Information disclosure and corporate R&amp;D investment

Science Research Management ›› 2015, Vol. 36 ›› Issue (11) : 80-88.

Information disclosure and corporate R&D investment

Yuan Dongren, Wang Wei

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Abstract

Base on the sample of Chinese public listed companies from 2008 to 2012, this paper investigates whether and how information disclosure affects corporate R&D investment. The results show that the quality of information disclosure is positively related to the level of corporate R&D investment, and negatively related to financing constraints and agent costs, while financing constraints and agent costs both have a negative relationship with corporate R&D investment. By the testing procedure of the mediating effects, financing constraints and agent costs have significant mediating effects. These results suggest that information disclosure can facilitate corporate R&D investment through reducing financing constraints and agent costs, which reflect respectively the financing role and the regulatory role of information disclosure.

Key words

information disclosure / financing role / regulatory role / R&D investment

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Yuan Dongren, Wang Wei. Information disclosure and corporate R&D investment[J]. Science Research Management. 2015, 36(11): 80-88

References

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