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

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.