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    題名: Product market competition, R&D investment choice, and real earnings management
    作者: 廖四郎
    Hsiao, Hsiao-Fen
    Liao, Szu-Lang
    Su, Chi-Wei
    Sung, Hao-Chang
    貢獻者: 金融學系
    關鍵詞: Earnings target;Oligopoly Competition;One-sided incomplete information;R&D investment;Real earnings management
    日期: 2017
    上傳時間: 2017-08-30 15:40:36 (UTC+8)
    摘要: Purpose Recent studies in the accounting literature have investigated the economic consequences of R&D capitalization. Discretionary R&D capitalization for target beating can be characterized as a firm signaling private information on its future economic benefits or as opportunistic earnings management. R&D capitalization also has an impact on a firm’s marginal costs and product market competition. The purpose of this paper is to address how firms choose R&D levels for the purpose of meeting or beating their earnings targets and how this influences sequential product market competition.Design/methodology/approach The authors study this issue in a stylized game-theoretic model where R&D choices of a firm are not only strategically made but also used to convey proprietary information to its rival. The model provides a rationale for a firm distorting its R&D level to earn more profits and meet its earnings target.Findings The equilibrium result indicates that before the realization of common cost shock, a firm can influence the output of its accounting system (i.e. meeting an earnings target) through adjusting its R&D choices. This firm will overinvest in R&D, and this will give an opportunity to create some reserves to be used later to earn a higher profit and reach the earnings target.Originality/value This paper contributes to the research on real earnings management in terms of how R&D capitalization affects a firm’s R&D choices by influencing the output of its accounting system through adjusting its R&D choices and the strategic impact of those choices.
    關聯: International Journal of Accounting & Information Management, Vol. 25 Issue 3, p296-312
    資料類型: article
    DOI: http://dx.doi.org/10.1108/IJAIM-06-2016-0067
    顯示於類別:[金融學系] 期刊論文

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