Intangible investments and cost of equity capital: An empirical research on Vietnamese firms

References

• Acharya, V. V., & Pedersen, L. H. (2005). Asset pricing with liquidity risk. Journal of Financial Economics, 77(2), 375–16. https://doi.org/10.1016/j.jfineco.2004.06.007
   Web of Science ®Google Scholar
• Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. https://doi.org/10.2307/1879431
   Web of Science ®Google Scholar
• Alberts, W., & Archer, S. H. (1973). Some evidence on the effect of company size on the cost of equity capital. The Journal of Financial and Quantitative Analysis, 8(2), 229–242. https://doi.org/10.2307/2330019
   Web of Science ®Google Scholar
• Amihud, Y., & Mendelson, H. (1986). Liquidity and stock returns. Financial Analysts Journal, 42(3), 43–48. https://doi.org/10.2469/faj.v42.n3.43
   Google Scholar
• Amir, E., & Lev, B. (1996). Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics, 22(1), 3–30. https://doi.org/10.1016/S0165-4101(96)00430-2
   Web of Science ®Google Scholar
• Barker, R., Lennard, A., Penman, S., & Teixeira, A. (2022). Accounting for intangible assets: Suggested solutions. Accounting and Business Research, 52(6), 601–630.
   Web of Science ®Google Scholar
• Barth, M. E., Elliott, J. A., & Finn, M. W. (1999). Market rewards associated with patterns of increasing earnings. Journal of Accounting Research, 37(2), 387–413. https://doi.org/10.2307/2491414
   Web of Science ®Google Scholar
• Barth, M. E., & Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211–241. https://doi.org/10.1016/S0165-4101(99)00020-8
   Web of Science ®Google Scholar
• Beyer, D. (2018). A matrix approach to valuation and performance measurement based on accounting information considering different financing policies. Journal Of Management Control, 29(1), 37–61. https://doi.org/10.1007/s00187-018-0262-4
   Web of Science ®Google Scholar
• Boone, J. P., & Raman, K. K. (2001). Off-balance sheet R&D assets and market liquidity. Journal of Accounting and Public Policy, 20(2), 97–128. https://doi.org/10.1016/S0278-4254(01)00023-0
   Google Scholar
• Chan, A. L. C., Lin, S. W. J., & Strong, N. (2009). Accounting conservatism and the cost of equity capital: UK evidence. Managerial Finance, 35(4), 325–345. https://doi.org/10.1108/03074350910935821
   Web of Science ®Google Scholar
• Chaudhry, N., Yong, H. H. A., & Veld, C. (2017). How does the funding status of defined benefit pension plans affect investment decisions of firms in the United States? Journal of Business Finance & Accounting, 44(1–2), 196–235. https://doi.org/10.1111/jbfa.12219
   Web of Science ®Google Scholar
• Chen, C. W., Collins, D. W., Kravet, T. D., & Mergenthaler, R. D. (2018). Financial statement comparability and the efficiency of acquisition decisions. Contemporary Accounting Research, 35(1), 164–202. https://doi.org/10.1111/1911-3846.12380
   Web of Science ®Google Scholar
• Christodoulou, D., Clubb, C., & McLeay, S. (2016). A structural accounting framework for estimating the expected rate of return on equity. Abacus-A Journal Of Accounting Finance And Business Studies, 52(1), 176–210. https://doi.org/10.1111/abac.12073
   Web of Science ®Google Scholar
• Easley, D., Hvidkjaer, S., & O’hara, M. (2002). Is information risk a determinant of asset returns? The Journal of Finance, 57(5), 2185–2221. https://doi.org/10.1111/1540-6261.00493
   Web of Science ®Google Scholar
• Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427–465. https://doi.org/10.1111/j.1540-6261.1992.tb04398.x
   Web of Science ®Google Scholar
• Geng, H., Zhang, C., & Zhou, F. (2020). The Dark Side of Reporting Credibility: Evidence from Intangible Investments. Available at SSRN 3650784. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3650784
   Google Scholar
• Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the Ohlson–Juettner model. Review of Accounting Studies, 8(4), 399–431. https://doi.org/10.1023/A:1027378728141
   Web of Science ®Google Scholar
• Gorton, M. J., & Halpem, P. J. (1974). Cost of capital for a division of a firm. The Journal of Finance, 29(4), 1153–1163. https://doi.org/10.1111/j.1540-6261.1974.tb03093.x
   Web of Science ®Google Scholar
• Griliches, Z., & Mairesse, J. (1995). Production functions: The search for identification. http://www.nber.org/papers/w5067.pdf.
   Google Scholar
• Güleç, Ö. F. (2021). Value relevance of intangibles: A literature review. Ethics and Sustainability in Accounting and Finance, Volume II, 109–129.
   Google Scholar
• Gu, F., & Lev, B. (2001). Intangible assets: Measurement, drivers, usefulness. New York. https://doi.org/10.4018/978-1-60960-071-6.ch007https://www.igi-global.com/gateway/chapter/50252
   Google Scholar
• Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis. Pearson Academic.
   Google Scholar
• Hall, B. H., Griliches, Z., & Hausman, J. A. (1984). Patents and R&D: Is there a lag? National Bureau of Economic Research Cambridge.
