Financial Reporting Frequency and Corporate Innovation
研究了财务报告频率监管如何影响企业创新，发现提高报告频率显著降低了企业的创新产出，但对行业同行的净外部性效应不显著。
We examine how the regulation of financial reporting frequency affects corporate innovation. We use a difference-in-differences approach based on a sample of treatment firms that experience a change in their reporting frequency and matched industry peers and control firms whose reporting frequency remains unchanged. We find that higher reporting frequency significantly reduces treatment firms’ innovation output but find no evidence that the net externality effect on industry peers is statistically significant. Together, our results are consistent with the hypothesis that frequent reporting induces managerial myopia and impedes corporate innovation.