This research examines the impact between Voluntary Disclosure (VD) to company's performance. Company's performance is measured using Price to Book Value (PBV) while VD uses Voluntary Disclosure Index to measure VD disclosure. The samples of this study are 41 firms listed in Indonesian Stock Exchange. The research period is year 2007. The results show that there is no significant impact between VD to PBV. VD is not being a consideration for investor to conduct stock transaction due to VD disclosure is made by management that is driven by self-interest and of its "voluntary" characteristic.