ABSTRACT

Using extensive manually collected data on granted patents, this study examines the effects of the degree of a firm’s information asymmetry on corporate innovation in the Korean market, which is characterized by weak transparency and active firm innovation. Based on four measures of information asymmetry, we find that the quality of information about a firm has a positive influence on its innovation activities. In addition, this influence is more evident in firms with poor corporate governance practices and in Chaebol-affiliated firms. Overall, this study offers insights on the importance of information quality for firms planning investments in innovation, which is a long-term and highly uncertain commitment. An important policy implication is that regulatory authorities should promote the timely and reliable disclosure of information on firms.

摘要

本研究使用大量人工收集的授权专利数据，考察了企业信息不对称程度对韩国市场企业创新的影响，韩国市场的特点是透明度低，企业创新活跃。基于信息不对称的四种衡量标准，我们发现公司的信息质量对其创新活动有积极影响。此外，这种影响在公司治理实践不佳的公司和财阀附属公司中更为明显。总的来说，这项研究提供了关于信息质量对于计划创新投资的公司的重要性的见解，这是一项长期且高度不确定的承诺。一个重要的政策含义是监管机构应促进及时可靠地披露公司信息。