Effects of Firm Size, Financial Leverage and R&D Expenditures on Firm Earnings: An Analysis Using Quantile Regression Approach

被引：11

作者：

Li, Ming-Yuan Leon ^{[1
]}

Hwang, Nen-Chen Richard ^{[2
]}

机构：

[1] Natl Cheng Kung Univ, Dept Accountancy, Tainan 70101, Taiwan

[2] Calif State Univ, Dept Accounting & Finance, San Marcos, TX USA

来源：

ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES | 2011年 / 47卷 / 02期

关键词：

Financial leverage; Firm life cycle; Firm size; Quantile regression; R&D expenditures; Return on equity;

D O I：

10.1111/j.1467-6281.2011.00338.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

As documented in the literature, the effects of firm size, financial leverage, and R&D expenditures on firm earnings are inclusive. Our hypothesis is that the inconsistent empirical results of such effects may be driven by the regression models implemented in data analysis. Using the quantile regression (QR) approach developed by Koenker and Basset (1978), this study analyses S&P 500 firms from 1996 to 2005. We find that the effects of firm size, financial leverage and R&D expenditures on firm earnings differ considerably across earnings quantiles. Comparing the results from the QR approach with those from the ordinary least squares (OLS) and least absolute deviation (LAD) methods, this study further explains the puzzling relationship between firm size, financial leverage, R&D expenditures and firm earnings.

引用

页码：182 / 204

页数：23

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