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The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation
The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation
The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation
The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation
22Feb
Seminar Calendar, Accounting and Law

The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation

22 Feb 2023 | 10:30 a.m. — 12:00 noon
KK 301
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SPEAKER

Prof. Yangyang Chen
Professor
Department of Accountancy
City University of Hong Kong

ABSTRACT

Completeness and timeliness are two properties of firm disclosures valued 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 in that completeness could increase while timeliness could decrease 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. 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 struggle to monitor their 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 into their existing knowledge pool, but also explore more outside of it.

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The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation
About Speaker
Prof. Yangyang Chen

Professor | Department of Accountancy | City University of Hong Kong

The Importance of Regulatory Shifts in 8-K Disclosures on Corporate Innovation
22 Feb 202310:30 a.m. — 12:00 noon
KK 301
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