Unlocking the influencing factors of innovation information disclosure: a multi-level analysis

Abstract

This study investigates the multilevel influencing factors of innovation information disclosure by adopting a multidimensional index and uses fixed-effects regression models among all firms listed in China’s A-share market from 2013 to 2022. Existing studies with a primary emphasis at the firm level largely overlook industry and macroeconomic factors. This study systematically investigates how multilevel factors affect innovation information disclosure, particularly in the context of balancing the trade-off between innovation protection and information transparency. This study suggests that the quality of accounting information disclosure and enterprise digital transformation at the firm level; the presence of high-tech, manufacturing, and technology-intensive enterprises at the industry level; and the digital economy, Broadband China and industrial structure rationalization at the macro level positively affect innovation information disclosure. We also examine the inverted U-shaped relationship between R&D intensity at the firm level and innovation information disclosure. The results remain robust after a series of robustness checks. Furthermore, we explore whether the synergistic effects between the influencing factors at the firm and industry levels, firm and macro levels, and industry and macro levels have a negative effect on innovation information disclosure. The implications of this study are significant for improving corporate innovation capabilities and future growth potential. These findings provide insights for policymakers to design supportive environments, help industry practitioners in strategic disclosure decisions, provide a multilevel framework for researchers and guide investors to make more informed investments. Ultimately, these contributions serve the long-term goal of fostering a more transparent and dynamic national innovation ecosystem, which drives sustainable economic growth and technological advancement.