Answering without being asked: The effect of voluntary disclosure of digital strategy on stock price synchronicity

Ruichen Zhang, Lei Wen and Ling Xu

Finance Research Letters, 2025, vol. 77, issue C

Abstract: Investors do not raise inquiries regarding digitization in interactive stock exchange communications, but enterprises highlight it in their responses. This study explores whether firms’ voluntary disclosure of digital strategy contains information. Findings reveal that voluntary disclosure of digital strategy promotes stock price synchronicity by reducing information asymmetry. Furthermore, the positive impact of voluntary disclosure of digital strategy on stock price synchronicity is more pronounced in enterprises with high digital performance and media attention.

Keywords: Voluntary digital strategy disclosure; Stock price synchronicity; Information asymmetry (search for similar items in EconPapers)
JEL-codes: D83 G12 G14 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612325002879
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325002879

DOI: 10.1016/j.frl.2025.107023

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().