JOURNAL OF ACCOUNTING AND ECONOMICS, VOL 66, AUGUST 2018

专有信息对公司披露和透明度的影响：来自商业秘密的证据

作者：Stephen Glaeser (University of Pennsylvania)

摘要：本文研究了专有信息对公司透明度和自愿披露的影响🫧。为此🤵‍♂️，我提出并验证了两种企业对贸易保密的依赖指标：一种基于10-K披露👩🏼‍🦲，一种基于后续诉讼结果🧑‍⚖️。我将“商业保密法”的内容作为对贸易保密的冲击来补充这些措施。我发现那些开始更多地依赖商业秘密的公司会增加非专有信息的自愿披露🎭，以减少对专有信息的披露。综上🦿⛓️‍💥，贸易保密对公司的总体影响是导致公司 透明度的下降。

关键词：专有成本；商业秘密🥱🚶🏻‍♂️；披露；信息不对称；创新🛼；专利

The Effects of Proprietary Information on Corporate Disclosure and Transparency: Evidence from Trade Secrets

Stephen Glaeser (University of Pennsylvania)

ABSTRACT

I examine the effects of proprietary information on corporate transparency and voluntary disclosure. To do so, I develop and validate two measures of firms’ reliance on trade secrecy: one based on 10-K disclosures and one based on subsequent litigation outcomes. I complement these measures by using the staggered passage of the Uniform Trade Secrets Act as a shock to trade secrecy. I find that firms that begin to rely more heavily on trade secrecy substitute increased voluntary disclosure of nonproprietary information for decreased disclosure of proprietary information. The total effect of trade secrecy is a decrease in corporate transparency.

Keywords: Proprietary Costs；Trade Secrets；Disclosure；Information Asymmetry👁；Innovation🕋；Patents

原文链接：

https://www.sciencedirect.com/science/article/pii/S0165410118300326

翻译：王秭越