This article analyses the difference in the CEO’s strategies in the public
disclosure and private disclosure when the disclosure cost and labor union
exist. As a result, the public disclosure channel can reveal more information
in case that the CEO cares about labor union more than the investor. In the
other case the private disclosure channel can reveal the more information.
Also, the investor and labor union obtain the higher expected payoffs in the
channel which reveal more information. But, the channel in which the CEO
obtains the higher expected payoffs depends on the parameter values.