The Significance of accounting information in financial markets attracts studies to investigate the determinants of information asymmetry. Some of these studies indicate that voluntary disclosure is one of these determinants but their results are contrasted. This indicates that the effect depends on other moderating variables. The current research suggests (governance, date of publication, the type of earnings management"informatic or opportunistic") as moderating variables. The research uses trade volume abd bid-ask spread to measure asymmetry with three measures: First, at the date of financial reports publication, Secand, three days window, third, eleven days window. The research uses a sample of 60 Egyptian companies for a period from 2010 to 2017. Using interactive regression analysis, the research indicates that the interaction between governance and voluntary disclosure is significant exept eleven days window. This result is consistent with the interaction between date of publication and voluntary disclosure. Also, the interaction between voluntary disclosure and earnings management type is insignificant either by using governance or managerial entrenchment, Finally the main effect of earning management (in context of governance) on volume trade and bid-ask spread by using three measures is insignificant. Also the effect of earnings management (in context of managerial entrenchment) on bid-ask spread at the date of publication and eleven days window is significant, Hence, governance and date of publication is the most significant moderating variables.