Finally, the goal of this paper was to show the level of voluntary disclosure of information on cash flows whose shares are listed on the Zagreb Stock Exchange. The statement of cash flows is an obligation for medium-sized, large, and listed companies. We view the public disclosure of financial statements as mandatory (companies that publish information that is minimally prescribed by law) and voluntary (companies that publish new, i.e., additional, information about cash flow). Characteristics that affect the level of voluntary disclosure are classified into two groups: qualitative characteristics (age and size of the company and sectoral classification) and accounting data (change in net profit, change in cash flow from regular operations, method of compiling reports on cash flows from business activities and payment of dividends). A sample of 30 companies from the Zagreb Stock Exchange was examined for the purposes of the empirical part of the work, while the hypotheses were tested using a logistic regression model. The logistic regression model showed that there is a greater number of companies that do not publish additional data on cash flows (20 companies out of a total of 30 companies). The payment of dividends and the size of the company, with the help of descriptive statistics, showed a positive connection with the dependent variable.