that correlations are relatively low (less than 0.80) among all variables which indicate that there is no multi-collinearity problem. An additional check for multi–collinearity was performed by calculating the Variance Inflation Factor (VIF) after each regression model. Earlier research has stipulated that if the VIF value is more than 10, then there is certain to be a multi-collinearity problem. The mean and maximum values of the VIF investigations were formulated with the regression results to show that there is no need to be concerned with this problem (Field, 2009). Table 3 shows that CSR disclosure quantity is positively correlated with market capitalization at 0.371 (5% significance level). However, there is no correlation between CSR disclosure quantity and the other measurements. It provides evidence that CSR disclosure quantity is statistically correlated positively with some corporate governance variables such as BSZE at 0.182 (10% significance level), CEO duality at 0.191 (10% significance level), ACSZE at 0.173 (10% significance level), and correlated positively and negatively with firm characteristics, such as dividends paid at 0.287 (5% significance level) and CAPEXAST at -0.187 (10% significance level). In addition, the CSR disclosure quality is associated positively with market capitalization at 0.305 (5% significance level). However, there is no correlation with the two other measurements. Table 3 shows that it is correlated with one variable of corporate governance, such as managerial ownership at 0.199 (5% significance level), and with firm characteristics, such as dividends paid at 0.338 (5% significance level). Moreover, the Pearson correlation matrix indicates a significant association between CSR disclosure quantity and quality with some firm characteristic variables. This study finds
13 that there is a positive relationship between CSR disclosure quantity and quality and both are significantly correlated with dividends paid at 0.287 and 0.338, respectively (5% significance level). This result is consistent with prior research, such as Elliott, Jackson, Peecher and White (2014), who show that CSR disclosure is negatively associated with firm value. According to Klein et al. (2005), firm value rises with greater corporate governance disclosure, thus we suppose that voluntary disclosure has a positive impact on the firm value. Previous studies (Sheu et al., 2010; Gordon et al., 2010) pointed out that voluntary disclosure has an impact on firm value based on the signalling theory. Consequently, more disclosure signals give a better governance mechanism and reduce agency conflicts.