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.

中文翻译：

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严格的界限和自愿披露


摘要我们研究垂直整合如何影响公司的公开披露。理论表明，企业可以利用公开披露来与供应链合作伙伴进行协调，并预测垂直整合和未来战略计划的公开披露之间的替代，因为生产的内部化减少了公开协调的需要。使用垂直一体化程度的数据，我们发现，垂直一体化程度更高的公司减少了对其产品战略的公开披露，对于生产内部化程度较高的垂直一体化公司以及拥有最大信息和战略的公司，这种减少最为明显。供应链上的摩擦。 JEL 分类：D83； G14； L14； M41。