Do Managers Respond to Increases in Transparency by Other Firms

Do managers respond to increases in transparency by other firms and/or increases in the demands for transparency from investors?

A) No,managers do not respond to either.
B) Yes,managers respond positively to both.
C) Managers respond only to demands from investors but not to increases in the transparency of other firms.
D) Managers respond only to increases in the transparency of other firms but not to demands from investors.

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