The purpose of the study is to investigate the effects of CEO pay-performance sensitivity (PPS) on the company's voluntary disclosures. Executive salaries and operating performances of the companies were first computed to derive the PPS of the CEO. The voluntary disclosure items on the company's annual reports were divided into five categories and the content analysis method was then conducted to measure the level of the company's disclosure. In addition, the effects of the voluntary financial forecasts on the company's stock price were measured to determine the information contents of the voluntary financial forecasts. The empirical results indicate that companies with high PPS have a higher level of voluntary disclosure as well as higher information contents of the voluntary financial forecasts.
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