This study investigates the financial disclosure policy of small and medium-sized enterprises listed on a stock market with very low disclosure requirements: the Free Market of the Euronext Stock Exchange. In contrast to firms listed on a regulated stock market, firms on the Free Market do not...

Information serves an important role in the governance process and, despite the presence of disclosure regulations, there are many private and public firms that voluntarily provide more information than required. This chapter considers the advantages and disadvantages of voluntary disclosure at...