Theoretical propositions suggest that mandatory and voluntary disclosures are related. Empirical studies focusing on this relationship provide mixed evidence as they found that mandatory and voluntary disclosures are either complements or substitutes. Relying on a proprietary, hand-collected database about the risk disclosure of oil companies, we find that voluntary risk disclosure increases with the level of mandatory risk disclosure up to a threshold above which companies reduce their voluntary disclosures. We also find that this relationship depends on the firm-level uncertainty, and it is sharpened in the presence of high exposure to liquidity risk. Overall, our results contribute to the debate on whether and on which level disclosure should be regulated.

JEL Classification: M41, G14

理论命题表明，强制披露和自愿披露是相关的。专注于这种关系的实证研究提供了混合证据，因为他们发现强制披露和自愿披露要么是互补的，要么是替代的。依靠手工收集的关于石油公司风险披露的专​​有数据库，我们发现自愿风险披露随着强制性风险披露水平上升到公司减少其自愿披露的阈值。我们还发现，这种关系取决于公司层面的不确定性，并且在存在高流动性风险的情况下变得更加尖锐。总体而言，我们的结果有助于关于是否应该监管披露以及在哪个级别上进行监管的辩论。

JEL 分类： M41、G14