An empirical study: characteristics of business entities and corporate governance on risk disclosure practices
Abstract
This paper investigates the association between the characteristics of business entities, corporate governance, and practices of risk disclosure. Notably, the objective of this paper is to examine the impact of the characteristics of business entities and corporate governance on risk disclosure in non-financial companies. The samples used in this study included 312 non-financial companies registered on the Indonesia Stock Exchange. The hypothesis testing in this paper using regression analysis. The results of this paper indicate that the size of the audit committee (SAC), the availability of risk monitoring or risk management committees (RMC) and the quality of external auditors (AUD) are significantly associated with corporate risk disclosure practices (CRD). These empirical results show that the presence of risk monitoring committee, the quality of external auditors, and the size of the audit committee are the main factors determining the extent of risk disclosure, especially for non-financial companies listed on the Indonesia Stock Exchange. This paper also shows that the age of business entities has a negative impact on corporate risk disclosure practices.
Keyword : characteristics, business entity, corporate governance, risk disclosure, non-financial companies
How to Cite
Amrin, A. (2019). An empirical study: characteristics of business entities and corporate governance on risk disclosure practices. Business: Theory and Practice, 20, 25-49. https://doi.org/10.3846/btp.2019.04
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Abraham S, Cox P (2007) Analysing the determinants of narrative risk information in UK FTSE 100 annual reports. The British Accounting Review 39 (3): 227-248. https://doi.org/10.1016/j.bar.2007.06.002
Allegrini M, Greco G (2013) Corporate boards, audit commit-tees, and voluntary disclosure: Evidence from Italian listed companies. Journal of Management and Governance 17 (1): 187-216. https://doi.org/10.1007/s10997-011-9168-3
Al-Maghzom A, Hussainey K, Aly D (2016) Corporate governance and risk disclosure: Evidence from Saudi Arabia. Corporate Ownership and Control 13 (2) https://ssrn.com/abstract=2720337
Al-Mutawaa A, Hewaidy AM (2010) Disclosure level and compliance with IFRSs: An empirical investigation of Kuwaiti companies. International Business and Economics Research Journal (IBER) 9 (5): 33-50. https://doi.org/10.19030/iber.v9i5.566
Al-Shammari B, Brown P, Tarca A (2008) An investigation of compliance with international accounting standards by listed companies in the Gulf co-operation council member states. The International Journal of Accounting 43 (4): 425-447. https://doi.org/10.1016/j.intacc.2008.09.003
Amran A, Bin AMR, Hassan BCHM (2009) Risk reporting an exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal 24 (1): 39-57. https://doi.org/10.1108/02686900910919893
Ararat M, Mine A, Cetin AT (2010) The impact of board diversity on boards’ monitoring intensity and firm performance: Evidence from the Istanbul Stock Exchange. SSRN Electronic Journal 90 (216): 1-33. https://doi.org/10.2139/ssrn.1572283
Bamber, Smith L, Jiang J, Wang IY (2010) What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review 85 (4): 1131-1162. https://doi.org/10.2308/accr.2010.85.4.1131
Bank Indonesia Regulation Number 8 of 2006 Implementation of good corporate governance for commercial banks. October 5, 2006. The Sheet of the Republik Indonesia in 2006 Number 71. Jakarta.
Bank Indonesia Regulation Number 14 of 2012 Concerning transparency and publication of bank reports. October 18, 2012. The Sheet of the Republik Indonesia in 2012 Number 199. Jakarta.
