Macroeconomic Variables Fluctuations and corporate voluntary disclosure

This paper assesses the impact of a comprehensive set of macroeconomic factors (including changes in exchange rate, changes in inflation rate, changes in liquidity, changes in trade balance, and changes in gross domestic production) on voluntary disclosure in companies annual reports. The analysis of systematic factors) economic variables and the level of voluntary disclosure is ignored in capital market researches, which is considered the contribution of the present research.The data set includes 113 companies listed on Tehran Stock Exchange (TSE) for the period of 1391 -1398. The study used Ordinary Least Squares (OLS) regression model to examine the relationship between above mentioned macroeconomic factors and corporate voluntary disclosure. The empirical results show that among macroeconomic variables that have been examined, there are only significant relationships between changes in inflation rate, liquidity, and gross domestic product and voluntary disclosure. We did not find any statistically significant association between other macroeconomic factors (including changes in Exchange rate and trade balance) and voluntary disclosure. The results suggest that macroeconomic variables can explain the corporate voluntary disclosure.