Behavior analysis of the voluntary disclosure for non-financail information

在意大利，非财务信息的自愿披露与创新的模式(如渐进式创新、突破性创新、意义创新等)有一定的关系。之前的一些意大利案例表明，管理者控制着他们的披露内容、数量和时间，以决定他们的公司价值。三家日本公司为考察日本自愿性信息披露的实际情况进行了访谈，但没有观察到意大利等一些特征。日本受访者通过自愿性信息披露来控制自己的企业价值的意识并不强烈。没有更强的激励，他们不会自愿披露非财务信息。我们需要解决的另一个问题是，如何在战略自愿性信息披露相关研究结论的基础上，建立一种新的管理层与投资者双向沟通机制。

In Italy the voluntary disclosure of non-financial information has some relations with the patterns of the innovations (e.g. incremental innovation, radical innovation, meanings innovation et al.). Some previous Italian cases show that managers control their disclosure contents, quantity and timing for their corporate value. Three Japanese companies have interviewed in order to investigate the actual Japanese voluntary disclosure but some characteristics above like Italy have not been observed.Japanese interviewees are not so strong conscious of control their corporate value by the voluntary disclosure. They don't suppose to disclose non-financial information voluntarily withoute more strong incentive. Our additional problem should be challenged are to create a new system of two-way communication between manages and investors based on research conclusion regarding with the strategic voluntary disclosure.