Investors need information for assessing the future cash flows and for decision-making. Management, on the other hand, can supply the information voluntarily to meet the demands of the investors. Listed companies disclose both the mandatory and voluntary information. Voluntary disclosures are disclosures in excess of the required disclosures. Many accounting researchers began to focus on the voluntary disclosures in the recent times. In this context, this paper examines the factors influencing the voluntary disclosures contained in the annual report. The size of the firm, the nature of the industry and the ownership structures are also examined. This paper finds that the size of the firm affects the disclosure levels positively and the ownership structures affect the overall disclosure levels negatively. Industry and foreign ownership also affect certain types of voluntary information to some extent.

The recent reforms by various regulators to improve the disclosure and transparency regulations in India have been aimed at protection of investors and creditors and to improve the corporate accountability. These disclosures have been through annual reports, filings with the stock exchange and quarterly information published.

The purpose of any disclosure system is to `provide information that is useful to present and potential investors and creditors and others in making rational investment, credit and similar decisions' (FASB, 1978). Accordingly, timely and accurate disclosure of information regarding the financial situation, performance, ownership and governance of the company is important to anticipate the future. Disclosures improve the understanding of the structure, activities and policies of the organization. Consequently, the organization would be able to attract investors, and ultimately enhance the trust and confidence of the stakeholders.

Analysis of Corporate Voluntary Disclosure Practices: A Study of Indian Companies, information, disclosures, ownership, investors, creditors, organization, corporate, credit, accurate, factors, financial, governance, Industry, anticipate, Investors, policies, protection, published, rational, transparency, voluntarily.