Over the last decade, U.S. firms have used their large cash holdings to buyback shares and pay dividends, instead of investing in R&D activities that can spur future growth. One possible reason for this behavior is that R&D activities — yielding new products and services or cost reductions —...

We examine the relationship between disclosure of nonfinancial information and analyst forecast accuracy using firm-level data from 31 countries. We use the issuance of standalone corporate social responsibility (CSR) reports to proxy for disclosure of nonfinancial information. We find that the...

Information technology (IT) is all-pervading, and as an infrastructure, it is likely to mold institutional quality. As such, we examine whether IT availability and use moderate the relationship between country-level institutional quality and firm performance. Using the Economic Freedom Index of...