R&D Expenditures and Analysts' Earnings Forecasts

被引：0

作者：

Elkemali, Taoufik ^{[1
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机构：

[1] King Faisal Univ, Coll Business Adm, Accounting Dept, Al Hasa 31982, Saudi Arabia

[2] Univ Monastir, Fac Econ & Management Mahdia, Finance & Accounting Dept, Monastir 5000, Tunisia

[3] Univ Manouba, ISCAE, LIGUE Lab LR99ES24, Cite Nasr 2010, Tunisia

来源：

FORECASTING | 2024年 / 6卷 / 03期

关键词：

research and development (R&D); earnings; forecast inaccuracy; optimism; forecast dispersion; INTANGIBLE ASSETS; DEVELOPMENT CAPITALIZATION; VALUE-RELEVANCE; DISCLOSURE; INSIGHTS;

D O I：

10.3390/forecast6030029

中图分类号：

O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];

学科分类号：

07 ; 0710 ; 09 ;

摘要：

Previous research provides conflicting results regarding how R&D expenditures impact market value. Given that financial analysts are the primary intermediaries between companies and investors, our study focused on the impact of R&D-related uncertainty, growth, and information asymmetry associated on analysts' earnings forecasts. Based on 19,834 firm-year observations in the European market between 2005 and 2020, our results show that R&D activities lead to higher absolute forecast error and negative forecast error, indicating higher forecast inaccuracy with an optimistic bias. Additionally, these investments contribute to higher forecast dispersion, indicating disagreement among financial analysts. The comparison between 17 industries revealed that these effects are more pronounced in R&D-intensive industries than in non-R&D industries, uncovering the varied relationship between R&D investments and analyst forecasts across sectors.

引用

页码：533 / 549

页数：17

共 47 条

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