IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-00809226.html
   My bibliography  Save this paper

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
  • 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 a strategic decision directed at investors. However, voluntary R&D disclosure can lead to a higher proprietary cost and may benefit competitors. The main purpose of the present paper is to examine whether voluntary R&D disclosure impacts the firm's market value, and whether it is influenced by ownership structure. Using a sample of 84 French listed firms over the 2000-2004 period, we develop an R&D disclosure index composed of 32 hand-collected items from annual reports. The obtained findings provide some important insights. First, we show that voluntary R&D disclosure improves the market value of equity, suggesting that the benefits from disclosures of R&D activities exceed the disclosure costs. Second, we find that family- and institutional investor-firms are more prone to retain R&D information. Finally, we document that the more French firms invest in R&D, the larger the amount of R&D-related information they disclose. Also, R&D capitalization provides incentives for companies to disseminate more R&D-related information.

Suggested Citation

  • Mehdi Nekhili & Sabri Boubaker & Faten Lakhal, 2012. "Ownership structure, voluntary R&D disclosure and market value of firms: the French case," Post-Print hal-00809226, HAL.
    • Handle: RePEc:hal:journl:hal-00809226
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00809226. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.