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