Η επίδραση των εξόδων έρευνας και ανάπτυξης στην εταιρική απόδοση

Συγλέτου, Ευαγγελία

Master Thesis

Author

Συγλέτου, Ευαγγελία

Date

2020

Abstract

The main question of this paper is to examine the impact of Research and Development expenses on corporate performance. In order this question to be answered, it is necessary to be divided it in two sub-questions. Initially, what influences the capitalization of development expenditures, and mainly what are the determinants of capitalization, need to be examined. The second question that needs to be investigated is how the future operating performance of the company is affected by the capitalization of development expenditures. Both questions are connected and have to be answered sequentially. In this study, the Heckman method is used on which a probit model is initially evaluated. We found that the key determinants of capitalization are the size of the companies as well as the fact that companies use capitalization to make smooth earnings. Then, after calculating the Inverse Mills Ratio from the probit model, we estimate a model of future operating performance by estimating the equation of Fixed Effects Regression. Based on the analysis of this model, we conclude that the future operating performance of the company is not affected by the capitalization of expenditures but the research and development costs declared in the Income Statement. This implies that the capitalization of development expenses can not be a "signal" for the future operational performance of the company. For the above analysis, a sample of 1,129 Eurozone listed companies were used. The time period analyzed includes the years from 2005 (year of mandatory adoption of IFRS by listed companies) until 2018. The statistical and econometric analysis was performed using STATA 15.0 software.

Postgraduate Studies Programme

Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική και Τραπεζική Διοικητική

Department

Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

Number of pages

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/13026
http://dx.doi.org/10.26267/unipi_dione/449

Collections

Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

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