The Impact of Capital Expenditure on Corporate Earnings in Developing Financial Markets

被引：0
|
作者：
Akhtar, Tahir [1 ]
Tareq, Mohammad Ali [1 ]
Sakti, Muhammad Rizky Prima [1 ]
机构：
[1] Univ Teknol Malaysia, MJIIT, Management Technol Finance, Kaula Lumpur Campus, Kuala Lumpur, Malaysia
来源：
PROCEEDINGS OF THE 13TH INTERNATIONAL CONFERENCE ON INNOVATION AND MANAGEMENT, VOLS I & II | 2016年
关键词：
Capital expenditure; Corporate earnings; Developing financial markets; FREE CASH FLOW; ABNORMAL ACCRUALS; AGENCY COSTS; MANAGEMENT; GOVERNANCE; RESERVES;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the relationship between earnings and capital expenditures for the firms listed on five ASEAN markets during 2000-2014. The sample period is categorized into investment period (2000-2007) and the performance period (2008-2014). Portfolios are sorted based on capital investment ratios estimated from the investment period to test the relationship between capital expenditure and earnings. The results contradict traditional view that suggested positive association between capital expenditures and future earnings. Among other factors, over-investment by the managers was found to be the main reason that negatively affect earnings.
引用
收藏
页码：861 / 866
页数：6
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