Extent Of Voluntary Disclosure Research Articles

FAKTOR- FAKTOR YANG MEMPENGARUHI BIAYA MODAL EKUITAS PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2018-2021

This study aims to examine the effect of information asymmetry, earnings quality, firm size, and voluntary disclosure with the Cost of Equity Capital in Food and Beverage Companies listed on the Indonesia Stock Exchange in 2018-2021. This study used a sample of 22 companies during the 2018-2021 period using purposive sampling. This study uses secondary data with descriptive statistical data analysis methods, classical assumption test, and hypothesis testing. The results of this study indicate that the extent of voluntary disclosure has a positive effect on the cost of equity capital with a significant value of 0.006. Meanwhile, information asymmetry, earnings quality, and firm size have no significant effect on the cost of equity capital.

The Influence of Company Size, Profitability, Liquidity and Solvency on the Extent of Voluntary Disclosure in Agriculture and Mining Sector Companies Listed on Indonesian Stock Exchange for 2020-2022 Period

The aim of this research is to determine how much voluntary freedom is influenced by company size, profitability, liquidity and solvency. The population of this research is agricultural and mining sector companies listed on the Indonesia Stock Exchange (BEI) for the 2020–2022 period. Purposive sampling is the sampling method applied. 13 companies were the samples used in this research. The multiple linear regression analysis method was used in this research to analyze the data. Research findings show that the degree of freedom is influenced by solvency. Voluntary rates are not influenced by company size, profitability, or liquidity. The level of voluntary release is influenced by company size, profitability, liquidity and solvency simultaneously with an Adjusted R Square value of 0.162 or 16.2%, while the remaining 0.838 or 83.8% is influenced by other variables.

PENGARUH PROFITABILITAS, LEVERAGE, LIKUIDITAS, UKURAN PERUSAHAAN, KEPEMILIKAN SAHAM PUBLIK, UKURAN KAP DAN UMUR PERUSAHAAN TERHADAP PENGUNGKAPAN SUKARELA (Studi Empiris pada Laporan Tahunan Perusahaan Subsektor Makanan dan Minuman Tahun 2018-2020

Investor’s need for transparent and accurate information can be extended through the firm's voluntary disclosure as additional information for investors in making wiser decisions. This research examined the effect of profitability, leverage, liquidity, firm size, public shareholding, audit firm size, and firm age on the extent of voluntary disclosures on the annual report of food and beverage subsector companies. Data obtained through secondary data on the website of the Indonesia Stock Exchange and the website of each company. The samples in this study were 17 food and beverage subsector companies listed on the Indonesia Stock Exchange. The sampling technique used in this study was purposive sampling. Hypothesis testing using multiple linear regression analysis methods. This study found that the profitability variable positively affects the extent of voluntary disclosure, and the firm age variable negatively affects voluntary disclosure. Meanwhile, the variables of leverage, liquidity, firm size, public shareholding and audit firm size don’t have effect on the extent of voluntary disclosures.

The reality of accounting for sustainable development in Iraqi commercial banks: An applied study on Iraqi commercial banks

