Did FASB Interpretation Number 48 (FIN 48) Affect Noninnovative Corporate Investment?
研究了FIN 48实施后企业是否降低了非创新性投资，发现企业确实减少了这类投资，且效果在研发下降和未连续审计的公司中更明显，但经理人的激励可以缓解这一影响。
ABSTRACT As firms lower innovative investment in response to FASB Interpretation Number 48 (FIN 48), they choose between reallocating those funds to noninnovative investment, not changing noninnovative investment, or lowering noninnovative investment. Using a difference-in-differences research design, I provide evidence of the latter outcome. I also show that the results persist each year following FIN 48, are consistent across both types of noninnovative investment, and are more prominent among firms with declining research and development (R&D) and among firms not previously under continuous audit. I also provide evidence that these effects are mitigated when managers have greater incentives to reallocate investment. My findings respond to Blouin and Robinson (2014) call to understand the real effects of FIN 48 by providing evidence that it lowers firms’ incentives for noninnovative investment.