Risk Disclosures and Non-Financial Reporting: Evidence in a New European Context

  1. Rejón López, Manuel
  2. Rodríguez Ariza, Lázaro
  3. Valentinetti, Diego
  4. Flores Muñoz, Francisco
Journal:
Scientific Annals of Economics and Business

ISSN: 2501-3165 2501-1960

Year of publication: 2023

Volume: 70

Issue: 4

Pages: 547-565

Type: Article

DOI: 10.47743/SAEB-2023-0039 GOOGLE SCHOLAR lock_openOpen access editor

More publications in: Scientific Annals of Economics and Business

Sustainable development goals

Bibliographic References

  • Abhayawansa, S., & Adams, C. (2021). Towards a conceptual framework for non-financial reporting inclusive of pandemic and climate risk reporting. Meditari Accountancy Research, 30(3), 710-738. http://dx.doi.org/10.1108/MEDAR-11-2020-1097
  • Ahmad, H., Yaqub, M., & Lee, S. H. (2023). Environmental-, social-, and governance-related factors for business investment and sustainability: A scientometric review of global trends. Environment, Development and Sustainability, 1-23. http://dx.doi.org/10.1007/s10668-023-02921-x
  • Beatty, A., Cheng, L., & Zhang, H. (2019). Are risk factor disclosures still relevant? Evidence from market reactions to risk factor disclosures before and after the financial crisis. Contemporary Accounting Research, 36(2), 805-838. http://dx.doi.org/10.1111/1911-3846.12444
  • BIS. (2022). Basel III: International regulatory framework for banks. Retrieved from https://www.bis.org/bcbs/basel3.htm
  • Braam, G. J., De Weerd, L. U., Hauck, M., & Huijbregts, M. A. (2016). Determinants of corporate environmental reporting: The importance of environmental performance and assurance. Journal of Cleaner Production, 129, 724-734. http://dx.doi.org/10.1016/j.jclepro.2016.03.039
  • Chase Jr, C. W. (1997). Selecting the appropriate forecasting method. The Journal of business forecasting, 16(3), 2.
  • COSO. (2022). Enterprise Risk Management – Integrated Framework. Retrieved from https://www.coso.org/
  • Crovini, C., Schaper, S., & Simoni, L. (2022). Dynamic accountability and the role of risk reporting during a global pandemic. Accounting, Auditing & Accountability Journal, 35(1), 169-185. http://dx.doi.org/10.1108/AAAJ-08-2020-4793
  • Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723-759. http://dx.doi.org/10.2308/accr-10218
  • Dobler, M. (2008). Incentives for risk reporting—A discretionary disclosure and cheap talk approach. The International Journal of Accounting, 43(2), 184-206. http://dx.doi.org/10.1016/j.intacc.2008.04.005
  • Drake, M. S., Roulstone, D. T., & Thornock, J. R. (2016). The usefulness of historical accounting reports. Journal of Accounting and Economics, 61(2-3), 448-464. http://dx.doi.org/10.1016/j.jacceco.2015.12.001
  • Dumay, J., & Hossain, M. A. (2019). Sustainability risk disclosure practices of listed companies in Australia. Australian Accounting Review, 29(2), 343-359. http://dx.doi.org/10.1111/auar.12240
  • EFRAG. (2023). EFRAG and GRI publish joint statement on interoperability. Retrieved from https://efrag.org/news/public-444/EFRAG-GRI-Joint-statement-of-interoperability-
  • EIOPA. (2022). Solvency II. Retrieved from https://www.eiopa.europa.eu/browse/solvency-2_en
  • Elshandidy, T., Shrives, P. J., Bamber, M., & Abraham, S. (2018). Risk reporting: A review of the literature and implications for future research. Journal of Accounting Literature, 40(1), 54-82. http://dx.doi.org/10.1016/j.acclit.2017.12.001
  • Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. The Journal of Risk Finance, 13(2), 133-147. http://dx.doi.org/10.1108/15265941211203189
  • ESMA. (2020). Electronic Reporting. Retrieved from https://www.esma.europa.eu/issuer-disclosure/electronic-reporting
  • European Commission. (2020). Corporate sustainability reporting. Retrieved from https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en
  • Ferrara, L., & Sheng, X. S. (2022). Guest editorial: Economic forecasting in times of COVID-19. International Journal of Forecasting, 38(2), 527-528. http://dx.doi.org/10.1016/j.ijforecast.2021.12.006
  • Fijałkowska, J., & Hadro, D. (2022). Risk information in non-financial disclosure. Risks, 10(1), 11. http://dx.doi.org/10.3390/risks10010011
  • Flores-Muñoz, F., Valentinetti, D., Mora-Rodríguez, M., & Mena-Nieto, A. (2018). The role of XBRL on EMAS reporting: An analysis of organisational value compatibility. Scientific Annals of Economics and Business, 65(4), 497-514. http://dx.doi.org/10.2478/saeb-2018-0025
  • Freeman, R. E., Harrison, J., Wicks, A., Parmar, B., & de Colle, S. (2010). Stakeholder theory: The state of the art: Cambridge University Press. http://dx.doi.org/10.1017/CBO9780511815768
  • Grassa, R., Moumen, N., & Hussainey, K. (2021). Do ownership structures affect risk disclosure in Islamic banks? International evidence. Journal of Financial Reporting and Accounting, 19(3), 369-391. http://dx.doi.org/10.1108/JFRA-02-2020-0036
