افشای ریسک کسب و کار و ریسک شرکت
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افشای ریسک کسب و کار و ریسک شرکت

عنوان فارسی مقاله: افشای ریسک کسب و کار و ریسک شرکت: شواهدی از کشور ژاپن
عنوان انگلیسی مقاله: Business risk disclosure and firm risk: Evidence from Japan
مجله/کنفرانس: تحقیق در امور مالی و تجاری بین المللی – Research in International Business and Finance
رشته های تحصیلی مرتبط: مدیریت
گرایش های تحصیلی مرتبط: مدیریت کسب و کار
کلمات کلیدی فارسی: افشای ریسک کسب و کار اجباری؛ افشای ریسک؛ مجموع خطر؛ هزینه سرمایه
کلمات کلیدی انگلیسی: Mandatory business risk disclosure، narrative risk disclosure، Total risk، Cost of capital
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journal List
شناسه دیجیتال (DOI): https://doi.org/doi:10.1016/j.ribaf.2017.07.172
دانشگاه: Faculty of Business Administration – Tokyo Keizai University – Japan
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
شاخص H_index: ۲۷ در سال ۲۰۱۸
شاخص SJR: ۰٫۵۴۸ در سال ۲۰۱۸
شناسه ISSN: 0275-5319
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 56
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E10580
فهرست انگلیسی مطالب

Abstract


1- Introduction


2- Literature review and hypothesis development


3- Empirical approach


4- Empirical results


5- Robustness check


6- Conclusion


References

نمونه متن انگلیسی مقاله

Abstract


We take advantage of the introduction phase of business risk disclosure in Japan as a natural experiment to examine the causal effects of the disclosure on firm risk. In contrast to risk factor disclosure that appeared partly in the Management Discussion and Analysis section (MD&A) in the United States, Japanese business risk disclosure is a new, independent disclosure regime, which began in the fiscal year ending March 2004.We find that the introduction of mandatory business risk disclosure has a negative impact on total risk. This suggests that an increase in business risk disclosure contributes to reduce a firm’s cost of capital, which is contrary to the results found in previous research. However, we also find that there is a positive relationship across firms and years after the inception between the amount of business risk disclosure and total risk, indicating that mandatory business risk disclosure has an impact on increasing investors’ assessment of firm risk. Although the two effects offset each other, the effects of enhanced disclosure of business risks on reducing the cost of capital exceed the effects on increasing investors’ assessment of firm risk.


Introduction


We empirically examine the economic effects of textual disclosure focusing on mandatory business risk disclosure. We focus on the introduction phase of business risk disclosure in Japan to capture the exogenous variation in the supply of public information to identify whether mandatory business risk disclosure increases or decreases investors’ assessment of firm risk. Business risk disclosure in Japan is intended to enable investors to assess a firm’s business risk (FSA, 2003), and it is equivalent to the risk factors disclosure included in the 10-K filings in the United States. However, it is noteworthy that business risks appeared partly in the Management Discussion and Analysis section (MD&A) in the United States before the introduction of risk factors disclosures (e.g., comments letter 9 on proposed rules, SEC 1999). In contrast, Japanese business risk disclosure is a new, independent disclosure regime, which began in the fiscal year ending March 2004. Thus, we take advantage of the introduction of business risk disclosure in Japan as a natural experiment to examine the causal effects of mandatory business risk disclosure on firm risk. There is an additional benefit from focusing on the new business risk disclosure rule in Japan. Because there was little information about the content, format, and writing style accompanying the introduction of the new regulations, it would seem unreasonable to expect that managers would only disclose boilerplate information or industry-wide or macroeconomic risk factors in their mandatory business risk disclosure, at least initially. In this sense, we would expect more accurate experiment about the effects of business risk disclosures by focusing on the introduction phase in Japan.

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