The Determinants Of Voluntary Information Disclosure: An Empirical Study

In the market lack of honesty and credibility,do our listed companies have the incentive to voluntarily disclose information?Is voluntary disclosure information obvious information noises?Which factors have effect on the voluntary disclosure?The general idea of this paper is to research these questions analytically and empirically. On base of the principal-contract theory,information asymmetry,signal theory and efficiency market theory,combining the research method and conclusion of former literature and the special research background in China,this paper develops our hypotheses and researchs the determinants of voluntary information disclosure from five aspects that are corporate governance, place, industry type, issue type and auditor type. Firstly,this paper empirically analyze if voluntary disclosure information has an obvious information noises.As a result,we don't find information noises about voluntary information.Then, multivariate regression is employed to empirically research a sample comprised 952 publicly held companies.The results are summarized below:in regression analysis about whole sample group and VDI_high sample group, tradable ownership,concentration of ownership,independent directors and the existence of an audit committee are significantly influencing the level of voluntary information.Regression consequence also demonstrates that issue type and auditor type are positively relate to disclosure.At the same time, the existence of dominant personalities is negatively relate to voluntary disclosure in the regression analysis about VDI_high sample group.But the proportion of independent directors, place and industry type have not this result.Finally, based on the front studies,this paper puts forward some advice that for emerging Chinese capital market,regulatory bodies,such an CSRC,should pay more attention to voluntary information disclosure of listed companies and take effective measures to improve disclosure level .