Corporate strategy and information disclosure
研究管理者是否向外部披露公司战略信息，揭示其面临的两难：披露会锁定决策导致低效，但能激励合作伙伴进行专用投资。
We examine voluntary disclosures of information about corporate strategies. We develop a model in which managers choose whether to reveal their strategic plans only to some partners of the firm or also to the outside world. We show that managers face a tradeoff when deciding whether to disclose their private information to outsiders. On the one hand, by disclosing their intentions, managers become reluctant to change their minds in the future. This may lead them to make inefficient project implementation decisions. On the other hand, information disclosure about corporate strategy provides strong incentives for partners of the firm to undertake strategy‐specific investments.