자기과신 경영자가 연구개발비와 기업가치간의 관계에 미치는 영향

[Purpose]As the importance of management based on knowledge and technology is underlined, R&D expenditure is increased. Since R&D activities create new knowledge, technology, and products, it generate profits in the long term. In principle, all R&D expenditures are recognized as expenses in IFRS because the profits and losses are difficult to match directly, but a part of the expense is recognized to asser if specific criterias are meet. Over－confident managers who optimistically predict future profitability will spend more than an appropriate level of R&D expenditure, which may have a different effect on the firm value. In addition, conservatism of over－confident managers may be low in capitalization of R&D expenses, which may decrease the relationship between the capitalized R&D and firm value. [Methodology]We examined the effects of over－confident managers on the positive relationship between R&D expenditures and firm value. [Findings]We find that managers’ over－confidence has not a significant effect on the relationship between all R&D expediture and firm value. It can be explained to a mixed result in that R&D contribute to future profitability, although, diminishes efficiency of R&D investment per unit. On the other hand, we also find that manager’s over－confidence weakens the positive relationship between the capitalized R&D and firm value. It can be interpreted that over－confidence manager decide to capitalize R&D expenditure into intangible asset for predicting a posibility of future profitability of R&D investment too optimistically. In that way, the effect of capitalized R&D efficiency decrease. [Implications]This study suggests that the efficiency and optimism of R&D activities may differ depending on the manager’s over－confidence propensity. In addition, It contribute to literature related to value relevance of R&D investment.