https://scholars.lib.ntu.edu.tw/handle/123456789/608007
Title: | Voluntary disclosure and corporate innovation | Authors: | Chen, Sheng Syan Huang C.-W Hwang C.-Y YAN-ZHI WANG |
Keywords: | Innovation;Patent;SOX;Voluntary disclosure | Issue Date: | 2021 | Source: | Review of Quantitative Finance and Accounting | Abstract: | We examine whether a firm’s voluntary disclosures, proxied by management earnings forecasts, affect its innovation activity. A firm making more disclosures generates fewer patents and lower-quantity patents. Enactment of SOX is applied as a natural experiment for an exogenous shock to voluntary disclosure. Corporate innovation is reduced for accelerated filers, especially after SOX becomes effective. Nondedicated institutional ownership, R&D spillover, and rival firms’ innovation are higher for accelerated filers after SOX. There is more of a negative effect of voluntary disclosure on innovation activity when product markets are highly competitive, industry information diffusion is speedy, and disclosures are more informative. ? 2021, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature. |
URI: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85115231816&doi=10.1007%2fs11156-021-01019-7&partnerID=40&md5=de0372794428d951c6e74080df1e1763 https://scholars.lib.ntu.edu.tw/handle/123456789/608007 |
ISSN: | 0924865X | DOI: | 10.1007/s11156-021-01019-7 |
Appears in Collections: | 財務金融學系 |
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