Association between firm characteristics and corporate voluntary disclosure: Evidence from Turkish listed companies

Ali Uyar, Merve Kilic, Nizamettin Bayyurt


Purpose: This paper empirically investigates the factors that impact voluntary information disclosure level of Turkish manufacturing companies listed in the Istanbul Stock Exchange (ISE).

Design/methodology/approach: The methodology of the study is content analysis of annual reports of the corporations listed on the ISE for the year 2010.

Findings: The findings provide evidence of a positive association between voluntary information disclosure level and the variables such as firm size, auditing firm size, proportion of independent directors on the board, institutional/corporate ownership, and corporate governance. However, leverage and ownership diffusion were found to have negative significant association with the extent of voluntary disclosure. The remaining variables, namely, profitability, listing age, and board size were found to be insignificant.

Research limitations/implications: Since this study was conducted solely on listed manufacturing companies, the results may not be generalizable to non-listed and non-manufacturing industries. The study has some implications for firms, auditors, investors, and regulators. All these parties play an important role in improving the transparency and disclosure practices of corporations.

Originality/value: We extend previous research on the determinants of voluntary information disclosure in the emerging market context.


corporate reporting, firm characteristics, voluntary disclosure, annual reports, Turkey

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Licencia de Creative Commons 

This work is licensed under a Creative Commons Attribution 4.0 International License

Intangible Capital, 2004-2024

Online ISSN: 1697-9818; Print ISSN: 2014-3214; DL: B-33375-2004

Publisher: OmniaScience