The study sought to research the reality of accounting for sustainable development in the Iraqi banking sector. Work was done by preparing a questionnaire containing three axes to measure that reality. Some statistical methods were used to reach the desired results from this study, and one of the most important results of the study was the lack of A vision and a message that properly establishes the use of accounting methods for sustainable development in the Iraqi banking work, in addition to the absence of cadres and legislation establishing their use, and the absence of transparency regarding their use, with the presence of many obstacles that limit their application. As for the most important recommendations, the study called for developing a vision And a message to all Iraqi banking institutions in order to promote the use of accounting methods for sustainable development, prepare qualified cadres for this use and efficiently through training on their use, optimal use of resources and in a manner that achieves access to societal goals, the development of laws, regulations and instructions that establish this use and make it compulsory and not optional, Reducing corruption in all its forms while eliminating obstacles to implementation. References Abdel Hafez, Zainab Emam (2013), Measurement and Accounting Report on Sustainable Development Operations, The Scientific Journal of Research and Business Studies, Issue 3, p. 24-43, Faculty of Commerce and Business Administration, Helwan University, Egypt. Abdel-Rahim, Gamal Kamel (2015), Measuring the impact of applying the Egyptian corporate responsibility index for sustainable development in controlling financial performance: a field study on Egyptian companies listed in the stock exchange, PhD thesis, Faculty of Commerce, Cairo University, Egypt. Al-Ghamdi, Abdulaziz bin Saqr (2006), Human Resource Development and the Requirements of Sustainable Development, Naif University for Security Sciences, The Third Arab Forum for Education, Beirut, Lebanon. Al-Hiti, Nawzad Abdul Rahman (2009), sustainable development, general framework and applications, the United Arab Emirates as a model, Emirates Center for Strategic Studies and Research, Abu Dhabi, United Arab Emirates. Arcay .M.R and F(2005), Corporate characteristics governance rules and the extent of voluntary disclosure in Spain, A advances in Accounting, vol.21, pp:299-331. Ashkal, Ghazala Ahmed and Ali, Suad Ayesh (2020), The extent to which accounting for sustainable development can be adopted in the Libyan business environment: An applied study on the Ras Al-Anouf Oil and Gas Manufacturing Company, Bright Star Journal for Scientific Research, No. 1, pp. 216-236. Badr, Essam Ali (2013), a proposed model for accounting disclosure for the sustainable development of an Egyptian business, a field study, The Scientific Journal of Research and Business Studies, Volume 27, Issue 4, (215-232) Faculty of Commerce and Business Administration, Helwan University, Egypt. Ghallab, Fatih (2011), The evolution of the audit function in the field of corporate governance to embody the principles and standards of sustainable development: A case study of some industrial enterprises, Master’s thesis, Faculty of Economics, Commercial Sciences and Facilitation Sciences, Farhat Abbas University, Setif, Algeria. Ghallab, Fatih (2016), a proposed accounting framework for the application of the accounting system for sustainable development in economic institutions, PhD thesis, Faculty of Economics, Commercial and Facilitation Sciences, Setif, Algeria. Ghoneim, Othman Muhammad and Abu Zant, Magda (2010), sustainable development, its philosophy, planning methods and measuring tools, Safaa Publishing and Distribution House, first edition, Amman, Jordan. Giacomo D, Alisa, (2007), Dimensions of sustainable development: a proposal of systematization of sustainable approaches, Italy. Hossain, M. Islam, K. and Andrew, J. (October, 2006). "Corporate social and environmental disclosure in developing countries: evidence from Bangladesh.in Proceedings", of the Asian Pacific Conference on International Accounting. Hawaii. International Ffederation of Accountants (2006), Why sustainability countsfor professional Accountants in Business , professional, Accountants in Business committee, information paper. Medhat Abu El-Nasr and Yasmine Medhat Mohamed (2017), Sustainable development / its concept / dimensions / its indicators, The Arab Group for Training and Publishing, first edition, Egyptian Book House, Cairo, Egypt. Schaltegger, Stefan and Burritt Roger l.(2010), Sustainability accounting for companies, catchphrase or decision support for business leaders , Journal of world Business, vol.45, pp375-384. Schermerhorn, john, R.(2002), Management, 7th ed john wiley and sons Inc. New york. Sharif, Omar (2008), Solar Energy and Environmental Protection as a Strategy for Achieving Sustainable Development, Fifth National Research on Environmental Economy and its Impact on Sustainable Development, Faculty of Economics and Facilitation Sciences, Skikda University, Algeria

English

This paper explores the effect of corporate governance on voluntary disclosure. The investigation of the research question was based on hand-collected data from annual reports for a sample of 93 non-financial listed firms on the Athens Stock Exchange for 2017. Using several items to create a voluntary disclosure index, the authors investigate the arguments that ownership structure, board of directors (board) and audit committee affect voluntary disclosure. The results indicate that some corporate governance characteristics (block ownership and board independence) reduce voluntary disclosure, while others (board and audit committee size) increase the extent of disclosure. Additionally, a positive effect on the voluntary disclosure concluded for the size of the firm and the size of the audit firm. The results have implications for capital market regulators and listed firms wishing to reduce conflicts between the firm and its related parties and to strengthen the confidence to the firm’s governance by using corporate governance structures. This paper contributes to the academic debate on the relationship between corporate governance and voluntary disclosure by assessing the effect of ownership structure, board of directors (board) and audit committee on the extent of voluntary disclosure.   Key words: Corporate governance, disclosure, voluntary disclosure, ownership, board of directors, audit committee.

