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

Hichem Khlif, Khaled Hussainey

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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.
Original languageEnglish
Pages (from-to)181-211
JournalJournal of Risk Research
Issue number2
Early online date16 Oct 2014
Publication statusPublished - 7 Feb 2016


  • risk reporting
  • legal system
  • uncertainty avoidance
  • disclosure regime
  • industry types
  • explanatory variables measurement
  • meta-analysis


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