Firm Boundaries and Voluntary Disclosure

• 成果类型: Article
• 署名作者: Bourveau, Thomas; Kepler, John D.; She, Guoman; Wang, Lynn Linghuan
• 署名单位: Columbia University; Stanford University; University of Hong Kong
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2022-0182
• 发表日期: 2024
• 页码: 111-141
• 关键词: Vertical Integration; supply chain; INTERFIRM RELATIONSHIPS; INFORMATION; MARKET; LESSONS; IMPACT; credit

摘要

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.