The Trade-Off Between Mandatory and Voluntary Disclosure: Evidence From Oil Companies’ Risk Reporting
利用石油公司风险披露的手工数据，发现强制披露与自愿披露呈倒U型关系，且受公司不确定性和流动性风险影响，为披露监管提供了实证依据。
Theoretical propositions suggest that mandatory and voluntary disclosures are related. Empirical studies focusing on this relationship provide mixed evidence as they found that mandatory and voluntary disclosures are either complements or substitutes. Relying on a proprietary, hand-collected database about the risk disclosure of oil companies, we find that voluntary risk disclosure increases with the level of mandatory risk disclosure up to a threshold above which companies reduce their voluntary disclosures. We also find that this relationship depends on the firm-level uncertainty, and it is sharpened in the presence of high exposure to liquidity risk. Overall, our results contribute to the debate on whether and on which level disclosure should be regulated.