학술논문
The Effect of SG&A on Analyst Forecasts and the Case of Distribution Industries
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- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Seung-Yeon LIM
- 간행물 정보
- 『유통과학연구(JDS)』제17권 제10호, 41~48쪽, 전체 8쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2019.10.30
무료
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국문 초록
영문 초록
Purpose - This study investigates whether financial analysts consider the intangible investment implicit in selling, general, and administrative (SG&A) expenditures to forecast firms’ future earnings.
Research design, data, and methodology - Using 52,609 U.S. firm-year observations spanning 1984-2016, this study examines the association between the Intangible investment implicit in SG&A expenditures and properties of analysts’ earnings forecasts. To estimate the Intangible investment of SG&A, I decompose SG&A excluding R&D and advertising expenditures into maintenance and investment components following Enache and Srivastava (2017).
Results - The main results show that analysts’ earnings forecast errors and dispersion in analysts’ forecasts increase with the intangible investment derived from SG&A because the investment component of SG&A affects future earnings and the uncertainty of those earnings. However, these results are weakened in the wholesale and retail industries where firms have a higher level of investment component of SG&A. I attribute the weaker results to low R&D expenditures in those industries.
Conclusion - This study indicates that financial analysts incorporate the intangible investment of SG&A into their earnings forecasts differently across firms and industries. Furthermore, this study supports the argument for the separate reporting of the investment nature of SG&A from other operating expenses such as maintenance nature of SG&A.
목차
Abstract
1. Introduction
2. Literature review and hypotheses
3. Research design
4. Empirical results
5. Conclusion
References
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