English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

We investigate the impact of R&D narrative disclosure on the market value of equity for a sample of French companies during the period 2000–2004. Using 3SLS estimation on a panel data of 98 French firms, we find, ceteris paribus, positive (but insignificant) association between R&D voluntary disclosure and the market value of equity. Both R&D intensity and R&D capitalization lead French firms to disclose more R&D narrative information. However, they impact differently the relationship between R&D-related disclosure and market value. Indeed, a positive and significant association is found when we control for R&D capitalization. In contrast, when controlling for R&D intensity, we find a negative association. We also find that equity-based compensation and audit committee independence are the most important drivers for R&D narrative disclosure.

R&D Narrative Disclosure, Corporate Governance And Market Value: Evidence From France