The impact of public data openness on firm narrative R&D disclosure

This paper examines the impact of public data openness on firm narrative R&D disclosure by leveraging the launch of public data platforms as a policy shift. Using a Difference-in-Differences (DID) approach, our findings reveal that firms significantly reduce their narrative R&D disclosures following the implementation of public data openness. This effect is stronger for firms with higher R&D intensity and those operating in more competitive industries. Our study contributes to the literature on R&D information flows by highlighting the unintended consequences of public data openness. We also discuss practical recommendations to mitigate the potential negative effects on the R&D information dissemination.