Measuring the Level of Voluntary Disclosure and its Impact on Income Smoothing and The Value of The Company: Applied Study in Al-Mansour Company for Pharmaceutical Industries and Medical Appliances

Voluntary disclosure serves as a strategic tool for enhancing transparency, reducing information asymmetry, and improving the quality of financial reporting, which in turn fosters investor confidence and governance efficiency. Despite its significance, studies investigating the role of voluntary disclosure in mitigating income smoothing and enhancing firm value within the Iraqi context remain limited. The lack of empirical research linking voluntary disclosure to income manipulation practices and company valuation in Iraqi pharmaceutical industries calls for focused inquiry. This study examines the level of voluntary disclosure and its influence on income smoothing and market valuation using Al-Mansour Company for Pharmaceutical Industries and Medical Appliances as a case study for the fiscal year 2024. Findings reveal a high level (72.059%) of voluntary disclosure, which correlates positively with increased market value and reduced income smoothing, as supported by Miller Index analysis and market valuation changes. The study employs a detailed measurement framework encompassing financial, strategic, and non-financial disclosure dimensions, providing a comprehensive assessment rarely applied in Iraqi firms. These results underscore the importance of adopting broader disclosure practices to improve financial integrity and support informed decision-making among investors and regulators, contributing to ethical and sustainable corporate practices.