Behavior analysis of the voluntary disclosure for non-financail information

在意大利，非财务信息自愿披露与创新模式有一定的关系（如渐进式创新、激进式创新、意义式创新等）。以往意大利的一些案例表明，管理者控制着公司价值披露的内容、数量和时间。为了调查日本自愿披露的实际情况，我们采访了三家日本公司，但没有观察到意大利等上述一些特征。日本受访者通过自愿披露来控制企业价值的意识不强。如果没有更强的激励，他们不会主动披露非财务信息。我们应该挑战的另一个问题是，以有关战略自愿披露的研究结论为基础，在管理层和投资者之间建立一种新的双向沟通体系。

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.