Voluntary Disclosure Practices Among Listed Companies in Nigeria

This study examines voluntary disclosure practices among listed companies in Nigeria. Results from Univariate and Multivariate analyses of 52 listed companies, representing 41% of the population studied, suggest an average voluntary disclosure of 44% based on modified Meek et al (1995) disclosure index comprising 24 disclosure items. The study found significant positive relationship between voluntary disclosure and firm size, measured as the natural logarithm of total asset. Significant positive relationship was also found between market based definition of firm performance and voluntary disclosure. Percentage of block share ownership and percentage of managerial share ownership were found to be negatively related to firm disclosures. The study has important implications for both individual and institutional investors globally, regulator and policy makers in developing economies.