Voluntary Disclosure by Listed Companies: Theoretical Framework and Strategic Issues

Communication volontaire des sociétés cotées: cadre théorique et enjeux stratégiques

Sarra Rarhibou and Benaissa Nahhal
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Sarra Rarhibou: Faculté des Sciences Juridiques, Economiques et Sociales, Salé
Benaissa Nahhal: Faculté des Sciences Juridiques, Economiques et Sociales, Salé

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Abstract: In an economic environment where investor confidence depends on transparency, this article explores the fundamental role of voluntary disclosure as a lever for creating value and reducing informational asymmetries. It aims to highlight how this form of disclosure, freely initiated by listed companies, helps to strengthen the credibility of the issuer, optimize its relations with stakeholders and consolidate its legitimacy on the financial markets. After outlining the development, concept and process of financial communication, the study distinguishes between voluntary communication and mandatory communication, which is governed by regulatory requirements. It then proposes a typology of the main voluntary disclosures. Two theoretical frameworks are used to understand the strategic significance of this approach: signal theory, which analyses the differentiating function of communication in a situation of information asymmetry, and the theory of market efficiency, which emphasises the role of transparency in asset valuation. Finally, the article explores the practical implications of voluntary disclosure, both for the issuing company and for the functioning of the financial market, highlighting its contribution to more transparent and efficient finance.

Keywords: voluntary information; market efficiency theory.; signaling theory; listed companies; disclosure; Financial communication; théorie de l’efficience des marchés financiers; théorie du signal; sociétés cotées; information volontaire; divulgation; Communication financière (search for similar items in EconPapers)
Date: 2025-09-07
Note: View the original document on HAL open archive server: https://hal.science/hal-05271138v1
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Published in International Journal of Accounting, Finance, Auditing, Management and Economics, A paraître, ⟨10.5281/zenodo.17170259⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05271138

DOI: 10.5281/zenodo.17170259

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