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

• Autores: Mónica Hernández Madrigal, Beatriz Aibar Guzmán, Cristina Aibar Guzmán
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 60, Nº. 4, 2015, págs. 757-775
• Idioma: inglés
• DOI: 10.1016/j.cya.2015.05.014
• Títulos paralelos:
  • Determinantes de la divulgación de riesgos corporativos en empresas españolas grandes: una aproximación
• Enlaces
  • Texto completo (pdf)
• Dialnet Métricas: 6 Citas
• Resumen
  • español

    Las mejoras en la divulgación de información sobre riesgos constituyen una parte importante de las reformas sobre gobierno corporativo. El objetivo de este artículo es identificar los factores que explican el grado en el que 35 empresas españolas que cotizan en Bolsa divulgan información relacionada con los riesgos. El estudio considera la divulgación sobre riesgos que las empresas hacen por medio de los informes de gobierno corporativo del año 2009. Utilizando la técnica del análisis de contenido, se desarrolló un índice con el fin de evaluar la cantidad y la calidad de la información sobre riesgos divulgada por las empresas españolas. Distintas características fueron seleccionadas y su influencia en el nivel de divulgación sobre riesgos fue probada empíricamente. Los resultados indican que el sector y el nivel de riesgo están positivamente relacionados con el grado de divulgación corporativa sobre riesgos. Este estudio contribuye a la investigación internacional sobre riesgos al extender el entendimiento sobre las prácticas de divulgación sobre riesgos y sus determinantes. Los resultados pueden ayudar a los reguladores y a los emisores de normas con el objeto de fomentar la divulgación sobre riesgos y mejorar la transparencia.

  • English

    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.

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