This study was conducted to determine the effect of independent commissioner, leverage and return on equity on voluntary disclosure with mandatory disclosure variable as the moderating variable. The population is a manufacturing company incorporated in the Indonesia Stock Exchange. By using quantitative analysis technique of multiple regression analysis, the researcher perform hypothesis test on research problem. Voluntary disclosure measurements were performed using items developed by Elsayed and Haque from the Botosan instrument. While the measurement of disclosure shall be made using an unweighted disclosure index in accordance with the latest regulations of the Indonesian Financial Services Authority (OJK). Secondary data is obtained from the company's annual financial statements published in 2016. The results show that only Leverage variables significantly affect the Company's Voluntary Disclosure. In addition, the results indicate that the mandatory disclosure of the company does not moderate the Independent Commissioner, Leverage and Return on Equity relationships, neither strengthening nor weakening the relationship of those variables to the Company's Voluntary Disclosure. In addition, this study also shows that there is a significant difference between mandatory disclosure and voluntary disclosure. Then, for the impact of the use of certain public accounting firms, the results show that there is no significant difference to mandatory and voluntary disclosure of companies that using "Big Auditor" and "Non Big Auditor".

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