Risk disclosures on the second tier markets of the London Stock Exchange

Paula Hill · Helen Short

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Auditing, Earnings Management, Governance Corporate Finance and Governance Risk Management in Financial Firms

Abstract

Abstract The identification, management and disclosure of risks have been the subject of recent legislation, directives and reporting standards issued across a number of international jurisdictions. To inform the disclosure debate, this paper provides a detailed analysis of the risk warning disclosures of initial public offering (IPO) companies and the factors that drive such disclosures. We find that risk disclosures of IPO companies contain a greater proportion of forward‐looking information but a lower proportion of information on internal controls and risk management than the disclosures of listed companies. We find evidence that such disclosure has increased across time but that larger directors’ shareholdings are associated with a reduction in risk disclosure.

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References

2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 1977INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION 1977Informational Asymmetries, Financial Structure, and Financial Intermediation 1983Discretionary disclosure 1996Corporate Disclosure Policy and Analyst Behavior.1990Initial Public Offerings and Underwriter Reputation 1988INITIAL PUBLIC OFFERINGS 2004A methodology for analysing and evaluating narratives in annual reports: a comprehensive descriptive profile and metrics for disclosure quality attributes

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