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Economic policy uncertainty and narrative R&D disclosures

Author

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  • Jung, Keumah
  • Kim, Sehee

Abstract

This study examines the impact of economic policy uncertainty on narrative R&D disclosure. Analyzing 10-K reports from 1997 to 2020, we find that the quantity of R&D disclosure increases with economic policy uncertainty. We also document that firms provide more forward-looking R&D disclosure during uncertain periods. Finally, we find that such impact is more pronounced for the firms with high return volatility and firms in the early-stage of business cycle. We contribute to the literature by showing how managers adjust R&D disclosures in response to economic policy uncertainty.

Suggested Citation

  • Jung, Keumah & Kim, Sehee, 2024. "Economic policy uncertainty and narrative R&D disclosures," Finance Research Letters, Elsevier, vol. 70(C).
    • Handle: RePEc:eee:finlet:v:70:y:2024:i:c:s1544612324013199
    DOI: 10.1016/j.frl.2024.106290
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