Paper Title
Regulatory Change and Firms’ Voluntary Disclosure: Evidence from Taiwan

Abstract
This study examines firms’ voluntary disclosure behavior of Taiwan’s listed companies. We find that firms disclose more when they expect better performance and have a lower threat of entry. Higher historical disclosure credibility also induces a higher disclosure tendency and in a multi-period disclosure game, incentive-compatible reporting mechanisms can exist without severe penalties for misrepresentation. Our evidence also supports the pecking order theory in the sense that equity financing induces more disclosure than does debt financing. Index Terms- Voluntary disclosures; Financial Forecasts; Disclosure credibility; Incentive compatible reporting; Pecking Order.