We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation. We find...

Given the fact that there are no clear regulations guiding firms to publicly disclose CSR performance in practice, it is possible that management strategically uses discretion to emphasize (obfuscate) favorable (unfavorable) information in public disclosures, wishing to “manipulate”...