Effect of voluntary disclosure on value relevance of earnings per share

The purpose of this study is to investigate the effect of voluntary disclosure on value relevance of earnings per share. The statistical society includes companies accepted in Tehran Stock Exchange(TSE), and the time span of the study is from the beginning of 2007 up to the end of 2010. Based on the assumption that an increased focus on the informational needs of investors should increase the quality of accounting information, we expect that greater voluntary disclosure levels will be associated with greater value relevance of earnings per share as one of the most important accounting information. The results show that voluntary disclosure no significant influence on the value relevance of earnings per share. An important reason for this conclusion can disability of investors and other users of the financial reports to use the accounting information to be disclosed.