Missing R&D

被引:369
作者
Koh, Ping-Sheng [1 ]
Reeb, David M. [2 ]
机构
[1] Hong Kong Univ Sci & Technol, Hong Kong, Hong Kong, Peoples R China
[2] Natl Univ Singapore, ABFER, Singapore 117548, Singapore
关键词
Research and Development; R&D reporting; Disclosure; Blank R&D; R&D simulation; DEVELOPMENT INVESTMENT; MARKET VALUE; PATENTS; DISCLOSURE; INFORMATION; TECHNOLOGY; INNOVATION; EARNINGS;
D O I
10.1016/j.jacceco.2015.03.004
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We investigate whether missing R&D expenditures in financial statements indicates a lack of innovation activity. Patent records reveal that 10.5% of missing R&D firms file and receive patents, which is 14 times greater than zero R&D firms. Pseudo-Blank R&D firms (missing R&D firms with patent activity) demonstrate patent filings analogous to the bottom 90-95% of the positive R&D population. Multivariate difference-in-differences tests indicate that Pseudo-Blank R&D firms are more likely to report R&D after an exogenous auditor change. Finally, we provide simple Monte Carlo simulations to evaluate different methods to handle missing R&D in empirical research. (C) 2015 Elsevier B.V. All rights reserved.
引用
收藏
页码:73 / 94
页数:22
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