The significance of intangible assets in a knowledge-based economy and the decrease in
value-relevance of financial information increase the demand for nonfinancial information
disclosure. In this regard, we examine the determinants of the nonfinancial information
disclosed in the Management Discussion and Analysis (MD&A). Whereas prior studies
investigate the level of voluntary disclosure, we examine the level of nonfinancial
information. We conduct a contents analysis, using a modified computational linguistic …