Unveiling Intangible Assets: Exploring Voluntary Disclosure and Its Interaction with Accounting Conservatism and Analyst Attention on Financing Constraints

Congrong Li and Zhe Ning ()
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Congrong Li: School of Economics and Management, Northeast Forestry University, Harbin 150040, China
Zhe Ning: School of Economics and Management, Northeast Forestry University, Harbin 150040, China

IJFS, 2024, vol. 12, issue 4, 1-21

Abstract: This paper examines the relationship between the voluntary disclosure of intangible assets and financing constraints using a sample of 2850 listed companies from 2017 to 2021. Additionally, we examine the moderating effects of prudence in accounting and the attention given to the disclosures by analysts from both an internal and an external perspective. The results show that voluntarily disclosing intangible assets helps to alleviate a firm’s financing constraints, with more significant effects observed in state-owned enterprises and companies listed on the Growth Enterprise Market index than for private enterprises and those listed on the main board of the Chinese capital market. Further, conservatism in accounting and attention given by financial analysts both positively moderate this relationship. The theoretical and empirical insights provided by this study should help listed companies in China to enhance the quality of their voluntary intangible asset disclosures, while also helping to mitigate financing constraints.

Keywords: intangible assets; voluntary disclosure; financing constraints; accounting conservatism; analyst attention (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2024
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