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Determinants of corporate risk disclosure in large Spanish companies: a snapshot

Author

Listed:
  • 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)

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.

Suggested Citation

  • Mónica Hernández Madrigal & Beatriz Aibar Guzmán & Cristina Aibar Guzmán, 2015. "Determinants of corporate risk disclosure in large Spanish companies: a snapshot," Contaduría y Administración, Accounting and Management, vol. 60(4), pages 757-775, Octubre-D.
    • Handle: RePEc:nax:conyad:v:60:y:2015:i:4:p:757-775
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    Citations

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    Cited by:

    1. Ridhima Saggar & Balwinder Singh, 2019. "Drivers of Corporate Risk Disclosure in Indian Non-financial Companies: A Longitudinal Approach," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 44(3), pages 303-325, August.
    2. Khandelwal, Chandni & Kumar, Satish & Madhavan, Vinodh & Pandey, Nitesh, 2020. "Do board characteristics impact corporate risk disclosures? The Indian experience," Journal of Business Research, Elsevier, vol. 121(C), pages 103-111.
    3. Rogério Marques Serrasqueiro & Tânia Sofia Mineiro, 2018. "Corporate risk reporting: Analysis of risk disclosures in the interim reports of public Portuguese non-financial companies," Contaduría y Administración, Accounting and Management, vol. 63(2), pages 25-26, Junio.
    4. Vitolla, Filippo & Raimo, Nicola & Campobasso, Francesco & Giakoumelou, Anastasia, 2023. "Risk disclosure in sustainability reports: Empirical evidence from the energy sector," Utilities Policy, Elsevier, vol. 82(C).
    5. Mónica Hernández-Madrigal & Cristina Aibar-Guzmán & Beatriz Aibar-Guzmán & Élfego Ramírez-Flores, 2020. "Are external pressures always behind ERM implementation? Evidence from Spanish listed firms," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 17(2), pages 86-100, September.
    6. Chandni Khandelwal & Satish Kumar & Riya Sureka, 2022. "Mapping the intellectual structure of corporate risk reporting research: a bibliometric analysis," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(2), pages 129-143, June.
    7. AlKhawaldeh Afaf Mohammed & Saaydah Mansour Ibrahim, 2022. "Determinants of Corporate Risk Disclosure for Non- Financial Companies Listed on Amman Stock Exchange," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 152-177.
    8. Osama Wagdi & Yasmeen Tarek, 2019. "The impact of financial risk on systematic risks: international evidence," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(6), pages 1-11.
    9. Ousayna Zreik & Wael Louhichi, 2017. "Risk Disclosure and Company Unsystematic, Systematic, and Total Risks," Economics Bulletin, AccessEcon, vol. 37(1), pages 448-467.

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