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The Impact of Voluntary Disclosures on the Growth of Not-for-Profit Entities
Daniel G Neely,
The University of Houston
Saleha B Khumawala, The University of Houston
Teresa P. Gordon, The University of Idaho
ABSTRACT. The purpose of this paper is to empirically test whether the level of voluntary disclosure from nonprofit organizations is a determinant in their growth. This paper finds empirical evidence which supports the hypothesis that the amount of information available about the organization’s services is positively associated with the level of direct contributions received in the subsequent period. Our results are robust to several alternative model specifications and provide insights in the importance of voluntary disclosures in the nonprofit sector. The results in this paper highlight a direct incentive nonprofit organizations have in providing voluntary disclosure and the importance of monitoring these disclosures by donors and regulators to ensure a faithful representation of organizational activities.
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