Accounting for investments and the relevance of losses to firm value

被引：17
|
作者：
Wu, Hai [1 ]
Fargher, Neil [2 ]
Wright, Sue [1 ]
机构：
[1] Macquarie Univ, Fac Business & Econ, Dept Accounting & Finance, Sydney, NSW, Australia
[2] Australian Natl Univ, Coll Business & Econ, Canberra, ACT, Australia
来源：
INTERNATIONAL JOURNAL OF ACCOUNTING | 2010年 / 45卷 / 01期
关键词：
Loss firms; Accounting for exploration costs; Accounting conservatism;
D O I：
10.1016/j.intacc.2010.01.005
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Recent research has documented investment in research and development as a key driver of the market value of currently unprofitable firms (hereafter loss firms) in a knowledge-based economy. We broaden this argument to consider the influence of accounting for investments in general on the relation between current profitability and firm value for loss firms. Specifically, in the context of a resource-based economy, we find that exploration costs, cash flow measures of investment, and research and development costs help to explain the value of loss firms and reduce the negative relation between current profitability and firm value. (C) 2010 University of Illinois. All rights reserved.
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页码：104 / 127
页数：24
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