One area of discussion that has had little research despite growing concerns within the field is the absence of empirical research on the regulation of voluntary disclosure, which remains virtually non-existent in today's economic financial atmosphere. However, extensive research has been done in order to determine the true factors that push corporations and management into utilizing voluntary disclosure, and the six top results have been widely utilized in varying circumstances in order to gauge motive and success.

The first result has been labeled the capital markets transactions hypothesis, which suggests that investors' perceptions of a firm are important to corporate managers expecting to issue public debt or equity or to acquire another company in a stock transaction (Healy and Palepu 2008, pp.405). Therefore, in order to avoid asymmetry, managers instead anticipate making capital market transactions have an additional incentive to provide voluntary disclosure in order to reduce the information asymmetry...
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