Accounting Review, NOVEMBER 2018

技术同行压力及产品披露

作者：Cao Sean Shun (Georgia State Univ)

Ma Guang (Natl Univ Singapore)

Tucker Jennifer Wu (Univ Florida)

Wan Chi (Univ Massachusetts)

摘要：本文引入了公司层面的衡量技术竞争的指标——技术同行压力，并研究了公司发起的与产品开发相关的新闻稿。本文论证，竞争与披露理论上的负向关系的实证检验要求自愿披露的类型与正在审查的竞争维度相关，以确保公司产生重大的专有披露成本。换句话说，许多不同类型的披露并不向竞争者提供可操作的信息，因此不应受到这一维度的竞争的影响。本文预测技术同行压力与产品披露之间存在负相关关系，因为后者揭示了企业对竞争对手的产品开发技术投资的战略、资源分配和进展程度。相反，本文并不认为技术同行压力与盈余管理预测——会计研究中最常见的自愿披露类型之间存在着负相关关系。最终的实证结果与这些预期一致。

关键词：竞争；专有成本；自愿披露；技术

Technological Peer Pressure and Product Disclosure

Cao Sean Shun (Georgia State Univ); Ma Guang (Natl Univ Singapore); Tucker Jennifer Wu (Univ Florida); Wan Chi (Univ Massachusetts)

ABSTRACT

We introduce a firm-specific measure of the technological aspect of competition-technological peer pressure-and examine firm-initiated product development-related press releases. We argue that empirical examinations of the theorized negative relation between competition and disclosure require the type of voluntary disclosure to be relevant to the dimension of competition under examination to ensure that firms incur significant proprietary costs of disclosure. In other words, many types of disclosure do not provide actionable information to competitors and, thus, should not be affected by that dimension of competition. We expect a negative relation between technological peer pressure and product disclosure because the latter reveals firms' strategies, allocations, and progress of technological investments in product development to competitors. In contrast, we do not expect a negative relation between technological peer pressure and management earnings forecasts-the most common type of voluntary disclosure used in accounting research. Our test results are consistent with these expectations.

Keywords: Competition; Proprietary costs; Voluntary disclosure; Technology

原文链接：

https://papers.ssrn.com/sol3/papers.cfm?abstract_id="2741991

翻译：谭丰林