The information disclosed by the companies in their annual reports reveals much about company’s performance and prospects. Investors take the information as base for decision for investment. Under such circumstance, companies choose to disclose beyond what is mandatorily required. Theories like agency theory, capital need theory and signaling theory support the need of voluntary disclosure. This study is about investigating the extent of Voluntary disclosure in pharmaceutical sector of India which is 3 rd in World in terms of Volume of Trade. Objective : To investigate the extent of voluntary disclosure practices prevailing in pharma sector of India, for the year 2010-11 to 2017-18. Significance of the study: This study aims to explore the corporate aspect of pharmaceutical sector. Any growing avenue is a potential opportunity for investors looking for parking their money to get adequate returns. Thus, Indian Pharma sector has come up in flying colors as an avenue for investors to place their money owing to its 100% FDI . Investors have been looking for more and more information from this sector to ensure the safety of funds. Thus the extent of disclosures is worth studying to place a suggestion for the policymakers to introduce the changes in the present set of disclosure practices in pharmaceutical sector. Research Methodology : To understand the extent of voluntary disclosure, a disclosure checklist is constructed and descriptive statistics are carved out to reach the results. The checklist consists of 55 items which are not mandatory by law. The checklist is based on dichotomous scale of ‘1’ and ‘0’ representing presence and absence of the checklist item respectively. The cross sectional analysis is carried out to investigate the year wise and company wise disclosure for eight years. Findings: Though the study observes an increasing trends in the disclosure scores, but the findings are alarming to state that the highest score attained by any company throughout the period of 8 years was 37 (out of 55) not even meeting 80% of the total checklist score. This shows that pharmaceutical sector is not so friendly at disclosures. The probable reasons for such startling results are discussed in the study.

中文翻译：

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制药行业信息披露的评估：来自印度的证据

这些公司在其年度报告中披露的信息充分揭示了公司的业绩和前景。投资者将这些信息作为投资决策的基础。在这种情况下，公司选择披露超出强制性要求的范围。代理理论，资本需求理论和信号理论等理论支持自愿披露的需求。这项研究的目的是调查印度制药行业的自愿披露程度，按交易量计算，该领域在全球排名第三。目标：调查2010-11至2017-18年度印度制药行业普遍存在的自愿披露做法。研究的意义：本研究旨在探讨制药行业的公司方面。对于寻求停车以获取足够回报的投资者而言，任何增长的途径都是潜在的机会。因此，由于其100％的外国直接投资，印度制药业出现了飞速发展的趋势，为投资者提供了放置资金的途径。投资者一直在寻找该领域越来越多的信息，以确保资金安全。因此，披露的程度值得研究，为决策者提出建议，以介绍制药行业当前披露实践中的变化。研究方法：为了了解自愿披露的程度，构建了披露清单并刻划了描述性统计数据以得出结果。该清单由55项组成，法律没有强制要求。该检查表基于分别表示检查表项目存在和不存在的“ 1”和“ 0”的二分式量表。进行横截面分析以调查按年度和按公司的披露情况，为期八年。调查结果：尽管该研究发现披露分数的趋势呈上升趋势，但调查结果令人震惊地指出，任何一家公司在8年内获得的最高分数是37（55分），甚至没有达到总数的80％清单分数。这表明制药行业在信息披露方面并不那么友好。研究中讨论了产生这种惊人结果的可能原因。尽管该研究发现披露分数呈上升趋势，但发现令人震惊的是，任何一家公司在8年内获得的最高分数是37（55分中），甚至没有达到清单总分的80％ 。这表明制药行业在信息披露方面并不那么友好。研究中讨论了产生这种惊人结果的可能原因。尽管该研究发现披露分数呈上升趋势，但发现令人震惊的是，任何一家公司在8年内获得的最高分数是37（55分中），甚至没有达到清单总分的80％ 。这表明制药行业在信息披露方面并不那么友好。研究中讨论了产生这种惊人结果的可能原因。