Illuminating the murk: The effect of business complexity on voluntary disclosure
研究发现多业务板块的集团公司会通过自愿披露更多信息来弥补业务复杂性带来的不透明，尤其在分析师关注度高或高管薪酬业绩敏感性强时更明显，从而提升估值、降低资本成本。
Analyzing the complex financial landscape of multi-segment conglomerates requires a more nuanced approach than that required for single-segment firms. This paper reveals that conglomerates strategically enhance their transparency by voluntarily disclosing more information to compensate for their business complexity. This finding is particularly pronounced when there is an increased demand for information from stakeholders and analysts or when the executive pay-performance sensitivity is higher. By strategically embracing transparency, conglomerates transform the complexities inherent in their financial reporting into a catalyst for higher valuation and lower capital costs. Overall, our study demonstrates that multi-segment firms tactically deploy voluntary disclosure to navigate their intricate business environment effectively.