• Mr Nihar Nanavati Gujarat University
  • Dr. Sagar Dave Principal, Government Arts College, Meghraj



Voluntary Disclosure, Corporate Transparency, Content Analysis, FMCG Industry


This study examines the extent and trends of voluntary disclosure among five FMCG companies in India over a three-year period from 2020 to 2023. Data was collected from annual reports and other public sources, focusing on financial, environmental, social, and governance-related information. Content analysis using binary coding was employed to quantify disclosure practices. The research found significant differences in voluntary disclosure among the companies, with areas such as product management, ESG reporting, and governance showing varying levels of disclosure. The findings highlight areas where companies can improve their voluntary disclosure practices to enhance transparency and accountability.


El-Gazzar, Samir M.; Fornaro, James M.; and Jacob, Rudy A., "An Examination of the Determinants and Contents of Corporate Voluntary Disclosure of Management's Responsibilities for Financial Reporting" (2006). Faculty Working Papers. Paper 56.

Chen, L., Srinidhi, B., Tsang, A., & Yu, W. (2016). Audited financial reporting and voluntary disclosure of corporate social responsibility (CSR) reports. Journal of Management Accounting Research, 28(2), 53-76.

Zamil, I. A., Ramakrishnan, S., Jamal, N. M., Hatif, M. A., & Khatib, S. F. (2023). Drivers of corporate voluntary disclosure: a systematic review. Journal of Financial Reporting and Accounting, 21(2), 232-267. DOI 10.1108/JFRA-04-2021-0110

Boesso, G., & Kumar, K. (2007)., Drivers of corporate voluntary disclosure, Accounting, Auditing & Accountability Journal, Vol. 20 Issue 2 pp. 269 - 296,"

Gunawan, H., & Lina, E. O. (2015). Mandatory and voluntary disclosure of annual report on investor reaction. International Journal of Economics and Financial Issues, 5(1), 311-314.

Nurunnabi M., Hossain M.A. (2012), The voluntary disclosure of internet financial reporting (IFR) in an emerging economy: a case of digital Bangladesh, JOURNAL OF ASIA BUSINESS STUDIES, VOL. 6 NO. 1 2012, pp. 17-42, DOI 10.1108/15587891211190688

Charumathi, B., & Ramesh, L. (2015). On the determinants of voluntary disclosure by Indian companies. Asia-Pacific Journal of Management Research and Innovation, 11(2), 108-116, DOI: 10.1177/2319510X15576179

Byrd, J. W., Johnson, M. F., & Porter, S. L. (1998). Discretion in financial reporting: The voluntary disclosure of compensation peer groups in proxy statement performance graphs. Contemporary Accounting Research, 15(1), 25-52.

Bonsón Ponte, E., & Escobar Rodríguez, T. (2002). A survey on voluntary disclosure on the internet: empirical evidence from 300 European Union companies. The International Journal of Digital Accounting Research, Vol. 2, No. 1, pp. 27-51 ISSN: 1577-8517"

Dalwadi, P., & Japee, G. (2023). A study of the focus areas of the top ten CSR contributing companies in India. Vidya-A Journal of Gujarat University, 2(1), 128-135.

Suharsono, R. S., Nirwanto, N., & Zuhroh, D. (2020). Voluntary disclosure, financial reporting quality and asymmetry information. Journal of Asian Finance, Economics and Business, 7(12), 1185-1194. Print ISSN: 2288-4637 / Online ISSN 2288-4645, doi: 10.13106/jafeb.2020.vol7.no12.1185

Mohammadi S., Nezhad B.M. (2015), The role of disclosure and transparency in financial reporting, International Journal of Accounting and Economics Studies, DOI: 10.14419/ijaes. v3i1.4549

Ball, R., Jayaraman, S., & Shivakumar, L. (2012). Audited financial reporting and voluntary disclosure as complements: A test of the confirmation hypothesis. Journal of accounting and economics, 53(1-2), 136-166., doi: 10.1016/j.jacceco.2011.11.005

Lemma, T. T., Shabestari, M. A., Freedman, M., & Mlilo, M. (2020). Corporate carbon risk exposure, voluntary disclosure, and financial reporting quality. Business Strategy and the Environment, 29(5), 2130-2143.DOI: 10.1002/bse.2499

Bagnoli, M., & Watts, S. G. (2007). Financial reporting and supplemental voluntary disclosures. Journal of Accounting Research, 45(5), 885-913. DOI: 10.1111/j.1475-679X.2007. 00258.x

Oluwagbemiga, E. O. (2014). The use of voluntary disclosure in determining the quality of financial statements: evidence from the Nigeria listed companies. Serbian Journal of management, 9(2), 263-280. DOI:10.5937/sjm9-5784

Guay, W., Samuels, D., & Taylor, D. (2016). Guiding through the fog: Financial statement complexity and voluntary disclosure. Journal of Accounting and Economics, 62(2-3), 234-269.

