دانلود مقاله : 

Dividends, research and development expenditures, and the value relevance of book value for UK loss-making firms 2013

نویسندگان : 

Wei Jiang  , Andrew W. Stark

چکیده : 

We extend prior research on the value relevance of accounting information for lossmaking

firms by allowing the coefficient of book value to vary across three distinct set

of loss-making firm observations in our valuation model. Our key findings are, first, that

book value is a less important determinant of equity value for either high R&D-intensive

firms or dividend-paying firms, relative to firms with low R&D-intensity and zero dividends.

Prior literature suggests that book value is a strong indicator of firm value for lossmaking

firms. This reasoning stems from book value’s role as: (i) a proxy for the value of

the possibility of abandoning or adapting the firms’ net assets; and/or (ii) a proxy for

expected future normal earnings. Our work suggests that this prior literature does not fully

capture the valuation role of book value for loss-making firms. Second, we also find that

dividends are value relevant, but generally only when the valuation role of book value is

contextualised by allowing its coefficient to vary across high R&D-intensive firms, and

dividend-paying, loss-making firms

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