本研究探討不可避免揭露原則(IDD)，是否影響公司的策略特殊性，並提出兩個主要論點。在IDD實施後，管理階層跳槽的機會減少，限制其向勞動力市場證明能力的機會，因此較無誘因做出不一樣的策略，使公司策略特殊性較低。但另一方面，IDD實施之後，人力不容易外流，公司策略越不容易遭到竊取，激勵公司發展較獨特的策略，使公司策略特殊性較高。本研究採用1992年-2022年非金融業的美國上市公司為樣本，採用差異中差異的研究設計，實證結果並未發現IDD實施影響公司策略特殊性。進一步研究發現在高市場競爭環境中，IDD會使公司策略特殊性降低；而在非高市場競爭環境中，IDD會使公司策略特殊性增加。橫斷面測試發現，在高市場競爭環境的公司，IDD實施降低策略特殊性的現象在管理者能力高的公司較為明顯；另一方面，非高市場競爭環境中，IDD實施之後，競爭力弱的公司更會發展出特殊策略。當排除公司地理位置較分散的產業重新測試，實證結果仍然穩健。

This research explores the impact of the Inevitable Disclosure Doctrine (IDD) on firms' strategic deviation and presents two main arguments. After the implementation of IDD, the opportunity of job-hopping for management decreased, limiting their opportunity to demonstrate their capabilities in the labor market. As a result, there is less incentive to adopt different strategies, leading to lower strategic deviation for the company. On the other hand, after the implementation of IDD, it becomes more difficult for human capital to flow out, protecting the firm's strategy from being easily stolen. This can incentivize the development of more unique strategies, increasing the firm's strategic deviation. The study utilizes a sample of U.S. publicly listed companies in the non-financial sector from 1992 to 2022. The research design adopts a difference-in-differences approach, but the empirical results do not indicate a significant impact of IDD implementation on firms' strategic deviation. Further analysis reveals that in highly competitive market environments, IDD leads to a decrease in strategic deviation. However, in non-highly competitive market environments, IDD results in an increase in strategic deviation.
Cross-sectional tests indicate that in highly competitive market environments, the decrease in strategic deviation due to IDD implementation is more pronounced in companies with higher managerial capabilities. On the other hand, in non-highly competitive market environments, IDD implementation prompts less competitive firms to develop unique strategies. When excluding industries with geographically dispersed companies, the empirical findings remain robust.

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