Buckby S, Gallery G, Ma J (2015) An analysis of risk management disclosures: Australian evidence. Managerial Auditing Journal 30 (8/9): 812-869. https://doi.org/10.1108/MAJ-09-2013-0934
Bukh PN, Nielsen C, Gormsen P, Mouritsen J (2005) Disclosure of information on intellectual capital in Danish IPO prospectuses. Accounting, Auditing, and Accountability Journal 18 (6): 713-732. https://doi.org/10.1108/09513570510627685
Carmona P, Fuentes CD, Ruiz C (2016) Risk disclosure analysis in the corporate governance annual report using fuzzy-set qualitative comparative analysis. Revista de Administração de Empresas 56 (3): 342-352. https://doi.org/10.1590/S0034-759020160307
Chakraborty A, Gao L, Sheikh S (2018) Corporate governance and risk in cross-listed and Canadian only companies. Management Decision. https://doi.org/10.1108/MD-10-2017-1052
Chalmers K, Godfrey J (2004) Reputation costs: The Impetus for voluntary derivative financial instrument reporting. Accounting, Organizations and Society 29 (2): 95-125. https://doi.org/10.1016/S0361-3682(02)00034-X
Chen LG, Kilgore A, Radich R (2009) Audit committees: Voluntary formation by ASX non-top 500. Managerial Auditing Journal 24 (5): 475-493. https://doi.org/10.1108/02686900910956829
Choi FDS, Meek GK (2011) International accounting (7th ed). New Jersey: Prentice Hall. Cotter J, Silvester M (2008) Board and monitoring committee independence. A Journal of Accounting, Finance, and Business Studies 39 (2): 211-232. https://doi.org/10.1111/1467-6281.00127
Dimaggio PJ, Powell WW (1983) The iron cage revisited: Institu-tional isomorphism and collective rationality in organizational fields. American Sociological Review 48 (2): 147-160. https://doi.org/10.2307/2095101
Dobler M (2008) Incentives for risk reporting-A discretionary disclosure and cheap talk approach. The International Journal of Accounting 43 (2): 184-206. https://doi.org/10.1016/j.intacc.2008.04.005
Dunn KA, Mayhew BW (2004) Audit firm industry specialization and client disclosure quality. Review of Accounting Studies 9 (1): 35-58. https://doi.org/10.1023/B:RAST.0000013628. 49401.69
Elshandidy T, Neri R (2015) Corporate governance, risk disclosure practices, and market liquidity: comparative evidence from the UK and Italy. Corporate Governance: An International Review 23 (4): 331-356. https://doi.org/10.1111/corg.12095
Elzahar H, Hussainey K (2012) Determinants of narrative risk disclosures in UK interim reports. The Journal of Risk Finance 13 (2): 133-147. https://doi.org/10.1108/15265941211203189
Ettredge M, Johnstone K, Stone M, Wang Q (2011) The effects of firm size, corporate governance quality, and bad news on disclosure compliance. Review of Accounting Studies 16 (4): 866-889. https://doi.org/10.1007/s11142-011-9153-8
Fauzi H (2008) Corporate social and environmental performance: A comparative study of Indonesian companies and multinational companies (MNCs) operating in Indonesia. Journal of Knowledge Globalization 1 (1): 81-105.
FCGI (2000) The roles of the board of commissioners and the audit committee www.fcgi.or.id
Gunawan I, Susanto (2004) The influence of ownership structure on the extent of CSR disclosure in the company’s annual report: An empirical study on public companies listed on the Indonesia Stock Exchange in 2006. National Accounting Symposium 15 (1): 75-86.
Haniffa RM, Cooke TE (2002) Culture, corporate governance, and disclosure in Malaysian corporations. Abacus 38 (3): 317-349. https://doi.org/10.1111/1467-6281.00112
Hassan MK (2009) UAE corporations – specific characteristics and level of risk disclosure. Managerial Auditing Journal 24 (7): 668-687. https://doi.org/10.1108/02686900910975378
Ho SSM, Wong KS (2001) A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing, and Taxation 10 (2): 139-156. https://doi.org/10.1016/S1061-9518(01)00041-6
IFRS, P (2010) IFRS practice statement management commentary. A framework for presentation. London: IFRS Foundation.
Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3 (4): 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Khan A, Muttakin MB, Siddiqui J (2013) Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics 114 (2): 207-223. https://doi.org/10.1007/s10551-012-1336-0
Krishnamurti C, Velayutham E (2018) The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence. Pasific-Basin Finance Journal 50: 65-81. https://doi.org/10.1016/j.pacfin.2017. 09.003
Li J, Mangena M, Pike R (2012) The effect of audit committee characteristics on intellectual capital disclosure. The British Accounting Review 44 (2): 98-110. https://doi.org/10.1016/j.bar.2012.03.003
Li J, Pike R, Haniffa R (2008) Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research 38 (2): 136-159. https://doi.org/10.1080/00014788.2008.9663326
Linsley PM, Shrives PJ (2006) Risk reporting: A study of risk disclosures in the annual reports of UK companies. British Accounting Review 38 (4): 387-404. https://doi.org/10.1016/j.bar.2006.05.002
Lopes PT, Rodrigues LL (2007) Accounting for financial instruments: An analysis of the determinants of disclosure in the Portuguese Stock Exchange. The International Journal of Accounting 42 (1): 25-56. https://doi.org/10.1016/j.in-tacc.2006.12.002
Machmud N, Djakman CD (2008) Effect of ownership structure on the extent of CSR disclosure in the company’s annual report: An empirical study of public companies listed on the Indonesia Stock Exchange in 2006. In Accounting National Symposium. Pontianak.
