This paper investigates the role that competitors have on corporate disclosure policies. In particular, it is focus on the main competitive forces that influence corporate disclosure and on herding processes. In order to show the presence of informational and reputational herding processes two types of competitors are considered: the leader in disclosure and the leader in size. The main results support the hypotheses of intraindustry mimicking processes and underline a trend of homogenization of disclosure policies.
Keywords: Corporate disclosure, competitor, informational herding, reputational herding, AIMR, disclosure channels