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。意大利的一些案例表明，管理者控制其披露的内容、数量和时间，以实现其公司价值。为了考察日本企业自愿性信息披露的实际情况，我们对三家日本企业进行了访谈，但并没有观察到上述意大利的一些特征，日本企业的被访者通过自愿性信息披露来控制企业价值的意识并不强。如果没有更强的激励，他们不应该自愿披露非财务信息。我们还需要解决的另一个问题是，如何在战略自愿性信息披露的研究成果的基础上，建立一个新的管理者与投资者之间的双向沟通机制。

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.