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Impact of Corporate Ownership on Non-Financial Risk Disclosure in a Developing Country: Moderating Effect of Companies Act 2015

In: Rethinking Management and Economics in the New 20’s

Author

Listed:
  • Erastus Mbithi

    (Strathmore University)

  • Tankiso Moloi

    (University of Johannesburg)

  • David Wang’ombe

    (Strathmore University)

Abstract

This study investigates the relationship between ownership structure and quality of non-financial risk disclosure (NFRD). Further, it examines the moderator effect of the Companies Act 2015 on this relationship. We collect data over twelve years from companies listed on the Nairobi Securities Exchange (NSE) in Kenya. Content analysis is used to measure NFRD and fixed-effect regression to test the hypotheses. The results indicate that quality of NFRD is low and highly dispersed across the sampled firms. The regression results suggest that block ownership, foreign ownership and institutional ownership are associated with NFRD, whilst managerial ownership and government ownership are not associated with NFRD. In addition, institutional ownership, foreign ownership, and government ownership are moderated by the Companies Act 2015, whilst managerial ownership and block ownership are not moderated. The finding highlights the importance of ownership structure in enhancing the quality of NFRD. The finding will be useful to regulators and policymakers when developing, reviewing and enforcing NFRD guidelines.

Suggested Citation

  • Erastus Mbithi & Tankiso Moloi & David Wang’ombe, 2023. "Impact of Corporate Ownership on Non-Financial Risk Disclosure in a Developing Country: Moderating Effect of Companies Act 2015," Springer Proceedings in Business and Economics, in: Eleonora Santos & Neuza Ribeiro & Teresa Eugénio (ed.), Rethinking Management and Economics in the New 20’s, pages 145-171, Springer.
    • Handle: RePEc:spr:prbchp:978-981-19-8485-3_6
    DOI: 10.1007/978-981-19-8485-3_6
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