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政大典藏 > College of Commerce > Department of Accounting > Periodical Articles > Item 140.119/66033

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/66033

Title:	Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market
Authors:	詹凌菁 Chan, Ann L.-C
Contributors:	會計系
Keywords:	Innovation efficiency;Asymmetric income timeliness;Information asymmetry;Litigation risk
Date:	2014.03
Issue Date:	2014-05-14 17:49:03 (UTC+8)
Abstract:	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.
Relation:	International Review of Financial Analysis, 32, 132-142
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.irfa.2014.01.014
DOI:	10.1016/j.irfa.2014.01.014
Appears in Collections:	[Department of Accounting] Periodical Articles

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