Internally Controlled Information Disclosure and Innovation Efficiency

Abstract

Abstract: Taking China’s A-share listed companies from 2008 to 2019 as samples, this paper conducts an empirical analysis of the impact of the internally controlled information disclosure (ICID) on innovation efficiency and its action mechanism. The findings show that ICID can significantly improve the rationality of innovation investment, the innovation profit and the innovation allocation optimization. The results of the influencing mechanism test indicate that restraining agency conflicts, alleviating financing constraints, and reducing enterprise risks and disclosure costs are the path mechanisms for ICID to affect innovation efficiency. The results of the heterogeneity test show that, compared with that at the compulsory disclosure stage, ICID at the voluntary disclosure stage has a greater effect on improving innovation efficiency. ICID in the state-owned enterprises has no significant impact on the rationality of innovation investment, while it has a significant positive effect in the private enterprises; but it has a greater effect on improving the innovation profit and innovation allocation optimization in the state-owned enterprises. This study provides additional empirical evidences of the economic consequences of ICID, which has a certain enlightenment for enterprises to improve their innovation efficiency.

Key words: internally controlled information disclosure, rationality of innovation investment, innovation profits, optimization of innovation allocation

CLC Number:

F272.7

WANG Ping, BU Hua. Internally Controlled Information Disclosure and Innovation Efficiency[J]. Journal of Jiangxi University of Finance and Economics, 2022, 0(1): 47-64.

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