Information disclosure and corporate R&D investment

Abstract

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

CLC Number:

F275.5

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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