This paper reviews the literature on the real effects of financial reporting and disclosure on corporate innovation, highlighting both the possible channels of influence and the potential challenges that researchers face when attributing causal effects. We discuss the concept of innovation, emphasising the specific characteristics that make investments in innovation difficult to report. We then provide a review of the nascent work relating disclosure to innovation, which we organise around three channels: financing, compensation and learning. Finally, we discuss recent efforts aimed at increasing the quality of corporate disclosures, including disclosures of firms’ innovative activities. Throughout the paper, we highlight the trade-offs of disclosure (reduced information asymmetry and increased proprietary costs), which are particularly exacerbated in the context of corporate innovation.

中文翻译：

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财务报告和披露对创新的实际影响

本文回顾了有关财务报告和披露对企业创新的实际影响的文献，重点介绍了可能的影响渠道和研究人员在归因因果效应时面临的潜在挑战。我们讨论了创新的概念，强调了创新投资难以报告的具体特征。然后，我们回顾了与创新相关的新兴工作，我们围绕三个渠道组织这些工作：融资、薪酬和学习。最后，我们讨论了最近旨在提高公司披露质量的努力，包括公司创新活动的披露。在整篇论文中，我们强调了披露的权衡（减少信息不对称和增加专有成本），