Dissertations, Theses, and Capstone Projects
Date of Degree
6-2025
Document Type
Doctoral Dissertation
Degree Name
Doctor of Philosophy
Program
Business
Advisor
Mahima Hada
Committee Members
Karthik Sridhar
Diogo Hildebrand
Ljubomir Pupovac
Subject Categories
Business | Marketing
Keywords
voluntary disclosure, firm value, B2B, customer information
Abstract
Customers are a primary source of a firm’s revenue, and a firm’s relationships with its customers are one of the key factors of its success. To reduce information asymmetry regarding customers, the U.S. Securities and Exchange Commission (SEC) mandates that all publicly traded firms disclose sales to major customers who account for more than 10% of the firm’s consolidated sales. Firms may voluntarily disclose more customer information such as customers’ names. While managers may be concerned with the financial implications of such voluntary disclosure, no studies to date have explored how it impacts firm value. Using a sample of 768 original equipment manufacturers and 7,514 firm-year observations over 21 years (2000-2020), I find that voluntary disclosure of customers’ names tends to decrease firm value. However, this result is contingent on factors such as the firm’s disclosure of advertising expenses, firm’s strategic emphasis, and firm’s marketing capability. This research contributes to both the marketing-finance interface literature and the voluntary disclosure literature as well as provides insights for managers in making strategic decisions about the voluntary disclosure of customers’ names.
Recommended Citation
Li, Mu, "The Impact of Voluntary Disclosure of Customers’ Names on Firm Value" (2025). CUNY Academic Works.
https://academicworks.cuny.edu/gc_etds/6268
