Effects of culture and corporate governance on firms' voluntary disclosure level: A study on BIST firms

With the development of capital markets, the decision of investors has necessi-tated more knowledge. Within this scope, the level of information disclosure and desire of the companies gained importance. Research shows that information disclosure levels of firms are affected by various factors. Corporate governance and culture, in where companies operate, are the main factors that affects the disclosure level. In this study, the impact of culture and corporate governance on voluntary disclosure practices of the companies that are traded in Istanbul Stock Exchange was analyzed on the basis of the Hofstede-Gray model. In the result of the study which consider the company-specific variables as well as culture and corporate governance variables, the structure of the board, firm size, independent auditor and education were found to be important factors to explain firms' disclosure levels.