The Value Relevance of R&D Assets: An Inquiry into the Institutional Role of Corruption and Law Enforcement

MUHAMMAD ZAKI N H, Dr. Agapi-Thaleia Fytraki

2022 | Skripsi | S1 AKUNTANSI

Studi ini menyelidiki keberpautan nilai dari kos penelitian dan pengembangan (litbang) kapitalisasian dan peran moderasi korupsi dan penegakan hukum. Penulis menduga bahwa kos litbang kapitalisasian berpaut-nilai, dan bahwa korupsi dan penegakan hukum memoderasi asosiasi antara kos litbang kapitalisasian dan nilai pasar saham perusahaan. Regresi panel dilaksanakan pada sampel berjumlah 13.440 observasi tahun-perusahaan antara 2010 dan 2020 di negara-negara Asia Timur. Dari sampel ini, 10.862 melaporkan biaya litbang, dan 2.578 melaporkan kos litbang kapitalisasian. Korupsi dan penegakan hukum diukur sebagai persepsi publik. Harga saham perusahaan diregresi pada kos litbang kapitalisasian, dan variable interaksi antara kos litbang kapitalisasian dengan perangkat pengendalian korupsi serta penegakan hukum. Temuan dalam studi ini menunjukkan bahwa pada tingkat rata-rata pengendalian korupsi, kos litbang kapitalisasian berpaut-nilai dan tepat-waktu secara negatif. Pada tingkat rata-rata penegakan hukum, kos litbang kapitalisasian tidak berpaut-nilai namun tepat-waktu. Implikasi dari temuan-temuan tersebut adalah institusi pengendalian korupsi, meski mengalami peningkatan kekuatan, belum mencapai tingkat di mana bentuk-bentuk korupsi yang sering mempengaruhi hasil dari tes kapitalisasi kos litbang dihukum. Institusi hukum pada suatu sistem hukum tertentu tidak melindungi hak-hak pemegang saham secara efektif, yang menyebabkan munculnya struktur-struktur tata kelola korporat alternatif yang menyebabkan tidak berpautnya informasi mengenai kos litbang dalam menyelesaikan masalah keagenan dibandingkan dengan informasi orang dalam (insider information). Temuan-temuan ini harus dipandang dengan mempertimbangkan adanya self-selection.

This study examines the value relevance of the capitalized research and development (R&D) costs and the moderating role of corruption and law enforcement therein. The author conjectures that R&D is positively value relevant, and that corruption and law enforcement positively moderate the association between capitalized R&D costs and firm market values. A panel regression is performed on a sample of 13,440 firm-year observations between 2010 and 2020 in East Asian countries. Of this sample, 10,862 report R&D expenses, and 2,578 report capitalized R&D costs. Corruption and law enforcement are measured as public perceptions. Firm share prices are regressed on capitalized R&D costs, and interaction terms between capitalized R&D costs and corruption control measures and law enforcement measures. The findings suggest that at the average level of corruption control, capitalized R&D is negatively value relevant and timely. At the average level of law enforcement, capitalized R&D is value irrelevant but timely. An implication of these findings is that corruption control institutions, while increasing in strength, likely has yet to reach the threshold at which venal forms of corruption that often influence the outcome of R&D capitalization tests are penalized. Additionally, legal institutions in certain legal systems do not effectively protect shareholder rights, thus leading to alternative corporate governance structures that render reported R&D information less relevant in resolving agency problems than insider information. These results are to be viewed in consideration of self-selection.

Kata Kunci : Value relevance, research and development, corruption, law enforcement, institutions, corporate governance