期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2019
卷号：6
期号：1
页码：281-288
DOI：10.13106/jafeb.2019.vol6.no1.281
语种：English
出版社：Korean Distribution Science Association
摘要：This study examines the relationship between R&D intensity and disclosure.R&D activities are essential in bringing innovation to companies.However,R&D activities are naturally uncertain and increase information asymmetry.Thus,firms with high R&D activities are more likely to have the incentive to communicate the potential of R&D investment to the market through voluntary disclosure and,concurrently,resolve information asymmetry.Meanwhile,incentives to less voluntary disclosure exist because of the proprietary cost and the risk of competitiveness loss.Furthermore,the uncertainties inherent in R&D activities caused the possible decrease in the information accuracy.For the two opposing views,this study investigates the relationship between R&D intensity and disclosure frequency using the Regulation Fair Disclosure data in Korea.Moreover,the relationship between R&D intensity and usefulness of the information disclosed is also examined.Using firm sample listed in the 2011–2016 Korea Stock Market,results show that firms with high R&D intensity make disclosures more frequent.Subsequently,the analysis using forecast sample shows that management forecast error is higher in firms with high R&D intensity.This research contributes to the existing literature by presenting evidence that R&D intensity is a significant factor affecting manager's disclosure behavior and information usefulness.
