喻园管理论坛2022年第29期(总第798期)

演讲主题: The Effect of Regulatory Change for 8-K Disclosures on Corporate Innovation

主 讲 人: 陈旸旸，香港城市大学教授

主 持 人: 许   慎，管理学院会计系副教授

活动时间: 2022年9月15日（周四）14:00-16:00

活动地点：线上：腾讯会议ID：368-484-387

               线下：管理学院107教室

主讲人简介：

Yangyang Chen joined City University of Hong Kong in 2019. He received his PhD from University of Melbourne and worked at Hong Kong Polytechnic University and Monash University before joining. His research interests are in corporate finance and financial accounting, including management compensation, corporate innovation, audit quality and pricing, earnings management, corporate disclosure, and so on. His works have been published in The Accounting Review, Journal of Accounting Research, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Review of Accounting Studies etc.

活动简介：

Completeness and timeliness are two properties of firm disclosures desired by investors and promoted by standard setters in their conceptual frameworks of financial reporting. Nevertheless, prior studies suggest that these two properties may have opposing effects on corporate innovation. Exploiting the regulatory change in 2004 for 8-K disclosures as a quasi-natural experiment, we document that enhanced completeness and timeliness of firm disclosures increase firm innovation output. Further, we find that firms allocate more resources to innovation activities after the regulation change. We also find that the increase in innovation output is larger for firms whose managers face higher career risks for innovation failures and firms whose investors experience difficulties in monitoring firm innovation activities. Finally, we show that the increase in innovation output is concentrated in firms that disclose more innovation-related activities after the regulatory change and that firms not only dig deeper in their existing knowledge pool but also explore more outside of it.