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The association between risk disclosure and firm characteristics: a meta-analysis

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  • Hichem Khlif
  • Khaled Hussainey

Abstract

The empirical literature on the determinants of risk disclosures offers mixed results. This complicates efforts among stakeholders to understand the factors affecting firms’ decision to report risk information. The aim of our paper is to analyze the findings of 42 empirical studies using a meta-analysis technique. We examine whether differences in the findings are attributable to random error or due to legal and institutional systems, uncertainty avoidance, disclosure regime (mandatory vs. voluntary), industry types, and the proxies used to measure corporate characteristics. We find that all moderators affect the relationship between corporate size and risk reporting. Legal system, disclosure regime, industry types, and leverage ratio measurement moderate the association between leverage ratio and risk disclosure. Industry types and uncertainty-avoidance level affect the relationship between profitability and risk disclosure. Finally, the association between risk factor and risk disclosure is moderated by industry types. We discuss the implications of our findings and offer suggestions for future research.

Suggested Citation

  • Hichem Khlif & Khaled Hussainey, 2016. "The association between risk disclosure and firm characteristics: a meta-analysis," Journal of Risk Research, Taylor & Francis Journals, vol. 19(2), pages 181-211, February.
    • Handle: RePEc:taf:jriskr:v:19:y:2016:i:2:p:181-211
    DOI: 10.1080/13669877.2014.961514
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    Cited by:

    1. Shamsun Nahar & Mohammad Istiaq Azim & Md Moazzem Hossain, 2020. "Risk disclosure and risk governance characteristics: evidence from a developing economy," International Journal of Accounting & Information Management, Emerald Group Publishing Limited, vol. 28(4), pages 577-605, April.
    2. Michele Gendelsky de Oliveira & Graça Azevedo & Jonas Oliveira, 2021. "The Relationship between the Company’s Value and the Tone of the Risk-Related Narratives: The Case of Portugal," Economies, MDPI, vol. 9(2), pages 1-28, May.
    3. Ibrahim, Awad Elsayed Awad & Hussainey, Khaled & Nawaz, Tasawar & Ntim, Collins & Elamer, Ahmed, 2022. "A systematic literature review on risk disclosure research: State-of-the-art and future research agenda," International Review of Financial Analysis, Elsevier, vol. 82(C).
    4. Hidaya Lawati & Khaled Hussainey & Roza Sagitova, 2021. "Disclosure quality vis-à-vis disclosure quantity: Does audit committee matter in Omani financial institutions?," Review of Quantitative Finance and Accounting, Springer, vol. 57(2), pages 557-594, August.
    5. Gupta, Parul & Chauhan, Sumedha, 2023. "Dynamics of corporate governance mechanisms - family firms’ performance relationship- a meta-analytic review," Journal of Business Research, Elsevier, vol. 154(C).
    6. Issal Haj-Salem & Salma Damak Ayadi & Khaled Hussainey, 2020. "The joint effect of corporate risk disclosure and corporate governance on firm value," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 17(2), pages 123-140, September.
    7. Abdelrehim, Neveen & Linsley, Philip & Verma, Shraddha, 2017. "Understanding risk disclosures as a function of social organisation: A neo-Durkheimian institutional theory-based study of Burmah Oil Company 1971–1976," The British Accounting Review, Elsevier, vol. 49(1), pages 103-116.
    8. Issal Haj-Salem & Khaled Hussainey, 2021. "Does Risk Disclosure Matter for Trade Credit?," JRFM, MDPI, vol. 14(3), pages 1-13, March.
    9. Issal Haj-Salem & Khaled Hussainey, 2021. "Risk Disclosure and Corporate Cash Holdings," JRFM, MDPI, vol. 14(7), pages 1-15, July.
    10. Kim, Hyonok & Yasuda, Yukihiro, 2018. "Business risk disclosure and firm risk: Evidence from Japan," Research in International Business and Finance, Elsevier, vol. 45(C), pages 413-426.
    11. Gao, Lei & Calderon, Thomas G. & Tang, Fengchun, 2020. "Public companies' cybersecurity risk disclosures," International Journal of Accounting Information Systems, Elsevier, vol. 38(C).
    12. Francisco Bravo, 2018. "Does board diversity matter in the disclosure process? An analysis of the association between diversity and the disclosure of information on risks," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(2), pages 104-114, May.

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