| Why should organisations voluntarily disclose? |
| Normative | Organisations should voluntarily disclose material information to benefit stakeholders, investors first and foremost | CDP (2021b), CDP (2021b, 2020a), CDSB (2019), IFRS Foundation (2021a, 2021b), IIRC (2021), SASB (2017) |
| Why do organisations disclose? |
| Incremental information | Organisations voluntarily disclose to reduce information asymmetries and enhance informed decision-making | Li, Richardson, and Thornton (1997), Merkl-Davies and Brennan (2007), Milgrom, 1981), Smith and Taffler (1992), Verrecchia (1983) |
| Legitimacy | An organisation may voluntarily disclose information to acquire, maintain and repair legitimacy | Deegan (2002), Dumay et al. (2018), Merkl-Davies and Brennan (2007), Unerman and Chapman (2014) |