The Impact of Voluntary Disclosures in Financial Statements on Stock Performance in Hong Kong


This paper investigates the effect that voluntary disclosure made by listed firms in Hong Kong in the financial statements of their corporate annual reports have on their stock performance. Firm size appears to be the dominant corporate factor that determines the amount of voluntary disclosures made. Blue chip listed firms tend to make more disclosures on corporate social responsibility issues than other firms. Voluntary disclosures are found to have a significant positive influence on stock performance, with disclosures on strategic issues having the greatest influence, followed by those on financial and corporate social responsibility issues.


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