Relevância informativa das Despesas de Investigação e Desenvolvimento: um estudo para o caso português

Ana Cunha and José Moreira
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Ana Cunha: Faculdade de Economia da Universidade do Porto
José Moreira: Faculdade de Economia da Universidade do Porto/CEF.UP

Notas Económicas, 2010, issue 31, 06-23

Abstract: This study tests the value relevance of R&D expenses for the Portuguese context. The methodology adopted is based on econometric models, and takes into consideration the kind of information companies display and the adoption of IASB accounting standards in 2005. The empirical evidence suggests that investors value positively R&D information, most especially when it is quantitative and relates to the capitalisation of such expenses. Their value relevance is less obvious when the information is qualitative, and vanishes completely when both types of information are considered simultaneously in the models. The change in the accounting environment in 2005 seems to affect the empirical evidence. It suggests that a higher restrictiveness of IASB standards on concerning the capitalization of R&D justifies the increase in the value relevance of the expenses capitalized in 2005 and afterwards.

JEL-codes: C23 G12 M41 (search for similar items in EconPapers)
Date: 2010
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