Private communication among competitors and public disclosure

• 成果类型: Article
• 署名作者: Kepler, John D.
• 署名单位: Stanford University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2021.101387
• 发表日期: 2021
• 关键词: information; alliances; cost

摘要

I study how private communication among competitors affects their public disclosures. Theory suggests that competing firms can use public disclosure to coordinate, and predicts less public disclosure when there is more private communication. Using data on strategic alliances, I predict and find that firms that enter strategic alliances with competitors reduce their public disclosure, and that the reduction is more pronounced for alliances that allow for more private communication. ? 2021 Elsevier B.V. All rights reserved.