Madi HK, Ishak Z, Manaf NAB (2014) The impact of audit committee characteristics on corporate voluntary disclosure. Procedia-Social and Behavioral Sciences 164 (August): 486-492. https://doi.org/10.1016/j.sbspro.2014.11.106
Madrigal MH, Guzman BA, Guzman CA (2015) Determinants of corporate risk disclosure in large Spanish companies: A snapshot. Contaduria y Administracion 60 (4): 757-775. https://doi.org/10.1016/j.cya.2015.05.014
Meizaroh, Lucyanda J (2011) The influence of corporate governance and concentration of ownership on enterprise risk management disclosure. National Accounting Symposium IV Aceh, July 21-22, 1-30 pp.
Menon K, Williams JD (1994) The use of audit committees for monitoring. Journal of Accounting and Public Policy 13 (2): 121-139. https://doi.org/10.1016/0278-4254(94)90016-7
Miihkinen A (2013) The usefulness of firm risk disclosures under different firm riskiness, investor-interest, and market conditions: new evidence from Finland. Advances in Accounting 29 (2): 312-331. https://doi.org/10.1016/j.adiac.2013.09.006
Mokhtar ES, Mellett H (2013) Competition, corporate governance, ownership structure, and risk reporting. Managerial Auditing Journal 28 (9): 838-865. https://doi.org/10.1108/MAJ-11-2012-0776
Monks RAG, Minow N (2011) Corporate governance (5th ed). United States: John Willey.
Morris RD (1987) Signaling, agency theory, and accounting policy choice. Accounting and Business Research 18 (69): 47-56. https://doi.org/10.1080/00014788.1987.9729347
Nahar S, Jubb C, Azim MI (2016) Risk governance and performance: a developing country perspective. Managerial Auditing Journal 31 (3): 250-268. https://doi.org/10.1108/MAJ-02-2015-1158
Neifar S, Jarboui A (2018) Corporate governance and operational risk voluntary disclosure: Evidence from islamic banks. Research in International Business and Finance 46: 43-54. https://doi.org/10.1016/j.ribaf.2017.09.006
Oliveira J, Rodrigues LL, and Craig R (2011) Risk-related dis-closures by non-finance companies Portuguese practices and disclosure characteristics. Managerial Auditing Journal 26 (9): 817-839. https://doi.org/10.1108/02686901111171466
Owusu-Ansah S (1998) The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting 33 (5): 605-631. https://doi.org/10.1016/S0020-7063(98)90015-2
Owusu-Ansah S, Yeoh J (2005) The Effect of legislation on corporate disclosure practices. Abacus 41 (1): 92-109. https://doi.org/10.1111/j.1467-6281.2005.00171.x
Probohudono AN, Tower G, Rusmin R (2013) Risk disclosure during the global financial crisis. Social Responsibility Journal 9 (1): 124-137. https://doi.org/10.1108/17471111311307859
Said R, Omar N, Abdullah WN (2013) Empirical investigations on boards, business characteristics, human capital and environmental reporting. Social Responsibility Journal 9 (4): 534-553. https://doi.org/10.1108/SRJ-02-2012-0019
Said R, Rahim AAA, Hassan R (2018) Exploring the effects of corporate governance and human governance on management commentary disclosure. Social Responsibility Journal 14 (4): 842-858. https://doi.org/10.1108/SRJ-06-2017-0099
Siregar SV, Bachtiar Y (2010) Corporate social reporting: Empirical evidence from Indonesia stock exchange. International Journal of Islamic and Middle Eastern Finance and Management 3 (3): 241-252. https://doi.org/10.1108/17538391011072435
Subramaniam N, McManus L, Zhang J (2009) Corporate governance, firm characteristics and risk management committee formation in Australian companies. Managerial Auditing Journal 24 (4): 316-339. https://doi.org/10.1108/ 02686900910948170
Suhardjanto D (2011) Disclosure of financial risk and corporate governance: An empirical study of Indonesian banking. Journal of Finance and Banking 15 (1): 105-118.
