The Association between the Firm-Specific Characteristics and Corporate Voluntary Disclosure: (Evidence from Iran)

Document Type : Original Article


1 استان آذربایجان شرقی-شهرستان اهر-سیداباد-خیابان شهید دستجردی 16-پلاک5

2 Assistant Professor of Faculty of Management & Accounting Tehran University, Tehran


The purpose of this paper is to examine the influence of various financial and non-financial variables on the level of voluntary disclosure in the annual reports of listed Iranian firms.  The research paper has been based on a sample of 203 firms listed in the Tehran Stock Exchange during the study period from 1391 to 1392. Also, the Ordinary Least Squares (OLS) method is used for testing hypotheses. The disclosure score used in this study is unweighted relative disclosure index consisting of 50 voluntary items based on accounting standards for measuring voluntary disclosure in annual reports. The empirical results indicate that only one of the corporate characterizes (Size) has a significant positive association with voluntary disclosure. This study does not find any significant relationship between Age, Leverage, Liquidity, Profitability, Audit firm size with the extent of voluntary disclosure


1- دستگیر، محسن و مهشید شهرزادی. (1392). بررسی ارتباط بین کیفیت افشا و کیفیت اقلام تعهدی در توضیح تغییرات بازده اضافی پرتفوی. پژوهش‌های حسابداری مالی، سال پنجم، شمارۀ 16، صص 17-32.
2- حاجیان، نجمه، انواری رستمی، علی‌اصغر، رحمانی، علی و عادل آذر. (1393). بررسی عوامل مؤثر بر سطح افشای اطلاعات شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. پژوهش‌های حسابداری مالی، سال هفتم، شمارۀ 1، صص 71-92.
3- ستایش، محمدحسین، کاظم‌نژاد، مصطفی و مهدی ذوالفقاری. (1390). بررسی تأثیر کیفیت افشا بر نقد‌شوندگی سهام و هزینۀ سرمایۀ شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. پژوهش‌های حسابداری مالی، سال سوم،شمارۀ 9، صص 55-74.
4- ستایش، محمدحسین، نصیری، طاهره و سمیره عباس‌پور. (1392). ویژگی شرکت‌ها و افشای داوطلبانه نمودارها در گزارش‌های سالانۀ شرکت‌های ایرانی. پژوهش‌ حسابداری. سال سوم، شمارۀ 11،صص 45-65.
5- سنجری، لقمان. (1387). بررسی رابطه بین ویژگی‌های حسابداری شرکت‌ها و میزان افشای اختیاری اطلاعات مالی. پایان‌نامۀ کارشناسی ارشد حسابداری، دانشکدۀ مدیریت و حسابداری، دانشگاه شهید بهشتی. تهران.
6- فروغی، داریوش، امیری، هادی و منوچهر میرزایی. (1390). تأثیر شفاف نبودن اطلاعات مالی بر ریسک سقوط آتی قیمت سهام در شرکت‌ها یپذیرفته شده در بورس اوراق بهادار تهران. پژوهش‌های حسابداری مالی، سال سوم، شمارۀ 10، صص 15-40.
7- Albitar, K. (2015). Firm Characteristics Governance Attributes and Corporate Voluntary Disclosure: A Study of Jordanian Listed Companies. International Business Research, Vol. 8, No. 3, Pp. 1-10.
8- Alsaeed, K. (2006). The Association between Firm-Specific Characteristics and Disclosure: The Case of Saudi Arabia. Journal OfAmerican Academy of Business, Vol. 7, No. 1, Pp. 310-321.
9- Belkaoui, A., and A. Kahl. (1978). Corporate Financial Disclosure in Canada, Research Monograph. No. 1 (Vancouver: Canadian Certified General Accountants Association).
10- Botosan, C. (1997). Disclosure Level and the Cost of EquityCapital, The Accounting Review, Vol. 72, No. 3, Pp. 312-349.
11- Bowerman, B. L., and R.T., O'Connell. (1990). Linear Statistical Models: An Applied Approach. 2nd ed. Belmont, CA: Duxbury.
