進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-2706201323591500
論文名稱(中文) R&D資本化及企業社會責任對投資效率的影響
論文名稱(英文) The Effect of R&D capitalization and Corporate Social Responsibility on Investment Efficiency
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 101
學期 2
出版年 102
研究生(中文) 呂家瑋
研究生(英文) Jia-Wei Lu
學號 r16001190
學位類別 碩士
語文別 英文
論文頁數 77頁
口試委員 指導教授-楊朝旭
召集委員-黃炳勳
口試委員-蔡柳卿
口試委員-陳政芳
中文關鍵字 研發支出資本化  投資效率  過度投資  企業社會責任 
英文關鍵字 R&D expenditures capitalization  overinvestment  investment efficiency  corporate social responsibility 
學科別分類
中文摘要 過去有關研發支出資本化的文獻中,一脈的文獻主要探討研發支出資本化與市場反應的關聯,而另一脈則研究研發支出資本化對績效的影響及所衍生的盈餘管理問題。本研究主要研究研發支出資本化所造成過度投資之實質盈餘管理問題。
本研究以2007年至2011年美國軟體業上市櫃公司做為樣本,檢驗研發支出資本化是否會導致過度投資。除此之外也檢視企業社會責任是否對「研發支出資本化與過度投資間的關聯性」具有調節效果。實證結果發現,研發支出資本化會導致過度投資。然而對於研發支出資本化所造成的過度投資無法藉由企業社會責任自發性的道德標準獲得抑止,仍需藉由被動的公司治理。
英文摘要 One stream of research discusses the relation between R&D capitalization and market reaction, while another one discusses the effect of R&D capitalization on financial performance and earnings management. This study aims to investigate whether R&D capitalization leads to over-investment in subsequent R&D.
Using a sample of U.S. software listed companies over the period of 2007-2011, this study finds that R&D capitalization leads to overinvestment. Moreover, the overinvestment induced by R&D capitalization is mitigated by formal corporate governance rather than informal corporate social responsibility.
論文目次 1. Introduction 1
1.1 Motivation and Purpose 1
2. Literature Review 4
2.1 R&D Capitalization 4
2.1.1 The Determinants of R&D Capitalization 4
2.1.2 The Consequences of R&D Capitalization 5
2.2 Corporate Social Responsibility 11
2.2.1 Definition of Corporate Social Responsibility 11
2.2.2 Effect of Corporate Social Responsibility 13
3. Hypothesis Development and Research Design 17
3.1 Hypothesis Development 17
3.2 Research Design 20
3.2.1 R&D Investment Efficiency Analysis 22
3.2.2 Moderated Effect of CSR Analysis 25
3.2.3 Variable Definitions 28
3.3 Sample Selection 32
4. Empirical Results 34
4.1 Empirical Results of Investment Efficiency and Mitigated Effect of CSR Model 34
4.1.1 Descriptive Statistics 34
4.1.2 Correlation Analysis 39
4.1.3 Regression Results for R&D Expenditures Determinant Model 43
4.1.4 Regression Results for the Impact of R&D Capitalization on Investment Efficiency 46
4.1.5 Regression Results for the Moderated Effect of CSR on Investment Efficiency 51
4.1.6 Regression Results for the Moderated Effect of Spontaneous Ethical CSR and Corporate Governance on Investment Efficiency 55
4.1.7 Summarized Results of this Study 55
4.2 Additional Tests and Analyses 60
5. Conclusions and Limitations 69
5.1 Conclusion and Implications 69
5.2 Contributions 70
5.3 Research Limitations 70
5.4 Future Research 71
Reference 72
參考文獻 Aboody, D., and B. Lev. (1998). The value-relevance of intangible: The case of software capitalization. Journal of Accounting Research, 36 (3), 161-191.
Ahmed, K., and H. Falk. (2006). The value relevance of management’s research and development reporting choice: Evidence from Australia. Journal of Accounting and Public Policy, 25 (3), 231-264.
Baber, W. R., P. M. Fairfield, and J. A. Haggard. (1991). The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review, 66 (4), 818-829.
Ballester, M., Garcia-Ayuso, M, and Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12 (4), 605-633.
Bendheim, C. L., S. A. Waddock and S. B. Graves. (1998). Determining Best Practice in Corporate-Stakeholder Relations Using Data Envelopment Analysis. Business and Society, 37 (3), 306-339.
Bhagat, S., and I. Welch. (1995). Corporate Research & Development Investments International Comparisons. Journal of Accounting and Economics, 19, 443-470.
Biddle, G., and G. Hilary. (2006). Accounting quality and firm-level capital investment. The Accounting Review, 81 (5), 963-982.
Biddle, G., G. Hilary, and R. S. Verdi. (2009). How does financial reporting quality relate to investments efficiency? Journal of Accounting and Economics, 48 (2-3), 112-131.
