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Article
CORPORATE RISK DISCLOSURE: A REVIEW
Author(s)
Achintya Nath Sexena & Dr. Indrajit Dube & Dr. C. S. Mishra
Full-Text PDF XML 966 Views
DOI:10.17265/1548-6605/2017.09.004
Affiliation(s)
ABSTRACT
This
paper reviews empirical studies and professional literature on corporate risk
disclosures. Empirical studies done from the perspective of economic theory
with application of statistical techniques have been growing over the years in
the field of corporate disclosures. The very concept of risk and significance
of corporate risk disclosures have been discussed in various studies and
reports of professional bodies. Studies of corporate risk disclosures from the
perspective of information asymmetry, utility as well as the perspective of
economic theories of corporate governance have been steadily increasing over
the last two decades or so. Associations between various firm characteristics
and market behaviour have been sought to be studied by scholars in order to
study the possible motivations behind risk disclosures as well as their
usefulness to the end users of corporate disclosures viz. the shareholders,
current and prospective investors, as well as the regulators. Methodologies
from various disciplines like communications studies, econometrics, statistics,
computer science etc. have been employed to study the phenomenon of corporate
risk disclosure and its interaction with factors within and without the firm.
Studies have been conducted for some jurisdictions in North America, Europe,
Asia and Africa and scope exists for further study in more jurisdictions. The
findings of empirical studies and discussions in professional literature are
key aids for law and policy makers and researchers while formulating or
proposing regulatory frameworks. This review paper aims to stimulate further
research and debate on regulatory approach, policy and frameworks towards corporate
risk disclosure based upon the conclusions drawn from empirical studies on
corporate risk disclosure.
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