Digital-Resource Disclosure and Subsequent Firm Outcomes: A Resource-Based Analysis of U.S. Incumbents

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Haoyun Liu
Litai College of Languages and Cultures, Shanghai International Studies University, Shanghai, China

DOI: https://doi.org/10.70267/icrafm.202617554560

Keywords

digital-resource disclosure, resource-based view, incumbent firms, digital transformation, firm outcomes

Abstract

Annual-report language may record a digital initiative, an aspiration, or a risk before a firm realizes an operating change. This paper studies whether digital-resource disclosure in Form 10-K filings is associated with subsequent outcomes for U.S. incumbents. The SEC source screen retains 39 issuers and 273 filing records; outcome availability yields 133 primary-ROA firm-years across 23 issuers from 2017 through 2022. A predeclared, length-normalized dictionary is joined to next-year SEC Company Facts and examined with controls, alternative dictionaries, a governance-language placebo, and firm-cluster bootstrap intervals. The full-dictionary ROA estimate is small and its bootstrap interval spans zero; the other outcome estimates are likewise imprecise. Adding disclosure to a controls-only held-out linear comparison does not improve mean absolute error. The contribution is a transparent filing-provenance protocol, reproducible public-data audit trail, and association-based account of disclosure and subsequent outcomes, not a causal estimate or a new prediction method. The findings support a cautious, outcome-specific interpretation.

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Published
Oct 19, 2026
Conference Proceedings Volume
Vol. 17 (2026): Proceedings of the International Conference on Research in Accounting, Finance and Management (ICRAFM 2026)
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How to Cite

Liu, Haoyun. “Digital-Resource Disclosure and Subsequent Firm Outcomes: A Resource-Based Analysis of U.S. Incumbents”. Exploring Science Academic Conference Series, vol. 17, Oct. 2026, pp. 554-60, https://doi.org/10.70267/icrafm.202617554560.