前瞻性研究發展費用揭露的影響因素與市場反應
Journal
臺大管理論叢
Journal Volume
26
Journal Issue
1
Pages
209-254
Date Issued
2015
Author(s)
連晨帆(Vicky Lien)
Abstract
This study investigates the determinants and market consequences of firms' disclosure for forward-looking R&D expenditures. Using the annual reports of listed and OTC companies in Taiwan, the results show that firms with lower proprietary information costs, better earnings performance, lower earnings volatility, and smaller divergence between voting rights and cash flow rights tend to voluntarily disclose the information of forward-looking R&D expenditures, and their disclosures tend to be more specific (precise). Moreover, the disclosure of forward-looking R&D expenditures is associated with higher future earnings response coefficient (FERC). We also find significant negative stock returns for firms whose actual R&D expenses are different from (especially lower than) the disclosed expected R&D expenses, reflecting investors' negative reaction to forward-looking information that is not credible.
Type
journal article