Taliyang SM, Jusop M (2011) Intellectual capital disclosure and corporate governance structure: Evidence in Malaysia. Inter-national Journal of Business and Management 6 (12): 109-117. https://doi.org/10.5539/ijbm.v6n12p109
Talpur S, Lizam M, Zabri SM (2018) Do audit committee structure increases influence the level of voluntary corporate governance disclosures. Property Management 36 (5): 544-561. https://doi.org/10.1108/PM-07-2017-0042
Wallace RSO, Coocke TE (1990) The diagnosis and resolution of emerging issue in corporate disclosures practices. Accounting and Business Research 20 (78): 143-151. https://doi.org/10.1080/00014788.1990.9728872
White G, Lee A, Tower G (2007) Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of Intellectual Capital 8 (3): 517-537. https://doi.org/10.1108/14691930710774894
Williams KY, O’Reilly CA (1998) Demography and diversity in organizations: A review of 40 years of research. Research in Organizational Behavior 20: 77-140.
Zadeh FO, Rasid SZA, Basiruddin R, Zamil NAM, Vakilbashi A (2016) Risk disclosure practices among Malaysian listed firms. International Journal of Economics and Financial Issues 6 (3): 1092-1096.
Abid A, Shaiq M (2015) A study of risk disclosures in the annual reports of Pakistani companies: A content analysis. Research Journal of Finance and Accounting 6 (11): 14-24.
Abraham S, Cox P (2007) Analysing the determinants of narrative risk information in UK FTSE 100 annual reports. The British Accounting Review 39 (3): 227-248. https://doi.org/10.1016/j.bar.2007.06.002
Allegrini M, Greco G (2013) Corporate boards, audit commit-tees, and voluntary disclosure: Evidence from Italian listed companies. Journal of Management and Governance 17 (1): 187-216. https://doi.org/10.1007/s10997-011-9168-3
Al-Maghzom A, Hussainey K, Aly D (2016) Corporate governance and risk disclosure: Evidence from Saudi Arabia. Corporate Ownership and Control 13 (2) https://ssrn.com/abstract=2720337
Al-Mutawaa A, Hewaidy AM (2010) Disclosure level and compliance with IFRSs: An empirical investigation of Kuwaiti companies. International Business and Economics Research Journal (IBER) 9 (5): 33-50. https://doi.org/10.19030/iber.v9i5.566
Al-Shammari B, Brown P, Tarca A (2008) An investigation of compliance with international accounting standards by listed companies in the Gulf co-operation council member states. The International Journal of Accounting 43 (4): 425-447. https://doi.org/10.1016/j.intacc.2008.09.003
Amran A, Bin AMR, Hassan BCHM (2009) Risk reporting an exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal 24 (1): 39-57. https://doi.org/10.1108/02686900910919893
Ararat M, Mine A, Cetin AT (2010) The impact of board diversity on boards’ monitoring intensity and firm performance: Evidence from the Istanbul Stock Exchange. SSRN Electronic Journal 90 (216): 1-33. https://doi.org/10.2139/ssrn.1572283
Bamber, Smith L, Jiang J, Wang IY (2010) What’s my style? The influence of top managers on voluntary corporate financial disclosure. The Accounting Review 85 (4): 1131-1162. https://doi.org/10.2308/accr.2010.85.4.1131
Bank Indonesia Regulation Number 8 of 2006 Implementation of good corporate governance for commercial banks. October 5, 2006. The Sheet of the Republik Indonesia in 2006 Number 71. Jakarta.
Bank Indonesia Regulation Number 14 of 2012 Concerning transparency and publication of bank reports. October 18, 2012. The Sheet of the Republik Indonesia in 2012 Number 199. Jakarta.
