Behavior analysis of the voluntary disclosure for non-financail information

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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.