This study draws on attribution theory to examine and by the firm's top management team, board members, and owner(s) (i.e., the strategic apex) shape disclosure strategies. Drawing on interviews and archival data spanning six years, we conduct a case study of a financially distressed private family-owned media group. Unique access to these data allowed us to peer into the disclosure strategy formation process that typically takes place behind closed doors in private firms. Our findings show that financial distress preceded the formation of the disclosure strategy and the voluntary disclosure practices designed to satisfy financially powerful stakeholders, and that internal whistleblowers act as a low-cost disclosure tool to inform financially weaker stakeholders. In addition, the development of the disclosure strategy is strongly influenced by the strategic apex, which forms collaborative teams, organises stakeholders and their information needs, and meticulously manages and controls the content and timing of voluntary disclosures. Our findings also suggest that a tightly knit disclosure strategy and voluntary disclosure practices are used to influence rather than inform, to manage stakeholder interactions, and to influence public opinion.

中文翻译：

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战略高层在制定披露策略中的作用：危机中的家族企业


本研究利用归因理论来检验并由公司的高层管理团队、董事会成员和所有者（即战略高层）制定披露策略。我们利用六年的采访和档案数据，对一家陷入财务困境的私人家族媒体集团进行了案例研究。对这些数据的独特访问使我们能够深入了解通常在私营公司闭门进行的披露策略形成过程。我们的研究结果表明，财务困境先于旨在满足财务实力雄厚的利益相关者的信息披露策略和自愿披露实践的形成，而内部举报人则充当了向财务实力较弱的利益相关者提供信息的低成本披露工具。此外，信息披露策略的制定受到战略顶层的强烈影响，战略顶层组建协作团队，组织利益相关者及其信息需求，精心管理和控制自愿披露的内容和时间。我们的研究结果还表明，紧密结合的披露策略和自愿披露实践用于影响而不是告知、管理利益相关者互动以及影响公众舆论。