Buckby S, Gallery G, Ma J (2015) An analysis of risk management disclosures: Australian evidence. Managerial Auditing Journal 30 (8/9): 812-869. https://doi.org/10.1108/MAJ-09-2013-0934
Bukh PN, Nielsen C, Gormsen P, Mouritsen J (2005) Disclosure of information on intellectual capital in Danish IPO prospectuses. Accounting, Auditing, and Accountability Journal 18 (6): 713-732. https://doi.org/10.1108/09513570510627685
Carmona P, Fuentes CD, Ruiz C (2016) Risk disclosure analysis in the corporate governance annual report using fuzzy-set qualitative comparative analysis. Revista de Administração de Empresas 56 (3): 342-352. https://doi.org/10.1590/S0034-759020160307
Chakraborty A, Gao L, Sheikh S (2018) Corporate governance and risk in cross-listed and Canadian only companies. Management Decision. https://doi.org/10.1108/MD-10-2017-1052
Chalmers K, Godfrey J (2004) Reputation costs: The Impetus for voluntary derivative financial instrument reporting. Accounting, Organizations and Society 29 (2): 95-125. https://doi.org/10.1016/S0361-3682(02)00034-X
Chen LG, Kilgore A, Radich R (2009) Audit committees: Voluntary formation by ASX non-top 500. Managerial Auditing Journal 24 (5): 475-493. https://doi.org/10.1108/02686900910956829
Choi FDS, Meek GK (2011) International accounting (7th ed). New Jersey: Prentice Hall. Cotter J, Silvester M (2008) Board and monitoring committee independence. A Journal of Accounting, Finance, and Business Studies 39 (2): 211-232. https://doi.org/10.1111/1467-6281.00127
Dimaggio PJ, Powell WW (1983) The iron cage revisited: Institu-tional isomorphism and collective rationality in organizational fields. American Sociological Review 48 (2): 147-160. https://doi.org/10.2307/2095101
Dobler M (2008) Incentives for risk reporting-A discretionary disclosure and cheap talk approach. The International Journal of Accounting 43 (2): 184-206. https://doi.org/10.1016/j.intacc.2008.04.005
Dunn KA, Mayhew BW (2004) Audit firm industry specialization and client disclosure quality. Review of Accounting Studies 9 (1): 35-58. https://doi.org/10.1023/B:RAST.0000013628. 49401.69
Elshandidy T, Neri R (2015) Corporate governance, risk disclosure practices, and market liquidity: comparative evidence from the UK and Italy. Corporate Governance: An International Review 23 (4): 331-356. https://doi.org/10.1111/corg.12095
Elzahar H, Hussainey K (2012) Determinants of narrative risk disclosures in UK interim reports. The Journal of Risk Finance 13 (2): 133-147. https://doi.org/10.1108/15265941211203189
Ettredge M, Johnstone K, Stone M, Wang Q (2011) The effects of firm size, corporate governance quality, and bad news on disclosure compliance. Review of Accounting Studies 16 (4): 866-889. https://doi.org/10.1007/s11142-011-9153-8
Fauzi H (2008) Corporate social and environmental performance: A comparative study of Indonesian companies and multinational companies (MNCs) operating in Indonesia. Journal of Knowledge Globalization 1 (1): 81-105.
FCGI (2000) The roles of the board of commissioners and the audit committee www.fcgi.or.id
Gunawan I, Susanto (2004) The influence of ownership structure on the extent of CSR disclosure in the company’s annual report: An empirical study on public companies listed on the Indonesia Stock Exchange in 2006. National Accounting Symposium 15 (1): 75-86.
Haniffa RM, Cooke TE (2002) Culture, corporate governance, and disclosure in Malaysian corporations. Abacus 38 (3): 317-349. https://doi.org/10.1111/1467-6281.00112
Hassan MK (2009) UAE corporations – specific characteristics and level of risk disclosure. Managerial Auditing Journal 24 (7): 668-687. https://doi.org/10.1108/02686900910975378
Ho SSM, Wong KS (2001) A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing, and Taxation 10 (2): 139-156. https://doi.org/10.1016/S1061-9518(01)00041-6
IFRS, P (2010) IFRS practice statement management commentary. A framework for presentation. London: IFRS Foundation.
Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3 (4): 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Khan A, Muttakin MB, Siddiqui J (2013) Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics 114 (2): 207-223. https://doi.org/10.1007/s10551-012-1336-0
Krishnamurti C, Velayutham E (2018) The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence. Pasific-Basin Finance Journal 50: 65-81. https://doi.org/10.1016/j.pacfin.2017. 09.003
Li J, Mangena M, Pike R (2012) The effect of audit committee characteristics on intellectual capital disclosure. The British Accounting Review 44 (2): 98-110. https://doi.org/10.1016/j.bar.2012.03.003
Li J, Pike R, Haniffa R (2008) Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research 38 (2): 136-159. https://doi.org/10.1080/00014788.2008.9663326
Linsley PM, Shrives PJ (2006) Risk reporting: A study of risk disclosures in the annual reports of UK companies. British Accounting Review 38 (4): 387-404. https://doi.org/10.1016/j.bar.2006.05.002
Lopes PT, Rodrigues LL (2007) Accounting for financial instruments: An analysis of the determinants of disclosure in the Portuguese Stock Exchange. The International Journal of Accounting 42 (1): 25-56. https://doi.org/10.1016/j.in-tacc.2006.12.002
Machmud N, Djakman CD (2008) Effect of ownership structure on the extent of CSR disclosure in the company’s annual report: An empirical study of public companies listed on the Indonesia Stock Exchange in 2006. In Accounting National Symposium. Pontianak.
