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R&D narrative disclosure, corporate governance and market value: evidence from France

Research output: Contribution to journalArticle

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R&D narrative disclosure, corporate governance and market value : evidence from France. / Nekhili, Mehdi; Hussainey, Khaled; Cheffi, Walid; Chtioui, Tawhid; Tchakoute-tchuigoua, Hubert.

In: Journal of Applied Business Research, Vol. 32, No. 1, 01.2016, p. 111-128.

Research output: Contribution to journalArticle

Harvard

Nekhili, M, Hussainey, K, Cheffi, W, Chtioui, T & Tchakoute-tchuigoua, H 2016, 'R&D narrative disclosure, corporate governance and market value: evidence from France', Journal of Applied Business Research, vol. 32, no. 1, pp. 111-128. <http://dx.doi.org/10.19030/jabr.v32i1.9527>

APA

Nekhili, M., Hussainey, K., Cheffi, W., Chtioui, T., & Tchakoute-tchuigoua, H. (2016). R&D narrative disclosure, corporate governance and market value: evidence from France. Journal of Applied Business Research, 32(1), 111-128. http://dx.doi.org/10.19030/jabr.v32i1.9527

Vancouver

Nekhili M, Hussainey K, Cheffi W, Chtioui T, Tchakoute-tchuigoua H. R&D narrative disclosure, corporate governance and market value: evidence from France. Journal of Applied Business Research. 2016 Jan;32(1):111-128.

Author

Nekhili, Mehdi ; Hussainey, Khaled ; Cheffi, Walid ; Chtioui, Tawhid ; Tchakoute-tchuigoua, Hubert. / R&D narrative disclosure, corporate governance and market value : evidence from France. In: Journal of Applied Business Research. 2016 ; Vol. 32, No. 1. pp. 111-128.

Bibtex

@article{9b3204d50466477892a7b0eb0641f7cd,
title = "R&D narrative disclosure, corporate governance and market value: evidence from France",
abstract = "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.",
keywords = "research and development, voluntary disclosure, market value, corporate governance",
author = "Mehdi Nekhili and Khaled Hussainey and Walid Cheffi and Tawhid Chtioui and Hubert Tchakoute-tchuigoua",
note = "The final, definitive version of this paper has been published in Journal of Applied Business Research. All rights reserved. {\textcopyright}The Author(s)",
year = "2016",
month = jan,
language = "English",
volume = "32",
pages = "111--128",
journal = "Journal of Applied Business Research",
issn = "0892-7626",
publisher = "CIBER Institute",
number = "1",

}

RIS

TY - JOUR

T1 - R&D narrative disclosure, corporate governance and market value

T2 - evidence from France

AU - Nekhili, Mehdi

AU - Hussainey, Khaled

AU - Cheffi, Walid

AU - Chtioui, Tawhid

AU - Tchakoute-tchuigoua, Hubert

N1 - The final, definitive version of this paper has been published in Journal of Applied Business Research. All rights reserved. ©The Author(s)

PY - 2016/1

Y1 - 2016/1

N2 - 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.

AB - 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.

KW - research and development

KW - voluntary disclosure

KW - market value

KW - corporate governance

M3 - Article

VL - 32

SP - 111

EP - 128

JO - Journal of Applied Business Research

JF - Journal of Applied Business Research

SN - 0892-7626

IS - 1

ER -

ID: 4585812