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| Strategic Information Disclosure and Digital Firm Performance：An Open Paradox Perspective |
| WANG Chao，GUO Hai |
| 1. Shandong University of Finance and Economics, Jinan, China; 2. Renmin University of China, Beijing, China |
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Abstract Based on the open paradox perspective, this study investigates the tension between organizational legitimacy and competition caused by strategic information disclosure of digital firms, and examines its performance implications. Using unbalanced panel data of Chinese digital listed companies from 2012 to 2020, we find that strategic information disclosure has a U-shaped relationship with digital firm performance. The level of firm innovation, market concentration and industry transparency flatten the U-shaped relationship and invert it into an inverted U-shaped relationship. Comparative analysis based on the perspective of digital context heterogeneity found that, the U-shaped relationship between strategic information disclosure and performance is magnified in digital firms, regions with higher level of digital economy and core industries of digital economy.
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Received: 06 July 2023
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