International differences in R&D disclosure practices : evidence in a French and Canadian context

Yuan Ding (First Author), Hervé Stolowy (Participant Author), Gary Entwistle (Participant Author)

Research output: Contribution to journalJournal


This paper compares the R&D disclosure practices in France and Canada, as evidenced in the annual reports of 76 French and 110 Canadian listed companies. It finds that Canadian high-tech companies (hardware, software, and biotechnology) disclose significantly more information on their R&D activities than their French counterparts. It also finds a strong link between R&D intensity and R&D disclosure among Canadian high-tech companies. Canadian companies overall are also found to be more likely to use non-financial disclosure as a means to resolve any R&D information asymmetry, while French firms disclose more traditional financial and accounting information. Canadian companies are also more willing than French firms to provide information concerning their future R&D expenditures. These results are consistent with inherent cultural and capital market differences between France and Canada. In contrast, the study does not find any significant difference in R&D expenditure capitalization policies between French and Canadian firms.
Original languageEnglish
Pages (from-to)55-72
JournalLes cahiers de recherche - Groupe HEC
Publication statusPublished - 2004


  • Canada
  • France
  • R&D disclosure

Indexed by

  • Scopus


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