12- Cerf, A. R. (1961). Corporate Reporting and Investment Decisions.Auditing and Taxation, Vol. 15, No. 1, Pp. 1-15
13- Cooke, T. E. (1991). An Assessment of Voluntary Disclosure in the Annual Reports of Japanese Corporation. International Journal of Accounting, Vol. 26, No. 1, Pp. 174−189.
14- Cooke, T. E. (1992).The Impact of Size, Stock Market Listing and Industry Type onDisclosure in the Annual Reports of Japanese Listed Corporations. Accounting andBusiness Research, Vol. 22, No. 87, Pp. 229−237.
15- Firth, M. (1979). The Impact of Size, Stock Market Listing, and Auditors on Voluntary Disclosure in Corporate Annual Reports, Accounting and Business Research, Vol. 9, No. 3,Pp. 273–280.
16- Haniffa, R.M., and T.E, Cooke. (2002). Culture, Corporate Governance and Disclosure in Malaysian Corporations. ABACUS, Vol. 38, No. 3, Pp. 317-350.
17- Hossain, M., and H, Hammami. (2009).Voluntary Disclosure in the Annual Reports of an Emerging Country: The Case of Qatar.Advances in Accounting. Vol. 25, No. 1, Pp. 255_265.
18- Jensen, M.C., and W. H.Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3, No. 3, Pp. 305–360.
19- Mensah, B.A,. (2012).Association between Firm-Specific Characteristicsand Levels of Disclosure of Financial Information of Rural Banks in the Ashanti Region of Ghana. Journal of Applied Finance & Banking, Vol. 2, No. 1, Pp. 69-92.
20- Mishari, M., and A, Almutawa. (2014). Firm-Specific Characteristics and Corporate Financial Disclosure: Evidence from an Emerging Marke.International Journal of Accounting and Taxation, Vol. 2, No. 3, Pp. 55−78.
21- Nilehn, P., and A. Thoresson. (2014). Determinants of Voluntary Disclosure in Swedish Corporate Annual Reports. Master Thesis. Uppsala University.
22- Owusu-Ansah, S. (1998). The Impact of Corporate Attributes on The Extent of MandatoryDisclosure and Reporting by Listed Companies in Zimbabwe. International Journal of Accounting, Vol. 33, No. 5, Pp. 605−631.
23- Raffournier, B. (1995). The Determinants of Voluntary Financial Disclosure by SwissListed Companies.The European Accounting Review, Vol. 4, No. 2, Pp. 261−280.
24- Singhvi, S. (1968). Characteristics and Implication of Inadequate Disclosure: A CaseStudy of India. The International Journal of Accounting, Vol. 3, No. 2, Pp. 29−44.
25- Tabachnick, B.G., and L.S.Fidell. (2006).Using multivariate statistics.5th Edition. California State University. Northridge: Harper Collins Collage pubs.
26- Uyar, A. (2011).Firm Characteristics and Voluntary Disclosure of Graphs in Annual Reports of Turkish Listed Companies. African Journal of Business Management, Vol. 5, No. 17, Pp. 7651-7657.
27- Wallace, R.O,. Naser, K,.and A, Mora. (1994(. The Relationship between the Comprehensiveness of Corporate Annual Reports and Firm Characteristics inSpain. Accounting and Business Research, Vol. 25, No. 97, Pp. 41−53.
28- Wallace, R,. and K, Naser. (1995). Firm Specific Determinants of Mandatory Disclosure in the Corporate Annual Reports of Firms Listedon the Stock Exchange of Hong Kong. Journal of Accounting and Public Policy, Vol. 14, No. 4, Pp. 311−368.
29- Watts, R., Zimmerman, J. (1986). Positive Accounting Theory. Prentice - Hall, Englewood Cliffs, NJ.