Determinants of Voluntary Disclosure in Iran Capital Marke

Voluntary disclosure of managers as one of the mechanisms of transparency are noticed by analysts and capital market participants. Identifying the determinants of voluntary disclosure can help to understand the factors that affected the transparency and efficiency of capital market and efficiency of resource allocation. In this study, the characteristics of the company, corporate governance and stakeholder power as the determinants of voluntary disclosure will be discussed. The sample consisted of 146 companies listed on Tehran Stock Exchange in the period 2010- 2015. The hypothesis of this study is investigated with the structural equation modeling and multivariate regression to be comprehensive analysis of the effect of latent variables and their components on voluntary disclosure. The findings show, company's structural features have a positive and significant impact and company's performance features have significant and negative impact on the level of voluntary disclosure. Features of the board of directors, ownership structure and audit have positive and significant impact on the level of voluntary disclosure. Also Internal stakeholders, significant negative impact as well as external stakeholders have positive and significant impact on their level of voluntary disclos.