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The joint effect of corporate risk disclosure and corporate governance on firm value

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We investigate the joint effect of corporate risk disclosure (CRD) and corporate governance (CG) on firm value in Tunisia. We examine a sample of 156 firm observations of Tunisian-listed companies during 2008–2013. A manual content analysis method is used to measure the level of risk disclosure. We find that CRD has a negative and significant effect on firm value. In addition, family ownership negatively affects firm value. However, board size, the independence of the audit committee, and the presence of the women on the board lead to greater firm value. We find a substitution effect between CRD and CG mechanisms on the firm value. This paper adds to risk disclosure studies by examining the economic consequences of CRD in emerging market. Furthermore, this paper contributes to the literature by being the first study, to the best of our knowledge, which investigates the joint effect of CRD and CG mechanisms on firm value.
Original languageEnglish
Number of pages18
JournalInternational Journal of Disclosure and Governance
Early online date4 Jul 2020
DOIs
Publication statusEarly online - 4 Jul 2020

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  • HUSSAINEY_2020_cright_The joint effect of corporate risk disclosure and corporate governance on firm value

    Rights statement: This is a post-peer-review, pre-copyedit version of an article published in the International Journal of Disclosure and Governance. The final authenticated version is available online at: http://dx.doi.org/10.1057/s41310-020-00079-w.

    Accepted author manuscript (Post-print), 1.17 MB, PDF document

    Due to publisher’s copyright restrictions, this document is not freely available to download from this website until: 4/07/21

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