Product market competition and R&D disclosure transparency: evidence from earnings communication conferences in China

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Mengshu Hao , Yuan He
{"title":"Product market competition and R&D disclosure transparency: evidence from earnings communication conferences in China","authors":"Mengshu Hao ,&nbsp;Yuan He","doi":"10.1016/j.jcae.2025.100487","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines how product market competition influences firms’ R&amp;D disclosure transparency. Using a novel text-based measure derived from the transcripts of earnings communication conferences (ECCs) of Chinese listed firms, we document that increased competition from potential entrants significantly enhances R&amp;D disclosure transparency. This effect is more pronounced among firms that are financially constrained, have stronger incentives to deter new entrants, and face lower proprietary costs. Further analysis shows that greater R&amp;D disclosure transparency is associated with lower financing costs for disclosing firms and reduced R&amp;D activity among their industry peers. Overall, our findings suggest that firms strategically enhance R&amp;D disclosure transparency in response to competitive threats from potential market entrants, balancing the benefits of reduced financing costs and entry deterrence against the potential risks of revealing proprietary information.</div></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"21 3","pages":"Article 100487"},"PeriodicalIF":2.9000,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Contemporary Accounting & Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1815566925000347","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

This study examines how product market competition influences firms’ R&D disclosure transparency. Using a novel text-based measure derived from the transcripts of earnings communication conferences (ECCs) of Chinese listed firms, we document that increased competition from potential entrants significantly enhances R&D disclosure transparency. This effect is more pronounced among firms that are financially constrained, have stronger incentives to deter new entrants, and face lower proprietary costs. Further analysis shows that greater R&D disclosure transparency is associated with lower financing costs for disclosing firms and reduced R&D activity among their industry peers. Overall, our findings suggest that firms strategically enhance R&D disclosure transparency in response to competitive threats from potential market entrants, balancing the benefits of reduced financing costs and entry deterrence against the potential risks of revealing proprietary information.
产品市场竞争与研发披露透明度:来自中国盈余沟通会议的证据
本研究探讨产品市场竞争对企业研发披露透明度的影响。本文采用了一种基于文本的新型度量方法,该方法来源于中国上市公司的盈余沟通会议(ECCs)记录,结果表明,来自潜在进入者的竞争加剧显著提高了研发披露的透明度。这种效应在那些财政拮据、有更强的动机阻止新进入者、面临更低专利成本的公司中更为明显。进一步分析表明,研发披露透明度越高,披露企业的融资成本越低,行业同行的研发活动也越少。总体而言,我们的研究结果表明,为了应对潜在市场进入者的竞争威胁,企业在战略上提高研发披露的透明度,在降低融资成本和进入威慑的好处与披露专有信息的潜在风险之间取得平衡。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信