Signaling Firm Performance Through Corporate Voluntary Disclosure

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Amal Hamrouni
Anthony Miloudi
Ramzi Benkraiem


Voluntary Disclosure, Signaling Theory, Firm Performance, Data Envelopment Analysis


The present study empirically investigates the link between corporate voluntary disclosure and firm performance. The empirical analyses show a positive relationship between disclosure indexes and firm performance proxies. They provide evidence that the level of voluntary information disclosed in annual reports plays a significant signaling role of firm performance. However, the extent of this role depends on the nature of the voluntary disclosure, i.e. strategic, financial or corporate governance information.


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