The effects of business ethics and corporate social responsibility on intellectual capital voluntary disclosure

PurposeThis study aims to examine the potential effect that business ethics (BE) in general and corporate social responsibility (CSR) more specifically can exert on the voluntary disclosure (VD) of intellectual capital (IC) for the ethically most engaged firms in the world.Design/methodology/approachThe research design is based on an inductive approach. As part of the global quantitative investigation, the authors have analyzed the impact of BE and CSR on the transparent communication of the IC. The data under analysis have been investigated using multiple linear regression.FindingsBased on a sample of 83 enterprises emerging as the most ethical companies in the world, the results have revealed that the adoption of ethical and socially responsible approach is positively associated with the extent of VD about IC. This finding may help attenuating the asymmetry of information and the conflict of interest potentially arising with corporate partners. Hence, IC-VD may stand as an evidence of ethical and socially responsible behaviors.Practical implicationsGlobal and national regulators and policymakers can be involved by these results when setting social reporting standards because they suggest that institutional and/or cultural factors affect top management's social reporting behavior in the publication of the IC information.Social implicationsDirect and indirect stakeholders, if supported by ethical and socially responsible behaviors of the company, could assess more in detail the quality of the disclosed information concerning the IC.Originality/valueMost of the studies that have been conducted in this field have examined the effect of BE and CSR on the firm's overall transparency, neglecting their potential effect on IC disclosure. This study is designed to fill in this gap through testing the impact of ethical and socially responsible approaches specifically on IC-VD.

Dampak Dispersion Of Ownership, Financial Distress, Dewan Pengawas, Umur Listing terhadap Pengungkapan Sukarela Bank Syariah

This study aims to look at the effect of ownership dispersion, financial distress, sharia supervisory board and age of listings on the extent of voluntary disclosure in Islamic banks registered with OJK in the 2015-2018 period. The population of the study was 14 companies of Islamic Commercial Banks and the number of samples obtained were 13 companies with an observation period of 4 years. Data analysis techniques using multiple linear regression. Statistical results show that Simultaneous that dispersion of ownership, financial distress, sharia supervisory board and age of listings have a positive and significant effect on voluntary disclosure of Islamic Commercial Banks. While partially dispersion of ownership and sharia supervisory board negative significant influence on voluntary disclosure of Islamic Commercial Banks.
 Keywords: Voluntary Disclosure; Ownership Dispersion; Financial Distress; Supervisory Board; Age Of Listing.

THE IMPACT OF FIRM CHARACTERISTICS ON THE LEVEL OF VOLUNTARY DISCLOSURE:

This study aims to examine the impact of some bank characteristics (age, size, profitability and leverage) on the extent of voluntary disclosure in annual reports of listed banks in Borsa Istanbul. All (13) listed banks represent the sample of the study. The study adopted the deductive approach by developing hypotheses based on the relevant theories and results of prior studies. The study also applied the panel data strategy to analyze the collected data from annual reports across five years (2013-2017). The results indicated that there is a positive relationship between each bank characteristic (age, size, profitability and leverage) and the level of voluntary disclosure. The results also show that profitability has a big impact on the level of voluntary disclosure followed by leverage, whereas, age and size have a small effect.

Investigasi Pengaruh Luasnya Pengungkapan Sukarela atas Keberadaan Komite Pengawas Manajemen Pada Perusahaan Manufaktur Di Indonesia

This study investigated the impact the existence from the oversight committee on the extent from voluntary disclosure of manufacturing company in Indonesia. The oversight committee consist of risk management committee and nomination and remuneration committe. The existence from the oversight committee of manufacturing companies who have never been broad mandatory will have an influence on the differences in the voluntary disclosure between the company which one with a company that other. Data was collected used a documentation technique from the annual reports manufacturing companies listed on the Indonesian Stock Exchange period 2015 until 2017. Sampling method used purposive sampling. The number of samples were 81 companies each year. Multiple linear regression analysis is tools used in this model. The final results showed that in parsial the existence from the risk management committee (RMC) had a positive significant effect of the extent from voluntary disclosure. In simultan test showed that oversight committee had a positive significant effect on the extent of voluntary disclosure. Suggestions for further research is to be able to add the use of data collection method as questionnaires and interviews in knowing more information about the existence of an oversight committee.

