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- W2395190958 abstract "In recent decades, the United States has become predominantly a knowledge-based economy, where investments in research and development intensify competition among firms in the knowledge space as well as in the product market space. While the implications of product market competition on corporate policies have been widely studied in the literature, we focus on the under-explored implications of technological competition on corporate disclosure policies. We find that firms facing more intense technological competition are more likely to redact material information from their 10-K filings. In addition, their annual reports are less readable, have a more negative tone, and contain more uncertain words. Our results suggest that firms provide less transparent disclosures when they face greater technological competition, presumably due to greater proprietary cost concerns. We also show that the corporate information environment is worse as evidenced by larger absolute analyst forecast errors, higher analyst forecast dispersion, greater stock illiquidity, greater stock turnover, and greater bid-ask spread when firms face more intensive technological competition. These results are more pronounced for more profitable firms where proprietary costs of disclosure are likely higher. We obtain all the results after controlling for a variety of product market competition measures, suggesting that the implications of technological competition on corporate disclosures and information environment are distinct from and incremental to those of product market competition. Our results are robust to using two natural experiments and using an instrumental variable approach to address the endogeneity concern of technological competition." @default.
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- W2395190958 date "2016-02-04" @default.
- W2395190958 modified "2023-09-23" @default.
- W2395190958 title "Technological Competition and Corporate Disclosure Policies" @default.
- W2395190958 hasPublicationYear "2016" @default.
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