  • GRI. (2022). The global standards for sustainability impacts. Retrieved from https://www.globalreporting.org/standards/
  • Guthrie, J., Rossi, F. M., Orelli, R. L., & Nicolò, G. (2020). Investigating risk disclosures in Italian integrated reports. Meditari Accountancy Research, 28(6), 1149-1178. http://dx.doi.org/10.1108/MEDAR-10-2019-0596
  • Hahn, R., & Lülfs, R. (2014). Legitimizing negative aspects in GRI-oriented sustainability reporting: A qualitative analysis of corporate disclosure strategies. Journal of Business Ethics, 123(3), 401-420. http://dx.doi.org/10.1007/s10551-013-1801-4
  • Heinle, M. S., & Smith, K. C. (2017). A theory of risk disclosure. Review of Accounting Studies, 22(4), 1459-1491. http://dx.doi.org/10.1007/s11142-017-9414-2
  • Hernández-Madrigal, M., Blanco-Dopico, M. I., & Aibar-Guzmán, B. (2012). The influence of mandatory requirements on risk disclosure practices in Spain. International Journal of Disclosure and Governance, 9(1), 78-99. http://dx.doi.org/10.1057/jdg.2011.22
  • Hodder, L., Koonce, L., & McAnally, M. L. (2001). SEC market risk disclosures: Implications for judgment and decision making. Accounting Horizons, 15(1), 49-70. http://dx.doi.org/10.2308/acch.2001.15.1.49
  • Ibrahim, A. E. A., & Hussainey, K. (2019). Developing the narrative risk disclosure measurement. International Review of Financial Analysis, 64, 126-144. http://dx.doi.org/10.1016/j.irfa.2019.05.006
  • IFRS. (2022). IFRS Accounting Standards Navigator. Retrieved from https://www.ifrs.org/issued-standards/list-of-standards/
  • Khudaykulova, M., Yuanqiong, H., & Khudaykulov, A. (2022). Economic Consequences and Implications of the Ukraine-Russia War. International Journal of Management Science and Business Administration, 8(4), 44-52. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.84.1005
  • Kravet, T., & Muslu, V. (2013). Textual risk disclosures and investors’ risk perceptions. Review of Accounting Studies, 18(4), 1088-1122. http://dx.doi.org/10.1007/s11142-013-9228-9
  • Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. The British Accounting Review, 38(4), 387-404. http://dx.doi.org/10.1016/j.bar.2006.05.002
  • Loungani, P. (2001). How accurate are private sector forecasts? Cross-country evidence from consensus forecasts of output growth. International Journal of Forecasting, 17(3), 419-432. http://dx.doi.org/10.1016/S0169-2070(01)00098-X
  • Melloni, G., Caglio, A., & Perego, P. (2017). Saying more with less? Disclosure conciseness, completeness and balance in Integrated Reports. Journal of Accounting and Public Policy, 36(3), 220-238. http://dx.doi.org/10.1016/j.jaccpubpol.2017.03.001
  • Merna, T., & Al-Thani, F. F. (2008). Corporate risk management: John Wiley & Sons.
  • Moeller, R. R. (2011). COSO enterprise risk management: establishing effective governance, risk, and compliance processes: John Wiley & Sons. http://dx.doi.org/10.1002/9781118269145
  • Mokhtar, E. S. (2017). Internet financial reporting determinants: A meta-analytic review. Journal of Financial Reporting and Accounting, 15(1), 116-154. http://dx.doi.org/10.1108/JFRA-07-2016-0061
  • Mora Rodríguez, M., Flores Muñoz, F., & Valentinetti, D. (2021). Corporate impact of carbon disclosures: A nonlinear empirical approach. Journal of Financial Reporting and Accounting, 19(1), 4-27. http://dx.doi.org/10.1108/JFRA-01-2020-0002
  • Roberts, R., Jang, D., & Mubako, G. (2023). Pandemic risk disclosure in integrated reports: After COVID‐19 is hindsight 2020? Accounting and Finance, 63(2), 1739-1758. http://dx.doi.org/10.1111/acfi.12925
  • Szczepankiewicz, E. I., Loopesko, W. E., & Ullah, F. (2022). A model of risk information disclosures in non-financial corporate reports of socially responsible energy companies in Poland. Energies, 15(7), 2601. http://dx.doi.org/10.3390/en15072601
  • Tahat, Y., Dunne, T., Fifield, S., & Power, D. (2019). Risk related disclosure: A review of the literature and an agenda for future research. Accounting Forum, 43(2), 193-219. http://dx.doi.org/10.1080/01559982.2019.1584953
  • Vigneau, L., & Adams, C. A. (2023). The failure of transparency as self-regulation. Sustainability Accounting, Management and Policy Journal, 14(4), 852–876. http://dx.doi.org/10.1108/SAMPJ-01-2022-0051
  • Wei, L., Li, G., Zhu, X., Sun, X., & Li, J. (2019). Developing a hierarchical system for energy corporate risk factors based on textual risk disclosures. Energy Economics, 80, 452-460. http://dx.doi.org/10.1016/j.eneco.2019.01.020
  • XBRL. (2021). XBRL International launches filings.xbrl.org for ESEF filings. Retrieved from https://www.xbrl.org/news/xbrl-international-launches-filings-xbrl-org-for-esef-filings/
  • Xu, Z., Elomri, A., Kerbache, L., & El Omri, A. (2020). Impacts of COVID-19 on global supply chains: Facts and perspectives. IEEE Engineering Management Review, 48(3), 153-166. http://dx.doi.org/10.1109/EMR.2020.3018420