The joint effect of corporate risk disclosure and corporate governance on firm value

被引：0
作者：
Issal Haj-Salem
Salma Damak Ayadi
Khaled Hussainey
机构：
[1] IHEC Carthage,LIGUE
[2] University of Carthage,undefined
[3] University of Portsmouth,undefined
来源：
International Journal of Disclosure and Governance | 2020年 / 17卷
关键词：
Risk disclosure; Corporate governance; Firm value; Content analysis; Tunisian firms;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We investigate the joint effect of corporate risk disclosure (CRD) and corporate governance (CG) on firm value in Tunisia. We examine a sample of 156 firm observations of Tunisian-listed companies during 2008–2013. A manual content analysis method is used to measure the level of risk disclosure. We find that CRD has a negative and significant effect on firm value. In addition, family ownership negatively affects firm value. However, board size, the independence of the audit committee, and the presence of the women on the board lead to greater firm value. We find a substitution effect between CRD and CG mechanisms on the firm value. This paper adds to risk disclosure studies by examining the economic consequences of CRD in emerging market. Furthermore, this paper contributes to the literature by being the first study, to the best of our knowledge, which investigates the joint effect of CRD and CG mechanisms on firm value.
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页码：123 / 140
页数：17
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