorGuan, Yen_US
dc.contributor.authorLivne, Gen_US
dc.date.accessioned2012-12-19T09:41:08Z-
dc.date.available2012-12-19T09:41:08Z-
dc.date.issued2007en_US
dc.identifier.citationJournal Of Business Finance And Accounting, 2007, v. 34 n. 1-2, p. 222-246en_US
dc.identifier.issn0306-686Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/177977-
dc.description.abstractWe 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.languageengen_US
dc.publisherBlackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JBFAen_US
dc.relation.ispartofJournal of Business Finance and Accountingen_US
dc.subjectCapital Expenditures (Capex)en_US
dc.subjectEarnings Variabilityen_US
dc.subjectIndustry Analysisen_US
dc.subjectResearch And Development (R&D)en_US
dc.subjectSfas 2en_US
dc.titleThe association of R&D and capital expenditures with subsequent earnings variabilityen_US
dc.typeArticleen_US
dc.identifier.emailGuan, Y: ylguan@hkucc.hku.hken_US
dc.identifier.authorityGuan, Y=rp01064en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1111/j.1468-5957.2006.00651.xen_US
dc.identifier.scopuseid_2-s2.0-33847364438en_US
dc.identifier.hkuros131544-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33847364438&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume34en_US
dc.identifier.issue1-2en_US
dc.identifier.spage222en_US
dc.identifier.epage246en_US
dc.identifier.eissn1468-5957-
dc.identifier.isiWOS:000244614300009-
dc.publisher.placeUnited Kingdomen_US
dc.identifier.ssrn966484-
dc.identifier.scopusauthoridAmir, E=7004440694en_US
dc.identifier.scopusauthoridGuan, Y=16024282900en_US
dc.identifier.scopusauthoridLivne, G=16024806800en_US
dc.identifier.citeulike1136294-

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