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

Author

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  • Zhang, Ruichen
  • Wen, Lei
  • Xu, Ling

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.

Suggested Citation

  • Zhang, Ruichen & Wen, Lei & Xu, Ling, 2025. "Answering without being asked: The effect of voluntary disclosure of digital strategy on stock price synchronicity," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325002879
    DOI: 10.1016/j.frl.2025.107023
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    Keywords

    Voluntary digital strategy disclosure; Stock price synchronicity; Information asymmetry;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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