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Intangible investments & accounting numbers : usefulness, informativeness, and relevance on the European stock markets

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SSRN-id860705.pdf (2.427Mb)
Date
2007
Notes
Ce document est également paru dans la série des Working Papers de la Chaire Finance d'entreprise Dauphine - FBF, n° 2009-8
Dewey
Contrôle de gestion Comptabilité
Sujet
R&D; Intangible investments; accounting numbers; informativeness; usefulness; value-relevance
JEL code
G31; M21; M41
Conference name
30th EAA Annual Congress
Conference date
04-2007
Conference city
Lisbonne
Conference country
Portugal
URI
https://basepub.dauphine.fr/handle/123456789/2641
Collections
  • DRM : Publications
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Author
Casta, Jean-François
Ramond, Olivier
Escaffre, Lionel
Type
Communication / Conférence
Abstract (EN)
This study investigates whether European domestic GAAPs used for intangibles recognition prior to the IFRS adoption exhibit major differences while examining the relationship between a firm's economic (financial, operating and competitive) performance and its recognized intangible investment (RII). Using a five-European-country sample over the pre-IFRS compliance period 1993-2004, we first provide evidence that, independently of the intangibles accounting recognition practices, investors adopt a short-term perspective or "myopic view" while constructing their portfolios by penalizing firms with high RII. Secondly, contrary to the resource-based view, our results suggest that RII do not underpin under any accounting treatment better competitive position inside a specific industry. Finally, our findings clearly support the idea that EU continental accounting standards, while opposed to Anglo-Saxon settings, ease the relationship existing between RII and firm operating performance. This last result would suggest that IFRS adoption could lead to disconnect operating margins from RII and subsequently challenge the widespread claim that IFRS help produce higher-quality reporting about a firm's operating activities.

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