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This study examines the correlation among R&amp;D accounting treatment, R&amp;D state and tax avoidance behavior, with a focus on biotech firms. Findings from the analysis show that most firms are unlikely to capitalize R&amp;D in a steady state; however, in the case of biotech firms, this is not the case. This may be due to biotech firms’ accounting choice to capitalize R&amp;D outlays based on a strong belief in future opportunities of commercial success. Moreover, the analysis of tax avoidance behavior finds that firms with low capitalization in an R&amp;D steady state have a positive correlation with tax avoidance, whereas biotech firms do not. The results imply that biotech firms focus on sustainable commercial success unlike the general patterns of other industries.

R&D Accounting Treatment, R&D State and Tax Avoidance: With a Focus on Biotech Firms