Presenting a Model for Voluntary Disclosure of Non-Financial Information Based on an Institutional Perspective in Companies Listed on the Tehran Stock Exchange
Keywords:
Voluntary Disclosure Model, Non-Financial Information, Institutional Theory, Stock ExchangeAbstract
The objective of this study is to develop an institutional theory–based model explaining the determinants of voluntary disclosure of non-financial information among listed companies. This applied and descriptive–analytical research utilized panel data from 114 firms listed on the Tehran Stock Exchange over the period 2012–2021. Fixed-effects panel regression was employed after conducting the F-Limer and Hausman tests. The dependent variable was the non-financial disclosure index, while independent variables represented coercive, discretionary, and normative institutional factors. The results showed that voluntary disclosure of non-financial information is significantly affected by multiple institutional drivers. Among coercive factors, ownership concentration, institutional ownership, CSR disclosure, audit firm size, and firm size had positive effects, while management changes had a negative impact. Regarding discretionary factors, audit committee independence, board independence, and audit quality were positively associated with disclosure. Among normative factors, international treaty membership, CSR awards, additional global/national certifications, and market-share growth exhibited significant positive influences. ISO 9001 and ISO 14001 certifications showed no significant effect. Across all models, R-squared values ranged from 0.70 to 0.79, indicating strong explanatory power of institutional mechanisms. The findings demonstrate that voluntary non-financial disclosure is shaped by an interplay of coercive, normative, and firm-level discretionary institutional pressures. Enhancing corporate governance structures, strengthening audit quality, and expanding institutional affiliations can improve transparency. In contrast, some widely adopted standards such as ISO certifications no longer differentiate firms due to their commoditization.
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Copyright (c) 2025 Ali Khodabakhshi (Author); Mohsen Dastgir (Corresponding author); Saeid Ali Ahmadi (Author)
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