Two new studies find that regulations aimed at improving the transparency of corporate accounting practices may have had unintended consequences. Specifically, the researchers found that corporate financial reporting requirements implemented in 2007 were associated with decreases in the amount of money companies spent on innovation, capital improvements, and mergers and acquisitions.
"Accounting transparency is important, particularly for publicly traded companies," says Nathan Goldman, corresponding author of the two papers."That being said, our findings suggest there can be unexpected knock-on effects of some transparency efforts, such as a decline in corporate
Second, FIN 48 required publicly traded companies to incorporate more detailed descriptions of any UTBs in their financial disclosures—which are used by shareholders and others to assess the financial health of companies. "We found that the number of non-radical corporate innovations declined due to enhanced IRS scrutiny following the implementation of FIN 48. However, radical patent applications—meaning new patents that hinge on new discoveries and don't cite other patents—incurred no change," Goldman says.
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