Český finanční a účetní časopis 2025(1):66-118 | DOI: 10.18267/j.cfuc.610

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

David Šimek
Prague University of Economics and Business, Faculty of Finance and Accounting, Department of Financial Accounting and Auditing, nám. W. Churchilla 4, 130 67 Praha 3

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.

Keywords: Information; Accounting; IPO; Methodology; Theoretical framework; Signalling theory; Proprietary cost; Voluntary disclosure
JEL classification: M40, M41, M42, M48

Received: April 10, 2025; Revised: April 10, 2025; Accepted: April 14, 2025; Published: July 21, 2025  Show citation

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Šimek, D. (2025). The determinants of voluntary disclosure in IPO prospectuses: a systematic literature review. Czech Financial and Accounting Journal, 2025(1), 66-118. doi: 10.18267/j.cfuc.610
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