Determinants of corporate risk disclosure in large Spanish companies: a snapshot
Mónica Hernández Madrigal (hmadrigalmonica@uaslp.mx),
Beatriz Aibar Guzmán and
Cristina Aibar Guzmán
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Mónica Hernández Madrigal: Universidad Autónoma de San Luis Potosí
Beatriz Aibar Guzmán: Universidad de Santiago de Compsotela
Cristina Aibar Guzmán: Universidad de Santiago de Compsotela
Contaduría y Administración, 2015, vol. 60, issue 4, 757–775
Abstract:
Improvements in risk disclosure have been an important part of the corporate governance reforms. This paper is intended to identify the factors that explain the extent to which a sample of 35 listed Spanish firms disclose risk-related information. This study focuses on the risk disclosures made in the corporate governance reports during the year 2009. Using the content analysis technique an index was developed in order to assess the amount and quality of the risk information disclosed by Spanish companies. Several characteristics were selected and their influence on the level of risk disclosure was tested empirically. Results indicate that sector and risk level are positively related to the extent of corporate risk disclosures. This study adds to the international research on risk disclosure by extending the scope of the current understanding of risk reporting practices and their determinants. The findings could be especially useful for regulators and policy-makers in order to enhance risk disclosure and to improve transparency.
Keywords: Corporate governance; Risk reporting; Content analysis; Stakeholders (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:nax:conyad:v:60:y:2015:i:4:p:757-775
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