Madi HK, Ishak Z, Manaf NAB (2014) The impact of audit committee characteristics on corporate voluntary disclosure. Procedia-Social and Behavioral Sciences 164 (August): 486-492. https://doi.org/10.1016/j.sbspro.2014.11.106
Madrigal MH, Guzman BA, Guzman CA (2015) Determinants of corporate risk disclosure in large Spanish companies: A snapshot. Contaduria y Administracion 60 (4): 757-775. https://doi.org/10.1016/j.cya.2015.05.014
Meizaroh, Lucyanda J (2011) The influence of corporate governance and concentration of ownership on enterprise risk management disclosure. National Accounting Symposium IV Aceh, July 21-22, 1-30 pp.
Menon K, Williams JD (1994) The use of audit committees for monitoring. Journal of Accounting and Public Policy 13 (2): 121-139. https://doi.org/10.1016/0278-4254(94)90016-7
Miihkinen A (2013) The usefulness of firm risk disclosures under different firm riskiness, investor-interest, and market conditions: new evidence from Finland. Advances in Accounting 29 (2): 312-331. https://doi.org/10.1016/j.adiac.2013.09.006
Mokhtar ES, Mellett H (2013) Competition, corporate governance, ownership structure, and risk reporting. Managerial Auditing Journal 28 (9): 838-865. https://doi.org/10.1108/MAJ-11-2012-0776
Monks RAG, Minow N (2011) Corporate governance (5th ed). United States: John Willey.
Morris RD (1987) Signaling, agency theory, and accounting policy choice. Accounting and Business Research 18 (69): 47-56. https://doi.org/10.1080/00014788.1987.9729347
Nahar S, Jubb C, Azim MI (2016) Risk governance and performance: a developing country perspective. Managerial Auditing Journal 31 (3): 250-268. https://doi.org/10.1108/MAJ-02-2015-1158
Neifar S, Jarboui A (2018) Corporate governance and operational risk voluntary disclosure: Evidence from islamic banks. Research in International Business and Finance 46: 43-54. https://doi.org/10.1016/j.ribaf.2017.09.006
Oliveira J, Rodrigues LL, and Craig R (2011) Risk-related dis-closures by non-finance companies Portuguese practices and disclosure characteristics. Managerial Auditing Journal 26 (9): 817-839. https://doi.org/10.1108/02686901111171466
Owusu-Ansah S (1998) The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting 33 (5): 605-631. https://doi.org/10.1016/S0020-7063(98)90015-2
Owusu-Ansah S, Yeoh J (2005) The Effect of legislation on corporate disclosure practices. Abacus 41 (1): 92-109. https://doi.org/10.1111/j.1467-6281.2005.00171.x
Probohudono AN, Tower G, Rusmin R (2013) Risk disclosure during the global financial crisis. Social Responsibility Journal 9 (1): 124-137. https://doi.org/10.1108/17471111311307859
Said R, Omar N, Abdullah WN (2013) Empirical investigations on boards, business characteristics, human capital and environmental reporting. Social Responsibility Journal 9 (4): 534-553. https://doi.org/10.1108/SRJ-02-2012-0019
Said R, Rahim AAA, Hassan R (2018) Exploring the effects of corporate governance and human governance on management commentary disclosure. Social Responsibility Journal 14 (4): 842-858. https://doi.org/10.1108/SRJ-06-2017-0099
Siregar SV, Bachtiar Y (2010) Corporate social reporting: Empirical evidence from Indonesia stock exchange. International Journal of Islamic and Middle Eastern Finance and Management 3 (3): 241-252. https://doi.org/10.1108/17538391011072435
Subramaniam N, McManus L, