5. Conclusion and implication of study

We find that, during the global financial crisis periods, the technology firms have larger returns with undervaluation, larger firm size, and more discretionary earnings and R&D which increases more with longer terms. On the other hand, these firms have greater survivorships when they are undervalued, larger in size, have more R&D but with less discretionary earnings (DA). DA is a double-edged sword for the technology firms since it has positive and negative effects on the returns and survivorships, respectively. R&D is a positive component for both returns and survivorships of these firms. The moral hazard (ETHICS) tend to reduce the returns of these firms but do not have significant effect on their survivorships.
