| Summary: | 碩士 === 國立中興大學 === 會計學研究所 === 103 === This paper examines the earnings persistence between the conventional industry and the high-tech industry. Furthermore, with the concept of the business life cycle, this paper tries to discuss the difference of earnings persistence between the conventional industry and the high-tech industry in each life cycle stage. Moreover, this paper examines the coefficient of earnings persistence for each industry under the conventional industry and the high-tech industry.
This paper uses listed companies in Taiwan as the sample from 2003 to 2012. We use Sloan (1996) model adding industrial dummy variable to estimate the earnings persistence, and employ the Anthony and Ramesh’s (1992) method to divide sample into three business life cycle stages. The empirical results show that the earnings persistence of the high-tech industry is greater than the conventional industry in Taiwan. After considering the life-cycle factors, the earnings persistence of the high-tech industry is still higher than the conventional industry in the growth, mature and stagnant stage separately. Furthermore, for the conventional industry, the earnings persistence of stagnant stage is less persistence than growth and mature stage, but the earnings persistence is no significant different between the growth and mature stage. Meanwhile, for the high-tech industry, the earnings persistence is no significant different in each business life cycle stage. Finally, additional test points that the steel industry, the textile industry and the construction industry are the major reasons why the earnings persistence of the conventional industry is less persistence than the high-tech industry in Taiwan. Overall, the earnings persistence of the high-tech industries are greater than the conventional industries in Taiwan.
|
|---|
