Purpose

This paper aims to examine the impact of the intangible intensity of the firm on the relevance of research and development (R&D) information to determine equity values in India. Additionally, the study compares the association of input information on R&D investment (the reported R&D cost) and output information on R&D investment (patent count) with equity values. Further, the study also examines the operational nature of the firm and patent count, which is the better proxy to measure the intangible intensity of the firm.

Design/methodology/approach

The authors compared the explanatory power of R&D information between intangible and non-intangible intensive firms. To estimate the value relevance of R&D information, the authors followed the statistical model based on the theoretical framework of the residual income model.

Findings

The results indicate that there is a significant moderating impact of the intangible intensity of the firm on the relevance of R&D information to determine equity values in India over the 25 years study period (from 1991 to 2016). Further, in India, the study finds that the input information of R&D outlay is more relevant than output information on R&D outlay to determine equity values, irrespective of the proxy measure of intangible intensity. Moreover, the study finds that the operational nature of the firm is a better proxy of the intangible intensity of the firm compared to patent counts.

Research limitations/implications

In this study, pooled cross-sectional data were used for analysis. In the future, longitudinal and panel data can be used for more insightful results.

Practical implications

The findings of the study provide direction to investors and creditors to find the intrinsic value of the investments in internally developed intangible assets, which will reduce the asymmetry between the market value and accounting value of equity.

Originality/value

The paper offers insights into the impact of intangible intensity on the relevance quality of R&D information in an emerging country.

中文翻译：

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无形强度对研发信息相关性的影响：来自印度的证据

目的

本文旨在研究公司的无形强度对研究与开发 (R&D) 信息相关性的影响，以确定印度的股权价值。此外，该研究比较了研发投资的输入信息（报告的研发成本）和研发投资的输出信息（专利数量）与股权价值的关联。此外，该研究还检查了公司的运营性质和专利数量，这是衡量公司无形强度的更好代表。

设计/方法/方法

作者比较了无形和非无形密集型企业之间研发信息的解释力。为了估计研发信息的价值相关性，作者遵循了基于剩余收益模型理论框架的统计模型。

发现

结果表明，在 25 年的研究期间（从 1991 年到 2016 年），公司的无形强度对决定印度股权价值的研发信息的相关性有显着的缓和影响。此外，在印度，研究发现研发支出的投入信息比研发支出的产出信息在确定股权价值方面更相关，而与无形强度的代理衡量标准无关。此外，研究发现，与专利数量相比，公司的运营性质更能代表公司的无形强度。

研究限制/影响

在这项研究中，汇总的横截面数据用于分析。未来，纵向和面板数据可用于获得更深入的结果。

实际影响

研究结果为投资者和债权人寻找内部开发的无形资产投资的内在价值提供了指导，这将减少股权的市场价值和会计价值之间的不对称性。

原创性/价值

该论文提供了关于无形强度对新兴国家研发信息相关质量的影响的见解。