Optimizing a multi-objective model to determine the optimal extent of voluntary information disclosure

The purpose of this study is to determine the optimal level of voluntary disclosure by considering the accounting, market and combined performance criteria of those companies listed on Tehran Stock Exchange by different industries. In this research, we intend to use the Games software to turn the functions of a multi-objective problem into a single-objective problem. Objective functions include maximizing a variety of corporate performance metrics. To obtain values in the functions, the comprehensive criterion method (Lp-Metric) is used which was obtained by using mathematical equations of optimal voluntary disclosure values in different industries. For this purpose, the data related to 108 companies listed on Tehran Stock Exchange from 2009 to 2019 in 8 industries were collected separately. The present research is method-analytical-mathematical and applied in terms of purpose. The results show that from the 8 industries during the research period, the ceramic tile industry has the lowest optimal rate of voluntary disclosure and the automotive and spare industry parts have the highest optimal rate of voluntary disclosure. The optimal rate of voluntary disclosure indicates that those industries that are more important have the highest rate of optimal disclosure.