This article examines voluntary disclosure in the annual reports of 85 Malaysian companies listed on Bursa Malaysia. In departure from prior studies, which mainly examined the impact of social or environmental accidents on corporate disclosure, we examined voluntary disclosures for two years, 2006 and 2009, in an attempt to determine whether the 2007 / 08 fi nancial crisis had some impact on corporate voluntary disclosure (CVD). Drawing on proprietary costs theory, we argued that in times of fi nancial crisis companies might not have afforded the costly process of additional voluntary disclosures due to the related preparation and competitive costs. Hence, companies would have provided less voluntary information after the fi nancial crisis.On the other hand, the fi nancial crisis might have forced companies to be involved in more social activities to legitimize their existence. It could be argued that the public was in greater need during the fi nancial crisis, and hence their expectations from company contributions might have been higher. To reduce the possibility of ' legitimacy gap ' , companies may have increased their involvement in corporate social responsibility (CSR) Programs, which in turn led to increased corporate disclosure. Using a self-constructed disclosure checklist, the fi ndings of the study indicate that the extent and quality of CVDs provided in the annual reports of sample companies increased signifi cantly following the recent global fi nancial crisis. The results also reveal that based on the category of information (that is, strategic, fi nancial, CSR), CSR information was the most widely disclosed category following the fi nancial crisis. These fi ndings