其他摘要：Purpose: This paper empirically investigates the factors that impact voluntaryinformation disclosure level of Turkish manufacturing companies listed in the BorsaIstanbul (BIST). Design/methodology/approach: The data collection methodology of the study iscontent analysis of annual reports of the corporations listed on the BIST for the year2010. In order to analyze the results, we employed Ordinary Least Square (OLS) andTwo-Stage Least Squares (2SLS) regressions to examine the association between theexplanatory variables and voluntary disclosure level.Findings: The findings provide evidence of a positive association between voluntaryinformation disclosure level and the variables such as firm size, auditing firm size,proportion of independent directors on the board, institutional/corporate ownership, andcorporate governance. However, leverage and ownership diffusion were found to havenegative significant association with the extent of voluntary disclosure. The remainingvariables, namely, profitability, listing age, and board size were found to beinsignificant.Research limitations/implications: The study has got some implications foremerging markets particularly. Voluntary disclosure contributes to alleviate the agency costs arising from information asymmetry, makes the firms more transparent andaccountable, and opens the way for capital flow emerging markets need to financegrowth. Therefore, the subject is quite important for emerging markets. The study hassome implications for firms, auditors, investors, and regulators. All these parties play animportant role in improving the transparency and disclosure practices of corporations.Since this study was conducted solely on listed manufacturing companies, the resultsmay not be generalizable to non-listed and non-manufacturing industries.Originality/value: We extend previous research on the determinants of voluntaryinformation disclosure in the emerging market context.
