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Accounting for investments and the relevance of losses to firm value

Fargher, Neil; Wu, Hai; Wright, Sue

Description

Recent research has documented investment in research and development as a key driver of the market value of currently unprofitable firms (hereafter loss firms) in a knowledge-based economy. We broaden this argument to consider the influence of accounting for investments in general on the relation between current profitability and firm value for loss firms. Specifically, in the context of a resource-based economy, we find that exploration costs, cash flow measures of investment, and research...[Show more]

CollectionsANU Research Publications
Date published: 2010
Type: Journal article
URI: http://hdl.handle.net/1885/17242
Source: The International Journal of Accounting
DOI: 10.1016/j.intacc.2010.01.005

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