Open knowledge disclosure and firm value: a signalling theory perspective

Ziyu Liu, Yushen Du*, Enrico Pennings

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review


A growing number of firms are openly disclosing knowledge through academic journals and conferences; however, the impact of this practice on their market value needs further research. From a signalling theory perspective, we investigate the relationship between open knowledge disclosure and firm value and identify potential contingency factors. We propose that open knowledge disclosure conveys a firm’s technical capability and commitment to open science, consequently contributing to its market value. Drawing upon data from listed companies within China’s information and communication technology sector, we confirm that open knowledge disclosure enhances firm value. Furthermore, this enhancement is more pronounced for small firms, young firms, private firms, firms with few patents, firms drafting few technical standards, or firms operating in an immature technology market. Our findings suggest that firms, especially those facing high information asymmetry or lacking alternative signals, can increase their market value by sending positive signals through open knowledge disclosure.

Original languageEnglish
Pages (from-to)475-500
Number of pages26
JournalIndustry and Innovation
Issue number4
Early online date26 Feb 2024
Publication statusPublished - 2024

Bibliographical note


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Research programs

  • ESE - AE


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