The value relevance of intangible assets and R&D expenditures during the financial crisis - empirical evidence from EU countries

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en Hölttä, Matti 2014-08-06T08:38:24Z 2014-08-06T08:38:24Z 2013
dc.description.abstract RESEARCH OBJECTIVES: This thesis studies how the value relevance of intangible assets and R&D expenditures is affected by the financial crisis and which are the main factors for the observed effect. The thesis aims to show whether an increase in the frequency of negative earnings, changes in earnings management incentives and earnings management are reasons for explaining the changes in value relevance during the financial crisis. DATA: The empirical data is gathered from databases available through Thomson One Banker. The main sample consists of 3546 firm-year observations from years 2006 - 2011. The sample is gathered from countries which joined EU before 2006. Financial firms are excluded from the sample. All firms reported under IFRS. RESULTS: The main findings of the study are that the value relevance of intangible assets was lower during the crisis than before the crisis and the value relevance of R&D expenditures was lower during the crisis than after the crisis. The decrease in value relevance can be attributed to a decrease in reliability for both intangible assets and R&D expenditures. Main driver for the observed changes in value relevance seem to be the unprofitable firms. For intangible assets there might be other weak unidentified factors present. No evidence on the effect of earnings management to value relevance was found. en
dc.format.extent 85
dc.language.iso en en
dc.title The value relevance of intangible assets and R&D expenditures during the financial crisis - empirical evidence from EU countries en
dc.type G2 Pro gradu, diplomityö fi Kauppakorkeakoulu fi School of Business en
dc.contributor.department Laskentatoimen laitos fi
dc.contributor.department Department of Accounting en
dc.subject.keyword value relevance
dc.subject.keyword intangible assets
dc.subject.keyword R&D expenditures
dc.subject.keyword unprofitable firms
dc.subject.keyword earnings management
dc.subject.keyword earnings management incentives
dc.identifier.urn URN:NBN:fi:aalto-201408062376
dc.type.dcmitype text en
dc.programme.major Accounting en
dc.programme.major Laskentatoimi fi
dc.type.ontasot Master's thesis en
dc.type.ontasot Pro gradu tutkielma fi
dc.subject.helecon laskentatoimi
dc.subject.helecon accounting
dc.subject.helecon tutkimus ja kehitys
dc.subject.helecon research and development
dc.subject.helecon aineeton omaisuus
dc.subject.helecon immaterial property
dc.subject.helecon kustannukset
dc.subject.helecon costs
dc.subject.helecon tappiot
dc.subject.helecon loss
dc.subject.helecon tulos
dc.subject.helecon return
dc.subject.helecon ohjausjärjestelmät
dc.subject.helecon control systems
dc.subject.helecon kannustaminen
dc.subject.helecon incentives
dc.ethesisid 13671 2014-01-17
dc.location P1 I fi

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