INTERNATIONAL DIFFERENCES IN RESEARCH AND DEVELOPMENT REPORTING PRACTICES: A FRENCH AND CANADIAN COMPARISON |
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Institution: | 1. School of Finance, Jiangxi University of Finance and Economics, Nanchang, China;2. School of Finance, Shanghai University of Finance and Economics, Shanghai, China;3. School of Economics, Shanghai University of Finance and Economics, Shanghai, China;1. Department of Economics, Chonnam National University, Republic of Korea;2. School of Economics, Chukyo University, Japan |
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Abstract: | This paper compares the research and development (R&D) disclosure practices in France and Canada, as evidenced in the annual reports of 76 French and 110 Canadian listed companies. It finds that Canadian high-tech companies (hardware, software, and biotechnology) disclose significantly more information on their R&D activities than their French counterparts. It also finds a strong link between R&D intensity and R&D disclosure among Canadian high-tech companies. Canadian companies overall are also found to be more likely to use non-financial disclosure as a means to resolve any R&D information asymmetry, while French firms disclose more traditional financial and accounting information. Canadian companies are also more willing than French firms to provide information concerning their future R&D expenditures. These results are consistent with inherent cultural and capital market differences between France and Canada. In contrast, the study does not find any significant difference in R&D expenditure capitalization policies between French and Canadian firms. |
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