Recent tendency of businesses towards voluntary disclosure has improved the quality of financial reporting.\nHigh-quality financial reporting helps users of financial information trust the business, and thus, creates value for the\nbusiness. The present study divided voluntary disclosure in two groups of financial and non-financial information and\ninvestigated the effects of fundamentals on voluntary disclosure by businesses. The population was composed of\n65 companies listed on the Tehran Stock Exchange from 2005 to 2012. The hypothesis testing results showed that\nfirm size, business complexity, earnings volatility, and firm value had a significant and positive impact on voluntary\ndisclosure whereas financial leverage had a significant and negative impact on voluntary disclosure, while no\nrelationship was observed between voluntary disclosure and financial performance.
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