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Ownership structure, voluntary R&D disclosure and market value of firms: the French case

Author

Listed:
  • Mehdi Nekhili

    (Pôle Finance Responsable - Rouen Business School - Rouen Business School)

  • Sabri Boubaker

    (Groupe ESC Troyes en Champagne)

  • Faten Lakhal

    (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

Abstract

R&D disclosure is strategic decision directed at investors. However, voluntary R&D disclosure can lead to a higher proprietary cost and could benefit competitors. The main purpose of the present paper is to determine whether voluntary R&D disclosure impacts the firm's market value. On the basis of 84 French firms studied over the 2000-2004 period, we developed and hand-collected 32 items from annual reports to establish a voluntary R&D disclosure index. Using a three-stage multivariate analysis approach, our results provide some important insights. First, we document that the more the French firms invest in R&D, the larger the amount of R&D-related information they disclose. Second, we show that it is the increase in R&D spending rather than the voluntary R&D disclosure per se that improves the market value of equity. Finally, we find that minority ownership do not affect voluntary R&D disclosure and that family firms are more prone to retain R&D information.

Suggested Citation

  • Mehdi Nekhili & Sabri Boubaker & Faten Lakhal, 2011. "Ownership structure, voluntary R&D disclosure and market value of firms: the French case," Post-Print hal-00658177, HAL.
    • Handle: RePEc:hal:journl:hal-00658177
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    Citations

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    Cited by:

    1. Braune, Eric & Sahut, Jean-Michel & Teulon, Fréderic, 2020. "Intangible capital, governance and financial performance," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    2. Lee, Jooh & Kwon, He-Boong, 2017. "Progressive performance modeling for the strategic determinants of market value in the high-tech oriented SMEs," International Journal of Production Economics, Elsevier, vol. 183(PA), pages 91-102.
    3. repec:hur:ijaraf:v:4:y:2014:i:2:p:85-97 is not listed on IDEAS
    4. repec:asi:ajoerj:2014:p:468-487 is not listed on IDEAS
    5. Soufiene Assidi, 2020. "The effect of voluntary disclosures and corporate governance on firm value: a study of listed firms in France," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 17(2), pages 168-179, September.
    6. Ahmadi Ali & Bouri Abdelfettah, 2019. "Financial Disclosure Information, Board of Directors, and Firm Characteristics among French CAC 40 Listed Firms," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(3), pages 941-957, September.
    7. Georgieva, Daniela, 2020. "A study of intangible assets disclosure as factor for sustainability: an evidence from Bulgarian furniture enterprises," MPRA Paper 103245, University Library of Munich, Germany.
    8. B. Charumathi & Latha Ramesh, 2020. "Impact of Voluntary Disclosure on Valuation of Firms: Evidence from Indian Companies," Vision, , vol. 24(2), pages 194-203, June.
    9. Daniela Georgieva, 2020. "R&D Disclosures as Part of the Financial Statements of Bulgarian Innovative Companies," Business Management, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 5-17.
    10. Leonella Gori & Rachele Anconetani, 2020. "Corporate Distress and Supervisory Blacklisting: The Italian Case," BAFFI CAREFIN Working Papers 20135, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    11. Rihab Guidara & Younes Boujelbene, 2014. "R&D-Based Earnings Management and Accounting Performance Motivation," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(2), pages 81-93, April.

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