Analyzing Factors Affecting the Use of Voluntary Disclosure Information using a Modified Theory of Reasoned Action: A Study in Indonesia

Gunawan Wibisono, Devie Dwi Aryani Putri


Abstract: Voluntary disclosure information has been a research topic for a long time. However, very few tried to explain it from the investors' point of view. This study attempted to justify the use of voluntary disclosure information by using a modified Theory of Reasoned Action (TRA) model by adding perceived freedom of physical effort as a third behavior beliefs construct.  By using SEM and path analysis, this study found that all three behavior beliefs constructs affect behavior intention to use voluntary disclosure information. Perceived usefulness and perceived freedom of physical effort have a direct effect on behavior intention in using voluntary disclosure information while perceived ease of use is having an indirect impact to behavior intention in using voluntary disclosure information through perceived usefulness. This study has opened a path to a new view of research in voluntary disclosure topic, which is the information-seeking behavior from the investors' point of view. Further study related to this new view can be done to further extend the TRA model in particular to voluntary disclosure information setting

Abstract: Pengungkapan informasi sukarela telah menjadi topik penelitian untuk waktu yang lama. Namun, sangat sedikit yang mencoba menjelaskannya dari sudut pandang investor. Penelitian ini berusaha untuk membenarkan penggunaan informasi pengungkapan sukarela dengan menggunakan model Theory Reasoned Action (TRA) yang dimodifikasi dengan menambahkan kebebasan yang dirasakan dari usaha fisik sebagai konstruk keyakinan perilaku ketiga. Dengan menggunakan SEM dan analisis jalur, penelitian ini menemukan bahwa ketiga konstruk keyakinan perilaku mempengaruhi niat perilaku untuk menggunakan informasi pengungkapan sukarela. Dirasakan kegunaan dan kebebasan yang dirasakan dari upaya fisik memiliki efek langsung terhadap niat perilaku dalam menggunakan informasi pengungkapan sukarela sementara persepsi kemudahan penggunaan memiliki dampak tidak langsung dengan niat perilaku dalam menggunakan informasi pengungkapan sukarela melalui kegunaan yang dirasakan. Studi ini telah membuka jalan untuk pandangan baru penelitian dalam topik pengungkapan sukarela, yang merupakan perilaku pencarian informasi dari sudut pandang investor. Studi lebih lanjut terkait dengan pandangan baru ini dapat dilakukan untuk lebih memperluas model TRA khususnya untuk pengaturan informasi pengungkapan sukarela.


voluntary disclosure, TRA, perceived usefulness, perceived ease of use, behavior intention

Full Text:



Adams, D. A., Nelson, R. R., & Todd, P. A. (1992). Perceived Usefulness, Ease of Use, and Usage of Information Technology: A Replication. MIS Quarterly, 16(2), 227-247.

Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behavior. Englewood Cliffs, NJ: Prentice-Hall.

Almilia, L. S. (2008). Factors Affecting the Voluntary Disclosure of "Internet Financial and Sustainability Reporting". Journal of Accounting and Auditing Indonesia, 12(2).

Al-Razeen, A., & Karbhari, Y. (2004). Interaction between Compulsory and Voluntary Disclosure in Saudi Arabian Corporate Annual Reports. Managerial Auditing Journal, 19, 351-360.

Alsamydal, M., Alnaimi, H., & Dajani, D. (2015). Using Fishbein's Model to Measure Individual's Attitude Toward Electronic Communication Means. International Journal of Sales and Marketing Management Research and Development, 5(2), 1-18.

Amalia, D. (2005). Factors Affecting the Extent of Voluntary Disclosure on the Company's Annual Report on the Jakarta Stock Exchange. Jurnal Akuntansi Pemerintah, 1(2).

Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211, 348-355.

Bagozzi, R. P. (1981). Causal Modelling: A General Method for Developing and Testing Theories in Consumer Behavior. Advances in Consumer Research, 8, 195-202.

Barki, H., & Hartwick, J. (1994). Measuring User Participation, User Involvement, and User Attitude. MIS Quarterly, 18(1), 59-82.

Ben-Amar, W., & McIlkenny, P. (2014). Board Effectiveness and the Voluntary Disclosure of Climate Change Information. Business Strategy and The Environment, 24(8), 704-719.

Botosan, C. A. (1997, July). Disclosure Level and the Cost of Equity Capital. The Accounting Review, 72(3), 323-349.

Bryne, B. (2001). Structural Equation Modelling with AMOS: Basic Concepts, Applications, and Programming. London: Lawrence Erlbaum Associates.

Bushman, R. M., & Smith, A. J. (2003, April). Transparency, Financial Accounting Information, and Corporate Governance. Economic Policy Review, 9(1), 65-87.

Cassar, G., Ittner, C. D., & Cavalluzzo, K. S. (2015). Alternative information sources and information asymmetry reduction: Evidence from small business debt. Journal of Accounting and Economics, 59(2-3), 242-263.

