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題名 Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market
作者 詹凌菁
Chan, Ann L.-C
貢獻者 會計系
關鍵詞 Innovation efficiency; Asymmetric income timeliness; Information asymmetry; Litigation risk
日期 2014.03
上傳時間 14-May-2014 17:49:03 (UTC+8)
摘要 This study investigates the impact of intellectual capital output on the asymmetric income timeliness of firms in Taiwan, which is an emerging economy with a high concentration of research and development (R&D)-intensive firms but poor investor protection. The higher growth opportunities and increased risk faced by R&D firms make them more vulnerable to shareholder litigation. Specifically, I examine whether companies that are less efficient at transforming new ideas or techniques into granted patents are more timely in their recognition of losses and less timely in their recognition of gains in response to higher expected litigation costs. Indeed, I observe a negative relationship between innovation efficiency and asymmetric income timeliness and this is more evident among highly R&D-intensive firms. In a parallel analysis, I also find that the observed greater earnings conservatism of low-innovation-efficient firms is more evident following the introduction of the Securities and Futures Investor Protection Act in the year 2003, when a class action litigation mechanism was established. Together, these findings highlight the role of accounting conservatism in mitigating the potential litigation risk faced by high-tech industries.
關聯 International Review of Financial Analysis, 32, 132-142
資料類型 article
DOI http://dx.doi.org/10.1016/j.irfa.2014.01.014
dc.contributor 會計系en_US
dc.creator (作者) 詹凌菁zh_TW
dc.creator (作者) Chan, Ann L.-Cen_US
dc.date (日期) 2014.03en_US
dc.date.accessioned 14-May-2014 17:49:03 (UTC+8)-
dc.date.available 14-May-2014 17:49:03 (UTC+8)-
dc.date.issued (上傳時間) 14-May-2014 17:49:03 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/66033-
dc.description.abstract (摘要) This study investigates the impact of intellectual capital output on the asymmetric income timeliness of firms in Taiwan, which is an emerging economy with a high concentration of research and development (R&D)-intensive firms but poor investor protection. The higher growth opportunities and increased risk faced by R&D firms make them more vulnerable to shareholder litigation. Specifically, I examine whether companies that are less efficient at transforming new ideas or techniques into granted patents are more timely in their recognition of losses and less timely in their recognition of gains in response to higher expected litigation costs. Indeed, I observe a negative relationship between innovation efficiency and asymmetric income timeliness and this is more evident among highly R&D-intensive firms. In a parallel analysis, I also find that the observed greater earnings conservatism of low-innovation-efficient firms is more evident following the introduction of the Securities and Futures Investor Protection Act in the year 2003, when a class action litigation mechanism was established. Together, these findings highlight the role of accounting conservatism in mitigating the potential litigation risk faced by high-tech industries.en_US
dc.format.extent 409588 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) International Review of Financial Analysis, 32, 132-142en_US
dc.subject (關鍵詞) Innovation efficiency; Asymmetric income timeliness; Information asymmetry; Litigation risken_US
dc.title (題名) Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging marketen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.irfa.2014.01.014en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.irfa.2014.01.014en_US