Scientific disclosure and corporate misconduct

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-09-27 DOI:10.1016/j.pacfin.2024.102547

Qifeng Zhao , Dongmin Kong , Qianfeng Luo

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引用次数: 0

Abstract

This study examines the relationship between scientific disclosure and corporate misconduct. Through an analysis of comprehensive databases containing core journal publications and documented misconduct cases, we established a significant negative correlation between scientific disclosure and corporate misconduct. This association is particularly evident in firms with publications in English-language core journals. Our findings are corroborated by a series of rigorous robustness tests, including change analyses, instrumental variable estimation, Heckman's two-stage method, and the difference-in-differences approach. Moreover, our investigation into potential mechanisms reveals several pathways through which scientific disclosure may mitigate misconduct. These mechanisms include the attraction of high-quality talent, promotion of technological innovation, establishment of a positive reputation, acquisition of R&D subsidies, and deterrence of opportunistic corporate cultures. Ultimately, our results contribute to a more nuanced understanding of the role of corporate scientific disclosure in reducing misconduct and highlight the beneficial effects of corporate investment in scientific research.

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科学信息披露与企业不当行为

本研究探讨了科学信息披露与企业不当行为之间的关系。通过对包含核心期刊论文和有记录的不当行为案例的综合数据库进行分析，我们发现科学信息披露与企业不当行为之间存在显著的负相关关系。这种关联在那些在英文核心期刊上发表论文的公司中尤为明显。我们的研究结果得到了一系列严格的稳健性检验的证实，包括变化分析、工具变量估计、赫克曼两阶段法和差分法。此外，我们对潜在机制的研究揭示了科学信息披露可能减轻不当行为的几种途径。这些机制包括吸引高素质人才、促进技术创新、建立良好声誉、获得研发补贴以及遏制机会主义企业文化。最终，我们的研究结果有助于人们更细致地理解企业科学信息披露在减少不当行为方面的作用，并凸显了企业科研投资的有利影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.