The extent of voluntary disclosure in the annual reports of Islamic banks: empirical evidence from Yemen

This article aims to measure the level of voluntary disclosure in the published annual reports of Yemeni Islamic banks. Four full-fledged Islamic banks from Yemen are selected for the current study. A disclosure checklist covering 266 items is prepared and a 10-year period, 2005–2014, is taken. The disclosure index items were classified into seven groups, such as basic information on Islamic banks, financial ratios, corporate governance information, financial statements data, corporate social disclosure, Zakat information, and other information that has been taken as an important attribute of voluntary disclosure. The obtained results show that the amount of voluntary disclosure that Yemeni Islamic banking institutions publish in their annual reports has gradually increased over the ten years examined. The results revealed that the highest average disclosure index score over the ten years was achieved by Tadhamon Islamic International Bank (TIIB), the second highest average disclosure score was obtained by Saba Islamic Bank (SIB), and the lowest average voluntary disclosure rating score during the ten years surveyed was achieved by Shamil Bank of Yemen & Bahrain in Yemen during the study period. Substantially, the result of voluntary disclosure scores indicates that the degree of voluntary disclosure by Yemeni Islamic financial institutions has relatively expanded during the ten years investigated. The findings provide new evidence for voluntary disclosure, particularly, Islamic disclosure items. The survey findings can be useful for regulators in Yemen to improve overall disclosure practices by Islamic banks operating in Yemen.

Board attributes and voluntary disclosure in an emerging economy: evidence from Nigeria

This study examines the effect of board attributes (board size, board composition and CEO duality) on the extent of voluntary disclosure using data for 237 firm-year observations from 75 firms listed on the Nigerian Stock Exchange from 2009 to 2012. The study constructs disclosure index score comprising 36 items. Using random-effects regression model, the result shows that CEO duality is negatively related to voluntary disclosure. This study also finds that board size and board composition do not have any significant relationship with voluntary disclosure. This study has implications for future researchers, regulators, and investors. Future researchers may find it interesting to examine board behaviour in order to understand the complexities of board operations as it affects their monitoring role. There is no evidence that the introduction of Corporate Governance Code by the Nigerian Securities and Exchange Commission has led to improvement in the voluntary disclosure made by listed companies. There is therefore the need for regulators to improve their enforcement and compliance mechanism at ensuring that listed companies comply with the disclosure requirements. It may also be appropriate that certain disclosures be made mandatory, since the management may not have the incentives to make such disclosures.

Board attributes and voluntary disclosure in an emerging economy: evidence from Nigeria

This study examines the effect of board attributes (board size, board composition and CEO duality) on the extent of voluntary disclosure using data for 237 firm-year observations from 75 firms listed on the Nigerian Stock Exchange from 2009 to 2012. The study constructs disclosure index score comprising 36 items. Using random-effects regression model, the result shows that CEO duality is negatively related to voluntary disclosure. This study also finds that board size and board composition do not have any significant relationship with voluntary disclosure. This study has implications for future researchers, regulators, and investors. Future researchers may find it interesting to examine board behaviour in order to understand the complexities of board operations as it affects their monitoring role. There is no evidence that the introduction of Corporate Governance Code by the Nigerian Securities and Exchange Commission has led to improvement in the voluntary disclosure made by listed companies. There is therefore the need for regulators to improve their enforcement and compliance mechanism at ensuring that listed companies comply with the disclosure requirements. It may also be appropriate that certain disclosures be made mandatory, since the management may not have the incentives to make such disclosures.

Pengaruh Listing Age dan Ownership Dispersion Terhadap Luas Pengungkapan Sukareka dengan Firm Size Sebagai Variabel Pemoderasi (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI tahun 2014-2016)

This study aims to determine the effect of listing age and ownership dispersion on voluntary disclosure with firm size as the moderating variable. The population of this research are manufacturing companies listed in Indonesia Stock Exchange (IDX) year from 2014 to 2016. The sample of this study was determined by using a purposive sampling method, and that the total sample of 89 manufacturing companies. The source of data is secondary data. The data was gathered www.idx.com. The data analysis technique used is Moderated Regression Analysis. The results shows: (1) Listing age has not significant effect on voluntary disclosure, (2) Ownership dispersion has significant negative effect on the extent of voluntary disclosure, (3) Firm size is not able to strengthen the effect of listing age on the extent of voluntary disclosure and (4) Firm size is able to strengthen the effect of ownership dispersion on the extent of voluntary disclosure.Keywords: Voluntary Disclosure, Listing age, Ownership dispersion and Firm Size

