Voluntary Information Disclosure Practice of Listed Companies in Nigeria
Efobi, U.R., and Bwala, A. (2013), Voluntary Information Disclosure Practice of Listed Companies in Nigeria, Institute of Chartered Accountants of Nigeria- ICAN Journal of Accounting & Finance, 2(1), 13-30.
24 Pages Posted: 14 Jan 2014 Last revised: 17 Jan 2014
Date Written: January 13, 2014
This study examines the specific corporate attributes that explains the extent of voluntary disclosure in Nigeria. The increase in the public demand for more disclosure motivated this study. Using panel-data analysis for 40 listed companies (2004-2008) and after controlling for both linear and non linear properties in the model, the empirical results show that: size of the company has a positive decreasing impact on voluntary disclosure. Also, at contemporaneous and squared value, the age of the company was negatively associated with voluntary disclosure. Leverage was found to have an inverted u-shape association with voluntary disclosure while the performance variable exhibited a u-shape relationship with the explanatory variable. The relationship between auditor types and voluntary disclosure was positive.
Keywords: Agency Theory; Corporate Governance; Financial Report; Voluntary Disclosure
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