Investigating the Relationship between Financial Statements Complexity and Voluntary Disclosure Considering the Role of Firm Performance, Liquidity, and Institutional Owners

The purpose of this study is to investigate the relationship between financial statements complexity and voluntary disclosure of information and the impact of three variables, firm performance, stock liquidity status and institutional owners on this relationship. In order to do this research, 109 companies was selected for the period 1392-1397 ,panel data approach was used to test the research hypothesis and a total of 5 main hypotheses and 10 sub-hypotheses were tested. The positive and significant coefficients of complexity variable in the first four models show that the complexity of financial statements have a positive relationship with the level and speed of voluntary disclosure. That is , the greater the complexity of financial statements, managers publish more voluntary information in less time after the financial statements are published to improve the quality of reporting environment. In addition the results of sub- hypothesis 5 to 10 show that when the stock liquidity decreases around the date of release of financial statements and when the number of institutional ownership increases, this relationship is stronger and if the company performs poorly, this relationship is weaker.