Respon Pasar Terhadap Informasi Biaya Penelitian dan Pengembangan

Yessy Yuliana; Carmel  Meiden

doi:10.33395/owner.v6i1.692

Authors

Yessy Yuliana Institut Bisnis dan Informatika Kwik Kian Gie
Carmel Meiden Institut Bisnis dan Informatika Kwik Kian Gie, Indonesia

DOI:

10.33395/owner.v6i1.692

Keywords:

advertising costs; market value; research and development costs; value relevance

Abstract

Value relevance shows how widely available accounting information can reflect the firm value. Accounting information is relevant if it can influence decision-making. In addition to information on earnings and book value, which are the basic variables in value relevance research, there is other accounting information that can explain the market value of the firms. In this study, other accounting information used is research and development cost and advertising cost that can provide benefits to the company in the future. This study aims to analyze and examine the effect of research and development costs and advertising costs on the market value of the firms. This study is using secondary data observation techniques acquired from annual financial reports for companies in the manufacturing industry sector that are listed on the Indonesia Stock Exchange in the 2011-2020 period. The sampling method used in this research is purposive sampling, with a total of 90 observations. The results of this study partially explain that research and development costs have a positive and significant effect on the market value of the firms, whereas advertising costs have a negative effect. Meanwhile, simultaneously the research and development costs and advertising costs with a control variables affect the market value of the firms. The conclusion of this study explains that research and development costs have a value relevance

Downloads

Download data is not yet available.

Plum-X Analityc

References

Beig, F. A., & Nika, F. A. (2019). Brand Experience and Brand Equity. SAGE Journal, 23(4), 410–417.

Beisland, L. A. (2009). A Review of the Value Relevance Literature. The Open Business Journal, 2(1), 7–27.

Berliana, M., & Manda, G. S. (2021). Pengaruh Biaya Promosi dan Pendapatan Bersih Terhadap Nilai Perusahaan Makanan dan Minuman Tahun 2015-2019. Journal of Business and Economy Research, 2(1), 1–7.

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39–67.

Diatmika, I. P. G., & Sinarwati, N. K. (2017). Pengaruh Aset Tidak Berwujud dan Biaya Penelitian dan Pengembangan Terhadap Nilai Pasar Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015. E-Journal Akuntansi, 7(1), 1–9.

Du, D., & Osmonbekov, T. (2020). Direct Effect of Advertising Spending on Firm Value: Moderating Role of Financial Analyst Coverage. International Journal of Research in Marketing, 37(1), 196–212.

Ehie, I. C., & Olibe, K. (2010). The Effect Of R & D Investment On Firm Value?: An Examination Of US Manufacturing And Service Industries. Journal of Production Economics, 128(1), 127–135.

Erickson, G., & Robert, J. (1992). Gaining Comparative Advantage Through Discretionary Expenditures?: The Returns to R & D and Advertising Authors. The Institute of Management Science, 38(9), 1264–1279.

Fama, E. F. (1970). Efficient Capital Markets: A Review Of Theory And Empirical Work. The Journal of Finance, 25(2), 383–417.

Gee-jung, K. (2015). The Nonlinear Value Relevance of Advertising Expenditure in Listed Korean Stock Markets. Canadian Center of Science and Education, 11(22), 160–170.

Godfrey, J., Hodgson, A., Tarca, A., Hamilton, J., & Holmes, S. (2010). Accounting Theory. Seventh Edition. Australia: John Wiley & Sons, Ltd.

Gu, F., & Li, J. Q. (2010). The Value-Relevance of Advertising?: Evidence from Pharmaceutical Industry. Journal of Accounting, Auditing & Finance, 25(1), 85–119.

Hackley, C. (2005). Advertising & Promotion Communicating Brand. First Edition. London: SAGE Publications

Han, B. H., & Manry, D. (2004). The Value-Relevance of R&D and Advertising Expenditures: Evidence from Korea. International Journal of Accounting, 39(2), 155–173.

Ho, Y. K., Keh, H. T., & Ong, J. M. (2005). The Effects of R&D and Advertising on Firm Value: An Examination of Manufacturing and Nonmanufacturing Firms. IEEE Transactions on Engineering Management, 52(1), 3–14.

Hsu, L. T., & Jang, S. C. (2008). Advertising Expenditure, Intangible Value and Risk: A Study of Restaurant Companies. International Journal of Hospitality Management, 27(2), 259–267.

IAI. (2014). Pernyataan Standar Akuntansi Keuangan No. 19 Tentang Aset Tak Berwujud.

IASB. (2018). Conceptual Framework for Financial Reporting.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3, 305–360.

Joshi, A., & Hanssens, D. M. (2010). The Direct and Indirect Effects of Advertiisng Spending on Firm Value. Journal of Marketing, 74, 20–33.

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2016). Intermediate Accounting. Sixteenth Edition. United States: John Wiley & Sons, Inc.

Kusmawati. (2020). Pengaruh Biaya R&D dan Biaya Iklan Terhadap Kinerja Laba. Jurnal Keuangan Dan Bisnis, 179–189.

Mahendru, M., & De, K. K. (2014). Does Advertising Expenditure Impact Firm Value: A Case of Indian FMCG Industry. Global Journals Inc, 14(1).

Malik, I. (2020). Strategi Perencanaan dan Pengembangan Bisnis. Ilmu Administrasi Bisnis, 3(1), 39–61.

McIlkenny, P., & Persaud, A. (2017). Value Relevance of The Voluntary Disclosure of Advertising Expenditure: Evidence From Canada. International Journal of Accounting and Finance, 7(3), 185.

Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687.

Padgett, R. C., & Galan, J. I. (2010). The Effect Of R&D Intensity On Corporate Social Responsibility. Journal of Business Ethics, 93(3), 407–418.

Qureshi, M. I. (2015). Valuation of Various Media Advertising Expenditures - UK Perspective. International Journal of Accounting, Auditing and Performance Evaluation, 11(1), 1–13.

Qureshi, M. I. (2017). The Value Relevance of Intangibles: Some Evidence on Industry Sector, Firm Performance and Size Effects. International Journal of Accounting, Auditing and Performance Evaluation, 13(3), 293–307.

Sadita, G., Budi, A., & Rio, M. (2019). Relevansi Nilai Inkremental Arus Kas dan Laba Terhadap Return Saham?: Kajian dalam Kondisi Moderat dan Ekstrem. Jurnal Akuntansi Keuangan Dan Bisnis, 12(2), 29–38.

Scott, W. R. (2015). Financial Accounting Theory. Seventh Edition. Canada: Pearson Canada Inc.

Shah, S. Z. A., Liang, S., & Akbar, S. (2013). International Financial Reporting Standards and the Value Relevance of R&D Expenditures: Pre and Post IFRS Analysis. International Review of Financial Analysis, 30, 158–169.

Shah, S. Z. A., Stark, A. W., & Akbar, S. (2008). Firm Size, Sector and Market Valuation of R&D Expenditures. Applied Financial Economics Letters, 4(2), 87–91.

Shah, S. Z. A., Stark, A. W., & Akbar, S. (2009). The Value Relevance of Major Media Advertising Expenditures: Some U.K. Evidence. International Journal of Accounting, 44(2), 187–206.

Tsoligkas, F., & Tsalavoutas, I. (2011). Value Relevance of R&D In The UK After IFRS Mandatory Implementation. Applied Financial Economics, 21(13), 957–967.