Aggregate financial disclosure practice: evidence from the emerging capital market of Kuwait

PurposeThe purpose of this paper is to evaluate the mandatory and voluntary disclosure practice and its determinants in Kuwait, an emerging market that applies International Financial Reporting Standards (IFRS).Design/methodology/approachThe study employs two main methods: an index-based analysis of mandatory, voluntary and aggregate disclosure as well as univariate and multivariate regression analysis of the determinants of disclosure levels.FindingsThe results show that the average aggregate disclosure level is 44 per cent. None of the sample companies complied fully with the disclosure requirements of IAS/IFRS. The extent of voluntary disclosure is also relatively low, although the documented amount represents an increase on that revealed in earlier studies in Kuwait. The multivariate regression results reveal that firm size is positively associated with voluntary disclosure, while mandatory disclosure is negatively linked to profit.Research limitations/implicationsThe findings are based on evidence from a single country and further work is needed to ascertain the extent of generalisability.Practical implicationsThe results of the study have implications for policy makers, professional accounting bodies and regulators as they contribute to the debate on to develop and encourage both compliance with mandatory disclosure requirements and voluntary practice. The evidence also has implications for attempts to derive full understanding of the factors driving disclosure practices in the developing world, and how these differ from behaviour in the world’s richest nations.Originality/valueThe study contributes to the existing literature in the area in two main ways. First, as compliance with mandatory disclosure requirements in developed countries is total (or near to total) in most cases, it has been the subject of little empirical enquiry. By focussing instead on a developing nation – one that has adopted IFRS – the analysis facilitates the provision of novel evidence regarding both the nature and determinants of failure to follow disclosure rules. Second, prior studies generally fail to distinguish between financial and non-financial firms, despite differences in reporting standards and norms across the two groups; the present study makes this distinction.

CSR Reporting Practices of Hungarian Banks

The disclosure of information on the exercise of corporate social responsibility (CSR) is the tool most frequently used by companies to promote understanding of the social and environmental performance of an organisation and to improve relationships with stakeholders. For most of the world’s largest companies, reporting on non-financial information appears to be a continuing trend, so it is essential to present the new corporate reporting trends of the 21st century. The disclosure of socially responsible information will be analysed, with a focus on the application of the Global Reporting Initiative guidelines related to CSR. Global Reporting Initiative (GRI) is the best-known framework for voluntary reporting of environmental and social performance by business worldwide. The main objective of the paper is to explore the corporate voluntary disclosure practices of the listed and non-listed banks in Hungary. The extent of voluntary disclosure has significantly improved for decades worldwide, but the situation is not that obvious regarding the Hungarian financial sector. This paper aims to describe the status of disclosure practices of corporate sustainability in the annual reports, sustainability reports or CSR reports of the banking industry in Hungary. Also, increased corporate visibility and financial risk increase stakeholder demand for transparency on the social impact of financial institutions and their CSR practices. Finally, the analysis and subsequent comparison of available CSR reports of banks will be presented.

The extent of voluntary corporate disclosure in the Egyptian Stock Exchange

PurposeThe purpose of this paper is to investigate the current level of voluntary corporate disclosure in the Egyptian Stock Exchange. In addition, it explores the factors influencing the extensiveness of voluntary disclosure and examines the potential consequences of such disclosure in regards to the phenomenon of earnings management.Design/methodology/approachA relevant disclosure index to the Egyptian context was adopted to assess the level of voluntary disclosure in the 2010 annual reports of the most actively traded companies listed on the Egyptian Stock Exchange. The relationship between the extent of voluntary disclosure and each specific-related factor was examined using unranked and ranked OLS regression models. Meanwhile, a system of simultaneous equations was performed using a two-stage least squares regression model in order to investigate whether companies with higher levels of voluntary disclosure exhibit lower levels of earnings management practices.FindingsThe results indicate that the level of voluntary disclosure is positively responsive to specific corporate attributes, namely, the type of auditing firm and the two industries of Healthcare and Pharmaceuticals, and Chemicals. However, no significant indications were found that firm size, leverage, profitability and liquidity are important determinants of corporate disclosure. Also, the results show no evidence to support the prior anticipation that a higher level of voluntary disclosure reduces the ability of managers to make use of earnings management. On the contrary, it was found that leverage and the tendency of firms to avoid reporting declines in earnings are the main drivers of the phenomenon of earnings management in Egypt.Practical implicationsThis paper has important implications for both domestic and overseas investors in Egypt as well as the regulatory authorities in the developing economies.Originality/valueThe main contribution of this paper is its focus on the extent of voluntary disclosure in a developing country such as Egypt, which has a high potential for economic growth in the near future. Besides, this paper is the first to examine the relationship between the level of voluntary disclosure and the phenomenon of earnings management in the Egyptian context.