   Google Scholar
• Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0
   Web of Science ®Google Scholar
• Huang, H. Y., & Liao, C. H. (2018). The effect of internal control material weaknesses on executive equity incentives and corporate risk-taking. JOURNAL OF ACCOUNTING REVIEW, 67, 41–78. https://doi.org/10.6552/JOAR.201807_(67).0002
   Web of Science ®Google Scholar
• James, B. E., & McGuire, J. B. (2016). Transactional-institutional fit: Corporate governance of R&D investment in different institutional contexts. Journal of Business Research, 69(9), 3478–3486. https://doi.org/10.1016/j.jbusres.2016.01.038
   Web of Science ®Google Scholar
• Jiraporn, P., & Liu, Y. (2008). Capital structure, staggered boards, and firm value. Financial Analysts Journal, 64(1), 49–60. https://doi.org/10.2469/faj.v64.n1.7
   Web of Science ®Google Scholar
• Lach, S., & Schankerman, M. (1989). Dynamics of R & D and investment in the scientific sector. Journal of Political Economy, 97(4), 880–904. https://doi.org/10.1086/261632
   Web of Science ®Google Scholar
• Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385–420. https://doi.org/10.1111/j.1475-679X.2007.00238.x
   Web of Science ®Google Scholar
• Landsman, W. R. (2007). Is fair value accounting information relevant and reliable? Evidence from capital market research. Accounting and Business Research, 37(sup1), 19–30. https://doi.org/10.1080/00014788.2007.9730081
   Google Scholar
• Lee, N., & Lee, J. (2019). External financing, R&D intensity, and firm value in biotechnology companies. Sustainability, 11(15). https://doi.org/10.3390/su11154141
   Web of Science ®Google Scholar
• Lev, B. (2001). Intangibles: Management, measurement, and reporting. Brookings Institution Press.
   Google Scholar
• Lev, B., & Radhakrishnan, S. (2003). The measurement of firm-specific organization capital. Retrieved from Working Paper 9581 http://www.nber.org/papers/w9581.
   Google Scholar
• Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21(1), 107–138. https://doi.org/10.1016/0165-4101(95)00410-6
   Web of Science ®Google Scholar
• Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13–37. https://doi.org/10.2307/1924119
   Web of Science ®Google Scholar
• Li, H. M., & Ryan, H. E. (2022). Founding family ownership and firm performance: Evidence from the evolution of family ownership and firm policies. Journal of Business Finance & Accounting, 49(7–8), 1391–1424. https://doi.org/10.1111/jbfa.12593
   Web of Science ®Google Scholar
• Magerakis, E., Gkillas, K., Floros, C., & Peppas, G. (2022). Corporate R&D intensity and high cash holdings: Post-crisis analysis. Operational Research, 22(4), 3767–3808. https://doi.org/10.1007/s12351-021-00660-3
   Web of Science ®Google Scholar
• Mazzi, F., Andre, P., Dionysiou, D., & Tsalavoutas, I. (2017). Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital. Accounting and Business Research, 47(3), 268–312. https://doi.org/10.1080/00014788.2016.1254593
   Web of Science ®Google Scholar
• Norman, D. (2017). Return on equity, cost of equity and the implications for banks. RBA Bulletin. 51–58. https://www.rba.gov.au/publications/bulletin/2017/mar/pdf/bu-0317-6-returns-on-equity-cost-of-equity-and-the-implications-for-banks.pdf
   Google Scholar
• Ohlson, J. A., & Juettner-Nauroth, B. E. (2005). Expected EPS and EPS growth as determinantsof value. Review of Accounting Studies, 10(2), 349–365. https://doi.org/10.1007/s11142-005-1535-3
   Web of Science ®Google Scholar
• Penman, S. H. (2007). Financial statement analysis and security valuation. McGraw-Hill New York.
   Google Scholar
• Pettengill, G. N., & Lander, D. M. (2015). Response of the cost of equity to leverage: an alternative perspective. Journal of Business Strategies, 32(2), 110. https://doi.org/10.54155/jbs.32.2.110-138
   Google Scholar
• Project, M. (2002). Guidelines for managing and reporting on intangibles (intellectual capital report). European Commission.
   Google Scholar
• Resutek, R. J. (2022). Is R&D really that special? A fixed‐cost explanation for the empirical patterns of R&D firms. Contemporary Accounting Research, 39(1), 721–749. https://doi.org/10.1111/1911-3846.12740
   Web of Science ®Google Scholar
• Shangguan, Z. (2005). Intangible investments and the cost of equity capital. ( 3167601 Ph.D.), University of Connecticut, Ann Arbor. https://search.proquest.com/docview/305008704?accountid=135225.
   Google Scholar
• Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance, 19(3), 425–442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
   Web of Science ®Google Scholar
• Shirabe, Y. (2015). Accounting goodwill and cost of equity capital. Paper presented at the 27th Asian-pacific conference on international accounting issues gold Coast, Australia. Bond Business School and Craig School of Business. https://www.apconference.org/wp-content/uploads/2015/12/27th-APC-Final.pdf
   Google Scholar
• Treynor, J. L. (1965). How to rate management of investment funds. Harvard Business Review, 43(1), 63–75.
   Web of Science ®Google Scholar
• Webster, E. (2002). Intangible and intellectual capital: A review of the literature ( 0734015348). http://hdl.handle.net/11343/33653
   Google Scholar
• White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817–838. https://doi.org/10.2307/1912934
   Web of Science ®Google Scholar
• Yang, C. L., & Lai, J. H. (2021). Influence of cross-listing on the relationship between financial leverage and R&D investment: A sustainable development strategy. Sustainability, 13(18). https://doi.org/10.3390/su131810341
   Web of Science ®Google Scholar
• Young, A. (1998). Towards an interim statistical framework: Selecting the core components of intangible investment. OECD. Measuring Intangible Investment http://www1.oecd.org/dsti/sti/industry/indcomp/prod/intang.htm
   Google Scholar
• Zeitun, R., & Tian, G. G. (2007). Capital structure and corporate performance: Evidence from Jordan. Australian Accounting, Business and Finance Journal, 1(4), 3. https://ro.uow.edu.au/cgi/viewcontent.cgi?article=1018&context=aabfj
   Google Scholar