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The determinants of voluntary disclosure in IPO prospectuses: a systematic literature review

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  • David Šimek

Abstract

The objective of this paper is to examine the factors influencing voluntary disclosures during the Initial Public Offering (IPO) process. Through a systematic review of the literature, the paper identifies and analyses the theoretical frameworks that underpin disclosure practices, including the constraints that may limit such disclosures. Based on an examination of 330 research papers obtained from the Scopus database, the findings indicate that the dominant theoretical perspectives in this field are the signalling theory and the proprietary costs theory. By integrating insights from competing theoretical frameworks, this review offers a comprehensive understanding of the determinants driving the decision-making process undertaken by management to reveal private information in IPO prospectuses.

Suggested Citation

  • David Šimek, 2025. "The determinants of voluntary disclosure in IPO prospectuses: a systematic literature review," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2025(1), pages 67-119.
    • Handle: RePEc:prg:jnlcfu:v:2025:y:2025:i:1:id:610:p:67-119
    DOI: 10.18267/j.cfuc.610
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    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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