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Abstract：We investigate the relationship between the quantity of narrative risk information in corporate annual reports and ownership, governance, and US listing characteristics. We find that corporate risk reporting is negatively related to share ownership by long-term institutions, and thus the results of this study put forth that this important class of institutional investor has investment pReferences for firms with a lower level of risk disclosure. Concerning governance, we find that different types of board director fulfil different functions, with both the number of executive and the number of independent directors positively related to the level of corporate risk reporting, but not the number of dependent nonexecutive directors. This supports a recent emphasis in the UK on the independent aspects of non-executive directors for good corporate governance. Separate investigation of business, financial, and internal control aspects of risk reporting that correspond to the three classes of risk-reporting guidance in the UK reveals that the pattern of risk information in the annual report may be dependent upon the form that reporting regulation takes.
Keywords: Risk; Corporate disclosure; Institutional ownership; Governance
1. Introduction
2. Background to the regulation on risk disclosure in UK annual reports
2.1. Business risk reporting
2.2. Financial risk reporting
2.3. Internal control risk reporting
3. Conceptual development and hypotheses
3.1. Risk disclosure and the board of directors
3.2. Risk disclosure and institutional ownership
3.3. Short-term institutions
3.4. Long-term institutions
3.5. In-house managed pension plans
3.6. Outside managed pension plans
3.7. Risk disclosure and dual-listed stock
3.8. Control variables
4. Data and methods
4.1. Sample
4.2. Dependent variable definition
4.3. Independent variable definitions
4.4. Estimation technique
5. Results
5.1. Findings regarding total risk reporting
5.2. Findings regarding business, financial, and internal control risk reporting
5.3. Robustness tests for the internal control regression
6. Conclusion
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