This study investigates the effect of voluntary disclosure of technological cooperation (namely, in-bound transfer, out-bound transfer and technological alliance) on long term performance and its determinants of long term performance after the disclosure. We find that long term performance is not statistically different from zero in case of the voluntary disclosure of technological cooperation of in-bound and out-bound transfer, while there is a positive effect of the technological alliance on long term performance. We also find that long term performance after the voluntary disclosure of in-bound and out-bound transfer where the information asymmetry is high has a positive relation to earnings predictability while negative relation to discretionary accruals. In addition, the relationship between the earnings attributes (earnings predictability and discretionary accruals) and the long term performance after the voluntary disclosure of in-bound transfer and out-bound transfer is more evident in the subsample of high-tech industry than in low-tech industry.