廣告強度與研發強度關聯性之再探討:盈餘持續性與可預測性之影響

Abstract

廣告和研發的投入對於公司的營運和表現十分重要，因此過往文獻致力於探討廣告和研發活動之間的關係，但仍沒有一致的結果。本研究以美國1999年至2015年共12705個樣本為研究對象再次探討兩者的關係，研究結果發現廣告強度與研發強度呈現正相關，表示兩者之間的關係為互補而非互相取代。 此外，本研究以盈餘持續性與盈餘可預測性為標的探討前述關係是否因盈餘屬性而有所不同。我預測並發現盈餘持續性(盈餘可預測性)較高的公司相較於盈餘持續性(盈餘可預測性)較低的公司，更有能力利用投入廣告和研發計劃的資源。

Advertising and R&D investments are crucial in firms’ operation and performance; however, prior literature provides mixed evidence regarding the association between advertising and R&D activities (Farber, 1981; Fischer & Himme, 2017; Hula, 1988; Lunn, 1989; Vinod & Rao, 2000). Using the sample of 12,705 firm-year observations in the U.S. from 1999 to 2015, I revisit this association and find that advertising intensity is positively associated with R&D intensity, consistent with the view that firms perceive these two activities complementary rather than substitute. Next, I examine whether the aforementioned relationship varies across firms’ earnings attributes and focus on earnings persistence and predictability. I predict and find that firms with higher earnings persistence and predictability are more capable of utilizing resources to invest in advertising and R&D projects, compared to firms with lower earnings persistence and predictability.