Chau, P., & Hu, P. (2002). Information Technology Acceptance by Individual Professionals: A Model of Comparison Approach. Decision Sciences, 32(4), 699‐719.

Culnan, M. (1985). The Dimensions of Perceived Accessibility to Information: Implications for the Delivery of Information and Services. Journal of the American Society of Information Science, 36(5), 302-308.

Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.

Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Management Science, 35, 982-1003.

Depoers, F., Jeanjean, T., & Jérôme, T. (2016). Voluntary Disclosure of Greenhouse Gas Emissions: Contrasting the Carbon Disclosure Project and Corporate Reports. Journal of Business Ethics, 134(3), 445-461.

Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325-345.

FASB. (2001). Insights into Enhancing Voluntary Disclosures. Retrieved from

Fathema, N., & Sutton, K. (2013). Factors influencing faculty members' Learning Management Systems adoption behavior: An analysis using the Technology Acceptance Model. International Journal of Trends in Economics Management & Technology, II(vi), 20-28

Fathema, N., Shannon, D., & Ross, M. (2015). Expanding the Technology Acceptance Model (TAM) to examine faculty use of Learning Management Systems (LMS). Journal of Online Learning and Teaching, 11(2), 210-233.

Fishbein, M. (1967). A behavior theory approach to the relations between beliefs about an object and attitude toward the object. New York: Wiley.

Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading, MA: Addison- Wesley. Retrieved from

Gray, S. J., & B, R. C. (1989). Voluntary Information Disclosure and the British Multinationals: Corporate Perceptions of Costs and Benefits. In A. G. Hopwood, International Pressures for Accounting Change. Hemel-Hempstead: Prentice Hall International.

Hartono, J. (2004). Business Research Method: Misguided and Experiences. Yogyakarta: BPFE.

Ioannou, I., & Serafeim, G. (2017). The Consequences of Mandatory Corporate Sustainability Reporting. Harvard Business School.

Komalasari, Puput, T., & Baridwan, Z. (2001). Information Asymmetry and Cost of Equity Capital. Indonesian Journal of Accounting Research, 4(1), 64-81.

Mardiyah, A. A. (2002). Influence of Asymmetry and Disclosure Information to Cost of Capital. Indonesian Journal of Accounting Research, 5(2), 229-256.

Meek, G. K., Roberts, C. B., & Gray, S. J. (1995). Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K. and Continental European Multinational Corporations. Journal of International Business Studies, 555-572.

Qu, W., Leung, P., & Cooper, B. (2013). A study of voluntary disclosure of listed Chinese firms – a stakeholder persp Figure 4: Path Analysis Result (in the diagram)

ective. Managerial Auditing Journal, 28(3), 261-294.

Siregar, S. V., & Bachtiar, Y. (2010). Corporate social reporting: empirical evidence from the Indonesia Stock Exchange. International Journal of Islamic and Middle Eastern Finance and Managemen, 3(3), 241-252.

Suwardjono. (2005). Teori Akuntansi: Perekayasaan Pelaporan Keuangan (3rd ed.). Yogyakarta: BPFE Yogyakarta.

Tao, D. (2008). Using Theory Of Reasoned Action (TRA) In Understanding Selection And Use Of Information Resources: An Information Resource Selection And Use Model. Columbia: University of Missouri.

Venkatesh, V. (2000). Determinants of Perceived Ease of Use: Integrating control, intrinsic motivation, an Fig Figure 3: Path Analysis Result (in the diagram)ure 5: Path Analysis Result (in the diagram)

d emotion into the Technology Acceptance Model. Information Systems Research, 11(4), 342-365.

Venkatesh, V., & Davis, F. D. (2000). A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies. Management Science, 46(2), 186-204.

Weston, J. F., Brigham, E. F., & Aberwald, D. A. (1993).

Essentials of Managerial Finance. Portland: Dryden Press.

Wilson, T. (1999). Models in information behavior research. Journal of Documentation, 55(3), 249-270.



  • There are currently no refbacks.


The Indonesian Journal of Accounting Research (IJAR)

Editorial Secretariat

Master of Science and Doctoral Programs
Faculty of Economics and Business, Gadjah Mada University

Jl. Nusantara, Bulaksumur Yogyakarta 55281
CP : Novita
Phone  : +62 812-2848-2829
Fax    : +62 274 524606
Email  :

Marketing and Sales Office

Ikatan Akuntan Indonesia
Graha Akuntan, Jl. Sindanglaya No.1 Menteng, Jakarta Pusat 10310
CP : Reza Fauzi
Divisi Pelayanan, Keanggotaan dan Mitra IAI.
Grha Akuntan, Jl. Sindanglaya No.1, Menteng.
Telp.021-31904232 Ext.324/321



ISSN 2086-6887 (Print)
ISSN 2655 - 1748 (online)


Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.