Abstract
AbstractThis study aims to investigate the information effect of voluntary disclosure of externally sourced technological innovation by type of technological innovation, namely, inโbound technology transfer, outโbound technology transfer, and technological alliance. Longโterm performance is lower for firms with lower quality accounting information and this effect is most evident in the disclosure of an inโbound technology transfer. Further, low disclosure quality firms undergo a greater decline in longโterm performance after a seasoned equity offering following the disclosure of an inโbound technology transfer than high disclosure quality firms. This relationship is more pronounced during a bear market than during a bull market.
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