Determinants of voluntary disclosure: An empirical analysis of financial, market, and organizational factors

Yuichiro Nakai and Mitsuo Yoshida

PLOS ONE, 2025, vol. 20, issue 6, 1-29

Abstract: This study systematically examines the determinants of voluntary disclosure by listed companies in Japan, where non-financial disclosure is not legally mandated. Using quarterly data from 5,915 companies between 2009 and 2024, a logistic regression analysis was conducted to assess the influence of financial indicators, company characteristics, stock exchange, industry classification, and shareholder composition. The results reveal that ISO certification (ISO 14001 and ISO 45001) significantly promotes voluntary disclosure. Firm size and listing on a prime market are positively associated with disclosure, whereas foreign market listings tend to suppress disclosure—contrary to conventional theories. Additionally, manufacturing and IT sectors are proactive in disclosure, whereas the agriculture, forestry, fishing, and mining sectors are more reluctant. Shareholder composition also plays a crucial role, with financial institution shareholders promoting disclosure and corporate shareholders suppressing it. By leveraging Japan’s unique voluntary disclosure environment, this study offers new insights into corporate transparency and the strategic design of disclosure policies.

Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0324625 (text/html)
https://journals.plos.org/plosone/article/file?id= ... 24625&type=printable (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0324625

DOI: 10.1371/journal.pone.0324625

Access Statistics for this article

More articles in PLOS ONE from Public Library of Science
Bibliographic data for series maintained by plosone ().