We examine the voluntary disclosure of qualitative information about actions involving governmental agencies and managerial intentions or beliefs in R&D project announcements in The Wall Street Journal. Our analysis indicates that information regarding government approval and managerial intentions/beliefs voluntarily disclosed in R&D project announcements interacts with industry/firm variables to provide significant incremental explanatory power in both the innovation and commercialization stages of R&D projects. Our data also indicate that the biggest impact is from managerial intentions, especially an intent to increase market share when coupled with being a larger firm.
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Narayanan et al. (2000) studied this question.
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