透明度(行为)
竞争对手分析
信息不对称
业务
衡平法
债务
货币经济学
信息泄露
产业组织
行为准则
会计
经济
财务
营销
计算机科学
计算机网络
政治学
法学
作者
James Robert Brown,Gustav Martinsson
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2018-06-11
卷期号:65 (4): 1600-1623
被引量:201
标识
DOI:10.1287/mnsc.2017.3002
摘要
Corporate transparency reduces information asymmetries between firms and capital markets but increases the costs associated with information leakage to competitors. We explore how a country’s information environment affects innovation, an activity characterized by high information asymmetries and potentially severe proprietary costs. Studying both long-run cross-country differences in the availability of firm-specific information to corporate outsiders, as well as quasi-experimental shocks to the information environment following transparency-enhancing security market reforms, we document significantly higher rates of R&D and patenting in richer information environments. The effects of transparency are strongest in industries that rely on external equity rather than bank debt, indicating that transparency facilitates innovation by reducing the information costs associated with arm’s-length financing. In contrast, transparency has no impact on physical capital accumulation, consistent with fewer information asymmetries in tangible assets. An economy’s information environment has important but heterogeneous effects on the nature and extent of real economic activity. This paper was accepted by Shiva Rajgopal, accounting.
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