The intension of this study is to reduce the asymmetry information and agency conflicts for the smooth functioning of the Pakistani corporations. To determine the relationship between culture, corporate governance and voluntary disclosure of information. Data was gathered from annual reports of Karachi Stock Exchange 100-index during the period of 2010 to 2014. Culture (Education) corporate governance, ownership structure taken as independent variables. Firm specific characteristics used as control variables. Voluntary disclosure of information as a dependent variable, to measure disclosure by developing the index. Correlation matrix, full and reduced regression models were applied to test the estimations. Findings of regression model indicates that two corporate governance variables cross-directorship was positively associated with voluntary disclosure and significant at 5% level and chairperson with cross directorship was negatively associate and significant at 10% level. Results indicate that multiple listing companies in Pakistan were negative associated with disclosure and significant at 1% level. Results shows that cross directorship and chairperson with cross directorship both where significantly transparent in their dealings and provide their expertise for encourage the voluntary disclosure of information. Findings proves helpful for the government, management, investors, creditors and other stakeholder’s i.e. tax authorities, financial institutions and customers could get essential information about voluntary disclosure of information in Pakistani listed companies.