The Influence of the Existence of an Oversight Committee and the Extent of Voluntary Disclosure on Stock Prices In Indonesia

This study consists of t wo test models. The first model investigates the impact betweenthe existence of a noversight committee on the extent of voluntary disclosure. The second test model investigates the impact betweenthe extent of voluntary disclosure on stock price. The data was collected from the annual reports non-financial companies listed on the Indonesian Stock Exchange (BEI) the period 2012, 2013 and 2014. Analysis tools used in the first test model is a multiple regression and a second test using simple regression model is also performed. The results of analyses show that only the existence of the risk management committee has a significant positive effect on the extent of voluntary disclosure. Then, the extent of voluntary disclosure has a significant positive effect on stock prices.

The Effect of Ownership Structure on Voluntary Disclosure: Evidence from Saudi Arabia

This paper aims to examine the effect of CG characteristics (ownership structure) on the extent of voluntary disclosure in the financial reports of non-financial listed firms in Saudi Arabia. This paper aims to examine the current level of voluntary disclosure and investigate the influence of variables, such as ownership structure (managerial ownership, family member on the board and government ownership level) and control variables (size, leverage and return on assets), in relation to the level of VDS in non-financial companies listed on the Saudi Stock Exchange. The results of this study suggest that the corporate governance-related variables influence the level of information disclosed, thus confirming the proposed hypotheses. The results showed that the level of VDS was acceptable compared to other studies. With regard to the quality of disclosure, results regarding the CG characteristics showed that all the variables were significantly positively linked to the level of VDS. Moreover, the results regarding the control variables also indicate a significantly positive association with the level of VDS. The results of this paper might be of interest to regulators, investment analysts, and market participants and can aid Saudi authorities in enforcing new policies aimed towards improving the quality of financial reporting.

The Effect of Audit Quality on the Extent of Voluntary Disclosure: Companies Listed in the Tunisian Stock Exchange

This study attempts to identify the effect of some audit quality characteristics on the level of voluntary disclosure in annual reports. Namely, using panel data analysis, empirical study is conducted through a sample of 29 firms from the Tunisian Stock Exchange covering the period 2009 to 2011. Therefore, a web-based search was performed locating the corporate websites of the sample firms and the official site of the Tunisian Stock Exchange. We observe that both auditor industry specialization and Big 4 listener network improve the level of voluntary disclosure. Our findings complement prior research in this area and have policy implications that the quality of audit provided by a Big 4 auditor or auditor industry specialization is evident for enhancement of voluntary disclosure.

Firm geographic location and voluntary disclosure

This study aims to shed light on the effect of a firm’s geographic location on its voluntary disclosure policy. It hypothesizes that a firm’s geographic distance from metropolitan areas increases the cost of oversight of managerial actions, which creates incentives for remotely located firms to make more voluntary disclosures in their annual reports that improve information available to investors and hence mitigate agency conflicts. Based on a sample of 260 French listed firms spanning the period 2007–2010, we find support for our hypothesis that as a firm’s distance from the Paris region increases, its level of voluntary disclosure in annual reports increases as well. This is consistent with the notion that remote firms are likely to pre-commit to higher voluntary disclosure so as to reduce oversight costs arising from geographic remoteness and mitigate agency conflicts. Our results are robust to alternative measures of voluntary disclosure, to several geographic location proxies, and to alternative estimation techniques. Collectively, they confirm the positive effect of distance on the extent of voluntary disclosure.