| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13647 |
| 来源ID | Working Paper 13647 |
| Firms' Stakeholders and the Costs of Transparency | |
| Andres Almazan; Javier Suarez; Sheridan Titman | |
| 发表日期 | 2007-11-29 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We develop a model of a firm whose production process requires it to start and nurture a relationship with its stakeholders. Because there are spillover benefits associated with being associated with a "winner," the perceptions of stakeholders and potential stakeholders can affect firm value. Our analysis indicates that while transparency (i.e., generating information about a firm's quality) may improve the allocation of resources, a firm may have a higher ex ante value if information about its quality is not prematurely generated. The costs associated with transparency arise because of asymmetric information regarding the extent to which stakeholders benefit from having a relationship with a high quality firm. These costs are higher when firms can initiate non-contractible innovative investments that enhance the value of their stakeholder relationships. Stakeholder effects of transparency are especially important for younger firms with less established track records (e.g., start-ups). |
| 主题 | Microeconomics ; Households and Firms |
| URL | https://www.nber.org/papers/w13647 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571330 |
| 推荐引用方式 GB/T 7714 | Andres Almazan,Javier Suarez,Sheridan Titman. Firms' Stakeholders and the Costs of Transparency. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13647.pdf（313KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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