The Effect of Voluntary Disclosure of Historical and Prospective Non-Financial Information on the Non-Financial Sustainability Performance of Companies

Disclosure of information is one of the important elements of the capital market, which leads to transparency in exchanges and reduces information asymmetry, and leads to increased market efficiency and improved stability performance. With the development of markets and increasing stakeholder expectations, disclosing information related to social issues, sustainable development, and sustainability has become more necessary. Managers will disclose information if the benefits of voluntary disclosure outweigh the cost. Accordingly, the present study aims to investigate the effect of voluntary disclosure of non-financial information (historical and prospective) on the performance of non-financial sustainability of companies. For this purpose, the data of the 120 firms from the statistical population have been investigated and analyzed in the period from 1392 to 1398. The main variables of research are voluntary disclosure of non-financial information and performance of non-financial sustainability. To analyze the data and test the hypotheses, a multiple regression model (using the panel data method) has been used and the findings indicate that voluntary disclosure of historical non-financial information has a positive and significant effect on improving the Performance of Companies' non-financial Sustainability, while voluntary disclosure of future non-financial information does not have a significant effect on the Performance of Companies' non-financial Sustainability.