This study empirically analyzed whether capitalized development cost information (R&D expenditures recognized as assets) and ordinary R&D expense information (R&D expenditures recognized as expenses) possess similar levels of explanatory power for firm value. For comparison, the analysis was divided between industries with high R&D investment (e.g., information and communications technology industries) and those without (e.g., non-ICT industries). The results can be summarized as follows: First, for ICT firms, both capitalized development costs and ordinary R&D expenses showed a positive correlation with firm value, whereas for non-ICT firms, only capitalized development cost information exhibited a positive correlation with firm value. Second, the explanatory power of earnings and book value adjusted under the capitalization assumption for ordinary R&D expenses (compared to unadjusted earnings and book value) increased significantly only in the ICT industry. Third, changes in corporate accounting standards related to R&D during the sample period did not affect the value relevance of ordinary R&D expenses; however, the economic crisis event of the IMF bailout regime resulted in a decline in the value relevance of ordinary R&D expenses. In summary, for the ICT industry with high R&D investment, not only does capitalized development cost information possess asset characteristics, but ordinary R&D expenses treated as costs also exhibit asset properties. These empirical findings support the ongoing capitalization debate that has recently emerged in countries that expense all R&D investments (e.g., the United States).