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研究成果

研究成果

Working Paper Series 2020-14 Voluntary Disclosure and Corporate Innovation

研究成果名稱:

Working Paper Series 2020-14 Voluntary Disclosure and Corporate Innovation

摘 要:

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.

Keywords: Innovation; Patent; Voluntary Disclosure; SOX.

JEL Classification: D82; G38; M41; O31.

其他內容:

/upload_edit/files/Voluntary Disclosure and Corporate Innovation.pdf