연구개발지출의 투자효과에 따른 연구개발비 정보의 차별적 가치관련성

The first purpose of this paper is to test the effectiveness of R&D investments in a time-series context. Much of the empirical evidence to date concerning the value relevance of R&D expenditures is based on cross-sectional regressions, which provide seemingly ubiquitous finding that market values are significantly and positively related to R&D expenditures. In contrast to the results obtained from previous cross-sectional models, this study finds weak empirical support for the positive association between R&D expenditures and future operating performance on individual firm level. Based on the results of Vector Autoregressive Regressions, this study next classifies sample into 3 different groups according to the directions of the association between R&D and future operating performances. Consistent with expectations, the association between stock price and R&D expenditures is significantly positive for the group characterized by positive association between R&D and future operating performance, whereas the remaining groups exhibit insignificant or negative relations, suggesting the presence of differential value relevance of R&D information depending on the effectiveness of R&D investments. Additionally, this study also investigates whether the above relationship intensifies after the accounting standards changed in 1998 towards restricting capitalization of R&D expenditures, and whether the technology dependence affects the differential value relevance of R&D expenditures, whereby the expected relationships are confirmed under both contexts.