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The spillover effects of MD&A disclosures for real investment: The role of industry competition

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  • Durnev, Art
  • Mangen, Claudine

Abstract

We explore whether disclosures in the Management Discussion & Analysis (MD&A) have spillover effects for investment and investment efficiency, and whether spillover effects vary with competition. We focus on the tone of MD&A disclosures and document that the association between a company's investments and the tone of its rivals' MD&A disclosures is positive. Moreover, this association is moderated by competition; it is stronger when firms operate in industries that have lower entry costs, are larger, and have less substitutable products. We obtain similar results for investment efficiency. Overall, our evidence suggests that MD&A disclosures have spillover effects for investment that can improve investment efficiency, and that spillover effects are moderated by industry competition.

Suggested Citation

  • Durnev, Art & Mangen, Claudine, 2020. "The spillover effects of MD&A disclosures for real investment: The role of industry competition," Journal of Accounting and Economics, Elsevier, vol. 70(1).
    • Handle: RePEc:eee:jaecon:v:70:y:2020:i:1:s016541012030001x
    DOI: 10.1016/j.jacceco.2020.101299
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    Keywords

    Spillover effects; Disclosures; Competition; Investment; Investment efficiency;
    All these keywords.

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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