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      講座:The Impact of Private Channel on Information Disclosure - Evidence from Board Network and R&D Narrative

      發布者:會計系    發布時間:2020-11-04

      題 目:The Impact of Private Channel on Information Disclosure - Evidence from Board Network and R&D Narrative

      嘉 賓:黃 蓉 教授 復旦大學管理學院

      主持人:張 括 助理教授 上海交通大學安泰經濟與管理學院會計系

      時 間:2020年11月11日(周三)14:30-16:00

      地 點:上海交通大學徐匯校區包兆龍圖書館A305


      Firms weigh the costs of public disclosure against the benefits of information transparency when disseminating narrative R&D information. In this paper, we examine whether firms with more private information dissemination channels will reduce their public disclosure of narrative R&D information by investigating the effect of directors’ network connection on firms’ narrative R&D disclosure quantity. Consistent with our expectation, we find that firms with better-connected directors disclose less narrative R&D information. This association is stronger for firms with: (1) higher litigation risk, (2) higher proprietary costs, (3) more opportunities to interact with directors at other firms, and (4) weaker corporate governance. Our results remain robust to employing the staggered adoption of Universal Demand laws and Inevitable Disclosure Doctrine as quasi-natural experiments, measuring the content of narrative R&D disclosure, using alternative measures of board network, and controlling for alternative private disclosure channels through bankers, institutional investors, and analysts. Collectively, our findings suggest that directors’ connection may serve as a private channel of disseminating narrative R&D information, substituting for the public channel of disclosure.


      黃蓉教授現任復旦大學管理學院會計學系講席教授,此前曾在長江商學院和美國紐約城市大學巴魯克學院執教,獲終身教授職稱;2006年畢業于德克薩斯大學達拉斯分校,獲得會計學博士學位。黃教授是績效評估、薪酬設計、成本管理、企業估值和資本市場等領域的國際知名專家,曾在國際頂級會計學術期刊Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies發表多篇論文,其研究成果曾獲得中國國家自然科學基金和美國會計協會最佳論文獎,并且在《經濟學人》、《哈佛大學法學院論壇》、《哥倫比亞大學法學院論壇》等國際著名媒體上專題特載。

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