We find that suppliers are more likely to redact mandated disclosures when major customers have proprietary information to protect (in the form of R&D intensity, trade secrets, and nondisclosure agreements), controlling for suppliers' own proprietary cost concerns. Furthermore, the effect on suppliers' redactions is concentrated in subsamples for which customers have greater power, measured by customer size, industry leadership, and the number of suppliers. Additionally, suppliers also curtail operations-related disclosures in the management discussion and analysis (MD&A) and product- and service-related press releases when customers likely have proprietary information to protect. Overall, these findings suggest that dependent suppliers internalize their customers' disclosure incentives and curtail disclosures, catering to customers’ demand for information protection.

我们发现，当主要客户有专有信息需要保护（以研发强度、商业秘密和保密协议的形式）时，供应商更有可能对强制披露进行编辑，以控制供应商自己的专有成本问题。此外，对供应商修订的影响集中在客户拥有更大权力的子样本中，这由客户规模、行业领导地位和供应商数量来衡量。此外，当客户可能需要保护专有信息时，供应商还会在管理讨论和分析 (MD&A) 以及与产品和服务相关的新闻稿中减少与运营相关的披露。总体而言，这些调查结果表明，依赖供应商将其客户的披露动机内部化并减少披露，