Accounting Disclosure, Governance Standards and Innovation Activities in Emerging Markets

Zhenxiang Chen, Ming Li, Liang Song, Yanan Xing, Zhaoguo Zhang

Abstract


We investigate how investor protection resulted from country-level and firm-level governance standards influence the relationship between market disciplines resulted from firm-level accounting disclosure and innovation activities. Employing a sample across 14 emerging markets, evidence confirms that the effects of firm-level accounting disclosure on innovation activities are more important in a country with weaker governance standards and for firm with poor corporate governance. The results suggest that market disciplines can substitute for investor protection.


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DOI: https://doi.org/10.5296/ajfa.v6i2.6133

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