ارتباط ارزشی افشای ریسک در گزارش های سالانه: شواهدی از بازارهای نوظهور خاورمیانه و شمال آفریقا
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|45494||2015||28 صفحه PDF||سفارش دهید||15510 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Research in International Business and Finance, Volume 34, May 2015, Pages 177–204
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.