Corporate risk disclosures in turbulent times: An international analysis in the global financial crisis

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Kaouthar Lajili, Tie Mei Li, Lamia Chourou, Michael Dobler, Daniel Zéghal
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引用次数: 0

Abstract

Focusing on the global financial crisis period, this paper examines risk disclosure patterns and outcomes in a cross-country setting. We build on prior risk disclosure literature and draw upon institutional and agency-based theoretical lenses to investigate the nature, comprehensiveness, evolution, and quality of disclosed risk information for matched samples of manufacturing firms in the United States, Canada, Germany, and China (Chinese Hong Kong-listed firms). The results show a high degree of heterogeneity in risk disclosure behavior and volume among the sample firms attributed to both institutional differences and corporate reporting incentives in the study period. Furthermore, we document significant associations between risk proxies, risk disclosures, and firm market performance suggesting that corporate risk disclosures are potentially informative and useful to investors and other stakeholders. The paper highlights the important joint role of corporate incentives and legal institutions in interpreting and implementing accounting standards and stock exchange listing regulations around the world and during turbulent times.

动荡时期的企业风险披露:全球金融危机中的国际分析
本文以全球金融危机时期为重点,研究了跨国环境下的风险披露模式和结果。我们在以往风险披露文献的基础上,借鉴了基于机构和代理的理论视角,研究了美国、加拿大、德国和中国(中国香港上市公司)制造业公司匹配样本的风险信息披露的性质、全面性、演变和质量。研究结果表明,由于研究期间的制度差异和公司报告激励机制,样本公司的风险披露行为和数量存在高度异质性。此外,我们还记录了风险代用指标、风险披露和公司市场表现之间的重要关联,这表明公司风险披露可能为投资者和其他利益相关者提供信息和帮助。本文强调了在动荡时期,企业激励机制和法律制度在解释和实施全球会计准则和证券交易所上市法规方面的重要共同作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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