strategy (Banker et al. 2021), we find that firms that act as product leaders (operational excellence) tend to make less (more) disclosures by offering more (less) no-answers and refusals to questions during earnings conference calls, consistent with product leaders withholding product-related information and operational excellence seekers being forthcoming to gain competitive advantage. In the cross-sectional analysis, we document that proprietary cost, financial performance, uncertainty and external financing needs strengthens the association between business strategy and disclosure choice. The association between strategy and disclosure also varies with strategy execution, as proxies by shareholder-manager interest alignment (equity incentive) and managerial ability. In addition, no-answers and refusals by product leaders is associated with higher firm value. Overall, the evidence suggests that firms make disclosure choice that aligns with their business strategies, and the alignment results in higher firm valuation.