Blanchard, O., F. Lopez-de-Silanez, and A. Shleifer. (1994). What do firms do with cash windfalls? Journal of Financial Economics, 36 (3), 337-360.
Bottazzi, G., Dosia, G., Lippi, M., Pammolli, F. and Riccaboni, M., (2001). Innovation and corporate growth in the evolution of the drug industry. International journal of industrial organization, 19, 1161-1187.
Bushee, B. (1998). The influence of institutional investors on myopic R & D investment behavior. The Accounting Review, 73 (3), 305-333.
Carroll, A. B. (1999). Corporate social responsibility: evolution of a definitional construct. Business & Society, 38 (3), 268.
Cazavan-Jeny, A., and T. Jeanjean. (2006). The negative impact of R & D capitalization: A value relevance approach. European Accounting Review, 15 (1), 37-61.
Cazavan-Jeny, A., Jeanjean, T., and Joos, P. (2010). Accounting choice and future performance: The case of R&D accounting in France. Journal of Accounting and Public Policy, 30, 145-165.
Chambers, D., R. Jennings and R. B. Thompson II. (2002). Excess Returns to R&D-Intensive Firms. Review of Accounting Studies, 7, 133-158.
Chan, H. W. H., R. W. Faff, P. Gharghori, and Y. K. Ho. (2007). The relation between R&D intensity and future market returns: Does expensing versus capitalization matter? Review of Quantitative Finance and Accounting, 29 (1), 25-51.
Chan, L. K. C., J. Lakonishok, and T. Sougiannis. (2001). The stock market valuation of research and development expenditures. Journal of Finance, 56 (6), 2431-2456.
Chan, S. H., Martin, J. D., & Kensinger, J. W. (1990). Corporate research and development expenditures and share value. Journal of Financial Economics, 26 (2), 255-276.
Chen, L., B. Srinidhi, A. Tsang, and W. Yu. (2012). How do auditors respond to corporate social responsibility performance? In Auditing Section Midyear Meeting. Sanannah, GA: American Accounting Association.
Chih, H., C. Shen, and F. Kang. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79 (1-2), 179-198.
Chung, K. H., P. Wright, and B. Kedia. (2003). Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics, 12 (2), 161-172.
Ciftci, M. (2010). Accounting Choice and Earnings Quality: The Case of Software Development. European Accounting Review, 19 (3), 429-459.
Ciftci, M., & Cready, W. M. (2011). Scale effects of R&D as reflected in earnings and returns. Journal of Accounting and Economics.
Cooper, J. C , and F. H . Selto. (1991). An experimental examination of the effects of SFAS No. 2 on R&D investment decisions. Accounting, Organizations and Society, 16 (3), 227-242.
Dechow,P.,Kothari,S.P.,Watts,R.L.,(1998).The relation between earnings and cash flows. Journal of Accounting and Economics, 25, 133-168.
Dechow, P., and I. Dichev. (2002). The quality of accruals and earnings: The role of accrual estimation error. The Accounting Review, 77 (4), 35-59.
Donaldson, T., and T. Dunfee. (1994). Toward a unified conception of business ethics: Integrative social contracts theory. The Academy of Management Review, 19 (2), 252-284.
Donaldson, T., and L. Preston. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. The Academy of Management Review, 20 (1), 65-91.
Eberhart, A., W. Maxwell, and A. Siddique. (2008). A reexamination of the tradeoff between the future benefit and riskiness of R&D increases. Journal of Accounting Research, 46 (1), 27-52.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times, September 13, 122-126.
Galema, R., A. Plantinga, and B. Scholtens. (2008). The stocks at stake: Return and risk in socially responsible investment. Jounnal of Banking & Finace, 32 (12), 2646-2654.
Garriga, E., and D. Mele´. (2004). Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53 (1-2), 51-71.
Grabowski, H. and Vernon, J., (2000). The determinants in pharmaceutical research and development expenditures. Journal of evolutionary economics, 10, 201-215.
Hall, B., (2002). The financing of research and development. Oxford review of economic policy, 18, 35-51.
Hartman, L., R. Rubin, and K. Dhanda. (2007). The Communication of Corporate Social Responsibility: United states and European Union Multinational Corporations. Journal of Business Ethics, 74 (4), 373-389.
Hong, Y. and Anderson, L., (2011). The Relationship Between Corporate Social Responsibility and Earnings Management: An Exploratory Study. Journal of Business Ethics 104, 461-471.
Hovakimian, A., and G. Hovakimian. (2009). Cash Flow Sensitivity of Investment. European Financial Management, 15 (1), 47-65.
Hubbard, R., (1998). Capital market imperfections and investment. Journal of economic literature, 26, 193-225.
Ioannou, I. & Serafeim, G. (2010). The Impact of Corporate Social Responsibility on Investment Recommendations. Working paper, London Business School.
