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1、CapitalizationofR&DCostsandEarningsManagement：EvidencefromItalianListedCompaniesABSTRACT:Thecapitalizationofresearchanddevelopment(R&D)costsisacontroversialaccountingissuebecauseofthecontentionthatsuchcapitalizationismotivatedbyincentivestomanipulateearnings.Basedo
2、nasampleofItalianlistedcompanies,thisstudyexamineswhethercompanies'decisionstocapitalizeR&Dcostsareaffectedbyearnings-managementmotivations.ItalyprovidesanaturalcontextfortestingourhypothesizedrelationshipsbecauseItalianGAAPallowsforthecapitalizationofR&Dcosts.Usin
3、gaTobitregressionmodeltotestourhypotheses,weshowthatcompaniestendtousecostcapitalizationforearnings-smoothingpurposes.ThehypothesisthatfirmscapitalizeR&Dcoststoreducetheriskofviolatingdebtcovenantsisnotsupported.KEYWORDS:Earningsmanagement,Costcapitalization,R&Dacc
4、ounting,Earningssmoothing,Debtcovenants,Italiancompanies1IntroductionInthecurrenteraofglobalization,ahighlyrelevantissuefacingregulators,academics,andpractitionersisthedeterminationofanappropriateaccountingtreatmentforresearchanddevelopment(R&D)costs.InternationalA
5、ccountingStandardsdiscussaccountingforR&DcostsinIASNo.38“IntangibleAssets”(IASB,2004; IASB,2004).Paragraph54ofthisstandardstatesthatnointangibleassetarisingfromresearch(orfromtheresearchphaseofaninternalproject)shallberecognizedasanasset;andthatresearchexpensesshal
6、lbeexpensedintheincomestatementwhentheyareincurred.Concerningdevelopmentcosts,paragraph57statesthatanintangibleassetarisingfromdevelopment(orfromthedevelopmentphaseofaninternalproject)shallberecognizedif,andonlyif,anentitycandemonstrateallofthefollowing:(a)thetechn
7、icalfeasibilityofcompletingtheintangibleassetsothatitwillbeavailableforuseorsale;(b)itsintentiontocompletetheintangibleassetanduseorsellit;(c)itsabilitytouseorselltheintangibleasset;(d)howtheintangibleassetwillgenerateprobablefutureeconomicbenefits;(e)theavailabili
8、tyofadequatetechnical,financial,andotherresourcestocompletethedevelopmentandtouseorselltheintangibleasset;(f)itsabilitytomeasurereliablytheexpend
