Factors influencing the different categories of voluntary disclosure in annual reports: An analysis for Iberian Peninsula listed companies

This study examines the determinants of voluntary disclosure, and its different categories, in the annual reports of Portuguese and Spanish listed companies. We studied the relations between corporate characteristics, corporate governance variables and voluntary disclosure. We built a voluntary disclosure index based on the information firms provided in their annual reports. The results show that the score for strategy is significantly higher than for marketing and human capital. The analysis of the multiple regression models indicated that disclosure decisions are a complex process and are affected by interrelated factors. The results indicate that the main determinants of voluntary disclosure are the variables related with firm size, growth opportunities, organizational performance, board compensation and the presence of a large shareholder.