Jones, T. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. The Academy of Management Review, 20 (2), 404-437.
Kim, Y., M. S. Park, and B. Wier. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87 (3), 761-796.
Landry, S., and A. Callimaci. (2003). The effects of management incentives and cross-listing status on the accounting treatment of R & D spending. Journal of International Accounting, Auditing & Taxation, 12, 131-152.
Lev, B., and T. Sougiannis. (1996).The capitalization, amortization and value-relevance of R&D. Journal of Accounting and Economics, 21, 107-138.
Lev, B., and P. Zarowin. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37 (2), 353-385.
Liu,M.,Wysocki,P.,(2007). Cross-sectional determinants of information quality proxies and cost of capital measures. Working Paper, MIT.
Mackey, A., T. Mackey, and J. Barney. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. The Academy of Management Review, 32 (3), 817-835.
Mahlich, J. and Roediger–Schluga, T., (2006). The determinants of pharmaceutical R&D expenditures: evidence from Japan. Review of industrial organization, 28, 145-164.
Markarian, G., L. Pozza, and A. Prencipe. (2008). Capitalization of R&D costs and earnings management: Evidence from Italian listed companies. The International Journal of Accounting, 43 (3), 246-267.
Matten, D., A. Crane and W. Chapple. (2003). Behind the Mask: Revealing the True Face of Corporate Citizenship. Journal of Business Ethics, 45 (1–2), 109-120.
McWilliams, A., and D. Siegel. (2001). Corporate social responsibility: A theory of the firm perspective. The Academy of Management Review, 27 (1), 117-127.
McWilliams, A., D. Siegel, and P. Wright. (2006). Guest editors’ introduction corporate social responsibility: Strategic implications. Journal of Management Studies, 43 (1), 1-18.
Mohd, E. (2005) Accounting for software development costs and information asymmetry, The Accounting Review, 80, 1211-1231.
Nelson, M. W., J. A. Elliott, and R. L. Tarpley. (2003). How are earnings managed? Examples from auditors. Accounting Horizons, 2003, 17-35.
Nguyen, P., Nivoix, S., & Noma, M. (2010). The valuation of R&D expenditures in Japan. Accounting & Finance, 50 (4), 899-920.
Nguyen, P., & Nivoix, S. (2012). Characteristics of R&D expenditures in Japan's pharmaceutical industry. Asia Pacific Business Review, 18 (2), 225-240.
Opler,T.,Pinkowitz,L.,Stulz,R.,Williamson,R.(1999).The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52, 3-46.
Osma, B. G., & Young, S. (2009). R&D expenditure and earnings targets. European Accounting Review, 18 (1), 7-32.
Oswald, D. R., and P. Zarowin. (2004). Capitalization vs Expensing of R&D and Earnings Management Working paper, London Business School.
Oswald, D. R., and P. Zarowin. (2007). Capitalization vs. expensing of R&D and earnings management. European Accounting Review, 16 (4), 703-726.
Oswald, D. R. (2008). The determinants and value relevance of the choice of accounting for research and development expenditures in the United Kingdom. Journal of Business Finance and Accounting, 35 (1), 1-24.
Perry, S. E. and Grinaker, R. (1994). Earnings expectations and discretionary research and development spending, Accounting Horizons, 8 (4), 43-51.
Phillips, R., E. Freeman, and A. Wicks. (2003). What stakeholder theory is not. Business Ethics Quarterly, 13 (4), 479-502.
Scherer, F., Harhoff, D., and Kukies, J., (2000). Uncertainty and the size distribution of rewards from innovation. Journal of evolutionary economics, 10, 175-200.
Seybert, N. (2009). Behavioral Studies of the Effects of Regulation on Earnings Management and Accounting Choice. Accounting, Organizations and Institutions: Essays for Anthony Hopwood. Oxford, U K : Oxford University Press.
Seybert, N. (2010). R&D Capitalization and Reputation-Driven Real Earnings Management. The Accounting Review, 85 (2), 671-693.
Thi, T. D., H. Kang, and W. Schultze. 2009. Discretionary capitalization of R&D—The trade-off between earnings management and signaling. Conference paper, AAA 2009 mid-year International accounting section (IAS) meeting paper.
Torugsa, N. A., W. O’Donohue, and R. Hecker. 2012. Capabilities, Proactive CSR and Financial Performance in SMEs: Empirical Evidence from an Australian Manufacturing Industry Sector. Journal Business Ethics, 109, 483-500.
Waddock, S., and S. Graves. (1997). The corporate social performance—Financial performance link. Strategic Management Journal, 18 (4), 303-319.
Wang, S., and J. D'Souza. (2007). Earnings management: The effect of accounting flexibility on R&D investment choices. Working paper, Cornell University.
Zang, A. (2008). Evidence on the tradeoff between real manipulation and accrual manipulation. Working paper, University of Rochester.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2018-07-02起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw