The Effect of R&D capitalization and Corporate Social Responsibility on Investment Efficiency
碩士 === 國立成功大學 === 會計學系碩博士班 === 101 === 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 capitalizatio...
| Main Authors: | , |
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| Format: | Others |
| Language: | en_US |
| Published: |
2013
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| Online Access: | http://ndltd.ncl.edu.tw/handle/6vy2ru |
| Summary: | 碩士 === 國立成功大學 === 會計學系碩博士班 === 101 === 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.
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