Research on the Corporate Website Voluntary Disclosure and its Impact on Firm Value

Voluntary disclosure on corporate Website is a growing prevailing phenomenon. Using a sample of SSE A-share listed companies in 2006, the paper studies the voluntary disclosure on listed company's Website and its impact on firm value. We use content analysis method to build Internet Voluntary Disclosure Score (IVDS) system, in order to evaluate the level of disclosure, while use Tobin's Q to evaluate the firm value. Then, we use multiple regression analysis to test the relationship between them. The result reveals that, corporate website voluntary disclosure and firm value is significantly positively correlated when we control some elements such as company size, capital structure, ownership concentration and corporate risk.