文章基本信息

标题：Regional heterogeneity among non-operating earnings quality, stock returns, and firm value in biotech industry
本地全文：下载
作者：Joe-Ming Lee ; Joe-Ming Lee
期刊名称：Agricultural Economics
印刷版ISSN：0139-570X
电子版ISSN：1805-9295
出版年度：2019
卷号：65
期号：1
页码：10-20
DOI：10.17221/24/2018-AGRICECON
出版社：Czech Academy of Agricultural Sciences
摘要：This paper analyses regional heterogeneity under the discretionary measures of non-operating earnings quality and stock returns on firm value in Taiwan’s biotech industry during 2008–2015. An econometric framework based on panel smooth transition regression models is employed in a non-linear panel data model. The results show that biotech firms near the bottom threshold for operating income have low-quality non-operating earnings and those near the upper threshold demonstrate the opposite. Investors who exclusively focus on stock returns are thus likely to miss important information about the quality of earnings.
关键词：biotech industry; firm value; non-operating earnings; panel smooth transition regression (PSTR) models; regional heterogeneity; stock returns