| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2013: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
Information on R&D is important for investors, because R&D is a source of future benefit. The disclosure of R&D is not enough in generally accepted accounting standards, and investors require supplemental information. The earnings forecasts released by management reflect insider information, so the forecasts are expected to be useful for investors. I investigate what conditions make earnings forecasts useful for investors to estimate value of R&D intensive firm. I find that future performance of increasing R&D budget firm is better than that of decreasing in spite of opportunity of earnings management. It implies that earnings forecasts serve as useful information in the situation.
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