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The value relevance of risk disclosure in annual reports: Evidence from MENA emerging markets

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  • Moumen, Néjia
  • Ben Othman, Hakim
  • Hussainey, Khaled

Abstract

Our paper aims to examine whether voluntary risk disclosure in the annual report contains value-relevant information for investors to predict future earnings. We used a large-scale sample firms from MENA emerging markets. Our sample includes 809 year-observations for the 3-year period, 2007–2009. Our study offers two significant contributions. First, we found a positive relationship between voluntary risk information and the market's ability to anticipate 2-years ahead future earnings change. The positive association provides us with the first empirical evidence of the usefulness of risk disclosure in annual reports. Second, we found that the level of proprietary costs tends to moderate the perceived relevance of risk information, thereby making investors rely on another source of information in forecasting future earnings change.

Suggested Citation

  • Moumen, Néjia & Ben Othman, Hakim & Hussainey, Khaled, 2015. "The value relevance of risk disclosure in annual reports: Evidence from MENA emerging markets," Research in International Business and Finance, Elsevier, vol. 34(C), pages 177-204.
    • Handle: RePEc:eee:riibaf:v:34:y:2015:i:c:p:177-204
    DOI: 10.1016/j.ribaf.2015.02.004
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    Cited by:

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    4. Ibrahim, Awad Elsayed Awad & Hussainey, Khaled & Nawaz, Tasawar & Ntim, Collins & Elamer, Ahmed, 2022. "A systematic literature review on risk disclosure research: State-of-the-art and future research agenda," International Review of Financial Analysis, Elsevier, vol. 82(C).
    5. Moumen, Néjia & Ben Othman, Hakim & Hussainey, Khaled, 2016. "Board structure and the informativeness of risk disclosure: Evidence from MENA emerging markets," Advances in accounting, Elsevier, vol. 35(C), pages 82-97.
    6. Cabedo Semper, J. David & Tirado Beltrán, José Miguel, 2016. "Cantidad y calidad de información de riesgos divulgada por las empresas españolas: Un análisis en periodos diferentes del ciclo económico," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 19(2), pages 261-270.
    7. Elshandidy, Tamer & Ahmed, Yousry, 2023. "Stock price informativeness of risk disclosure: Does time orientation matter?," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 149-162.
    8. Francesco De Luca & Andrea Cardoni & Ho-Tan-Phat Phan & Evgeniia Kiseleva, 2020. "Does Structural Capital Affect SDGs Risk-Related Disclosure Quality? An Empirical Investigation of Italian Large Listed Companies," Sustainability, MDPI, vol. 12(5), pages 1-20, February.
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    More about this item

    Keywords

    Risk disclosure; Value relevance; Future earnings; Proprietary costs; MENA emerging markets;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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