How Important Is Internal Information Asymmetry for Firm-Level Productivity?

The authors appreciate helpful comments and suggestions from Jan Bouwens (department editor), an anonymous associate editor, two anonymous reviewers, Chiraz Ben Ali (discussant), Vaisiliki Athanasakou, Ilona Bastiaansen, Francois Brochet, Mandy Cheng, Adam Du Pon (discussant), Joanna Golden, Leonard Li, Alfred Liu, Richard Morris, Peter Pham, Vivek Raval (discussant), Jason Zein, Kexin Zheng, and workshop participants at Australian Catholic University, the University of New South Wales, the 2025 American Accounting Association (AAA) Management Accounting Section Midyear Meeting, the 2024 AAA Annual Meeting, and the 2024 Canadian Academic Accounting Association Annual Conference. The authors thank Bradyn Benben, Sajon Dhar, Mark Rokycky, Katie Stone, and Xiao Yu for excellent research assistance. Baloria and Weber thank the University of Connecticut School of Business for research funding. Weber also appreciates support from the Deloitte Foundation. Krupa appreciates support from the Deloitte Foundation and the Pennsylvania State University Smeal College of Business. The authors thank Cláudia Custódio, Peter Demerjian, Niels Gormsen, Don Hambrick, Xiumin Martin, Selale Tüzel, James Warren, and their respective coauthors for making their data and code available.