Yuen, C. Y., Liu, M., Zhang, X., & Lyu, C. (2009). A case study of voluntary disclosure by Chinese enterprises. Asian Journal of Finance & Accounting, 1(2)., ISSN 1946-052X

Depoers, F. (2000). A cost benefit study of voluntary disclosure: Some empirical evidence from French listed companies. European Accounting Review, 9(2), 245-263, DOI: 10.1080/09638180050129891 ·

Kasznik, R. (1996). Financial reporting discretion and corporate voluntary disclosure: Evidence from the software industry. Available at SSRN 15059.

Hossain, M., Perera, M. H. B., & Rahman, A. R. (1995). Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management & Accounting, 6(1), 69-87.

Percy, M. (2000). Financial reporting discretion and voluntary disclosure: corporate research and development expenditure in Australia. Asia-Pacific Journal of Accounting & Economics, 7(1), 1-31.

Rouf, D. M. A. (2011). Corporate characteristics, governance attributes and the extent of voluntary disclosure in Bangladesh. African Journal of Business Management, 5(19), 7836-7845.

Boateng, R. N., Tawiah, V., & Tackie, G. (2022). Corporate governance and voluntary disclosures in annual reports: a post-International Financial Reporting Standard adoption evidence from an emerging capital market. International Journal of Accounting & Information Management, 30(2), 252-276, DOI 10.1108/IJAIM-10-2021-0220

Albawwat, A. H. (2015). Corporate governance and voluntary disclosure of interim financial reporting in Jordan. Journal of Public Administration and Governance, Vol. 5, No. 2, 100-127

Chen, J., Choudhary, P., Khatri, A., & Sunder, S. V. (2023). Does Verification of Internal Control Over Financial Reporting Affect Voluntary Disclosure? Available at SSRN 4452673.

Japee, G. P. (2018). Environmental Accounting: Disclosure Practices of Selected Indian Companies. International Journal of Creative Research Thoughts, 6(1), 651-661.

Li, X., & Yang, H. I. (2016). Mandatory financial reporting and voluntary disclosure: The effect of mandatory IFRS adoption on management forecasts. The accounting review, 91(3), 933-953.

Gu, Z., Ng, J., & Tsang, A. (2019). Mandatory IFRS adoption and management forecasts: The impact of enforcement changes. China Journal of Accounting Research, 12(1), 33-61.

Lapointe-Antunes, P., Cormier, D., Magnan, M., & Gay-Angers, S. (2006). On the relationship between voluntary disclosure, earnings smoothing and the value-relevance of earnings: The case of Switzerland. European accounting review, 15(4), 465-505,


Olowookere, J. K., Shittu, R. M., & Olorede, T. E. (2023). Ownership Structure and Voluntary Disclosure among Nigerian Listed Non-Financial Firms. Izvestiya. Journal of Economics, Management and Informatics, 67(1), 41-59. DOI: 10.56065/IJUEV2023.67.1.41

Juhmani, O. I. (2013). Ownership structure and corporate voluntary disclosure: Evidence from Bahrain. International Journal of Accounting and Financial Reporting, 3(2), 133. ISSN 2162-3082

Prabhakar, B. A., & Japee, G. P. (2023). LINKING CORPORATE SOCIAL RESPONSIBILITY AND PROFITABILITY OF SELECTED CEMENT COMPANIES IN INDIA: AN EMPIRICAL VALIDATION. EPRA International Journal of Environmental Economics, Commerce and Educational Management (ECEM), 10(4), 24-30.

Patel, M., & Japee, G. (2019). A comparative study of selected private and public sector bank with special reference to corporate social responsibility in India. Journal of the Gujarat Research Society, 21(16), 3336-3350.

Zechman, S. L. (2010). The relation between voluntary disclosure and financial reporting: Evidence from synthetic leases. Journal of Accounting Research, 48(3), 725-765.

Assidi, S. (2023). Voluntary disclosure and corporate governance: substitutes or complements for firm value? Competitiveness Review: An International Business Journal. DOI 10.1108/CR-08-2022-0112

Zadek, S. (2007). The path to corporate responsibility. In Corporate ethics and corporate governance (pp. 159-172). Berlin, Heidelberg: Springer Berlin Heidelberg.

Willis, A. (2003). The role of the global reporting initiative's sustainability reporting guidelines in the social screening of investments. Journal of Business Ethics, 43, 233-237.

Baber, W. R., Fairfield, P. M., & Haggard, J. A. (1991). The effect of concern about reported income on discretionary spending decisions: The case of research and development. Accounting Review, 818-829.




How to Cite

Nanavati, N., & Dave, S. (2024). BEYOND THE BALANCE SHEET: A COMPREHENSIVE STUDY OF VOLUNTARY DISCLOSURE IN INDIAN FMCG COMPANIES. International Journal of Management, Public Policy and Research, 3(1), 36–44.