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Theories applied in corporate voluntary disclosure: a literature review

Md. Abdur Rouf (Department of Business Administration, Daffodil International University, Dhaka, Bangladesh)
Md. Nur-E-Alam Siddique (School of Management, Faculty of Economics and Management, National University of Malaysia (UKM), Bangi, Malaysia)

Journal of Entrepreneurship and Public Policy

ISSN: 2045-2101

Article publication date: 27 September 2022

Issue publication date: 8 March 2023




This paper attempts to review the corporate voluntary disclosure (CVD) from the theoretical perspective as well as propose a conceptual framework.


The researchers use structural literature review technique. The sample literature consisting of 55 articles was extracted from the Scopus database over the period of 2017–2021.


The literature observes that the legitimacy, agency and stakeholder theories are most applied in CVD related studies than the other theories. It is also revealed that researchers need to concentrate more studies on those theories of CVD that have been applied in a limited study such as neo-institutional, signaling, resource dependence, political economy and impression management theories.

Practical implications

The findings can help the understanding of parties such as practitioners', regulators and potential investors of the theories in CVD from a combined and comprehensive view.

Social implications

The results of the study offer new insights into the potential impact of organizational level and country level theories in CVD from different perspectives of developed and developing countries.


This study delivers an inclusive literature review of the current study approach on the theories of CVD and highlights some stimulating guidelines for future study.



Rouf, M.A. and Siddique, M.N.-E. (2023), "Theories applied in corporate voluntary disclosure: a literature review", Journal of Entrepreneurship and Public Policy, Vol. 12 No. 1, pp. 49-68.



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