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Determinants of R&D Disclosure by Pharmaceutical Companies

Student: Alena Lineva

Supervisor: Iuliia N. Naidenova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Final Grade: 7

Year of Graduation: 2018

Disclosure is an important measure in mitigating problems and consequences of information asymmetry between managers and owners. The issue of disclosure is more vital for the pharmaceutical industry in comparison with other sectors due to the long-term investments in research and development (R&D), risk of their not recouping for investors, on the one hand, and the costly disclosure of R&D news and the risk of intercepting ideas by competitors, on the other hand. The paper puts forward and tests hypotheses about what factors can induce managers of pharmaceutical companies to cover more news about R&D. Ordinary least squares (OLS) model with fixed effects was constructed using panel data, that include 48 European listed pharmaceutical companies from 2010 to 2015. It was revealed that the total intensity of the disclosed news, investments in R&D and the presence of the company on the US stock exchange have a positive significant impact on the number of R&D news. And the age of the CEO has a negative one.

Full text (added May 18, 2018)

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