Firm Boundaries and Voluntary Disclosure
研究了纵向整合如何影响企业的公开信息披露，发现纵向整合程度提高的企业会减少产品战略方面的公开披露，尤其是内部化生产程度高或供应链信息摩擦大的企业。
ABSTRACT We study how vertical integration shapes firms’ public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners and predicts a substitution between vertical integration and public disclosure of future strategic plans, since the internalization of production reduces the need to publicly coordinate. Using data on the extent of vertical integration, we find that firms that become more vertically integrated reduce their public disclosures about their product strategies and that the reduction is most pronounced for vertically integrated firms with greater internalization of production and those with the largest informational and strategic frictions along the supply chain. JEL Classifications: D83; G14; L14; M41.