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Although companies are exhorted to provide more information to the financialcommunity, it is evident that they choose different paths based upon theirstrategic emphasis and competitive environments. Our investigation explores theempirical boundary conditions under which firms choose to disclose versuswithhold information from investors based upon their strategic emphasis. Wefound significant differences in terms of voluntary information disclosuresbetween firms that consistently delivered positive earnings surprises versusthose that delivered negative earnings surprises. We investigated this effectin a more granular fashion by separately examining differences inenvironmental, social, and governance disclosures between the two pools offirms. We found that in essence, the differences remained consistent andpositive earnings firms were significantly more likely to disclose informationabout their ESG activities than their counterparts. Interestingly, none of themeasures of financial performance were instrumental in distinguishing betweenthe two pools of firms. However, our measures of reach -- as measured by thenumber of -- negative news stories lends credence to our findings. From a fundmanager-s perspective, this finding should raise an immediate red flag firmsthat are likely to underperform are likely to be less transparent thanoverperformers.

Transparency versus Performance in Financial Markets: The Role of CSR Communications