Owner Exposure through Firm Disclosure
研究发现，当企业以所有者姓名命名时，财务披露会直接暴露所有者信息，因此这些企业更倾向于不透明，尤其在所有者信息带有社会污名、位于农村或反资本主义地区、以及高保密和不信任的环境中。
ABSTRACT We study whether firms avoid financial disclosures to preserve their owners' financial privacy. We find that firms named after their owner, for whom firm disclosure would more directly expose owner information, are more opaque. Eponymous owners prefer firm opacity when disclosure exposes sensitive owner information with social stigma, in rural and anticapitalist areas, and in insider-oriented settings with high secrecy and distrust. When firms are forced to disclose, eponymous owners more frequently change their firms' names, and new firms are less frequently named after their founding owners. These findings indicate that owner-level privacy concerns dampen firm-level disclosure incentives. Data Availability: The data used in this study are available from public sources listed in the paper. JEL Classifications: D82; L51; M41.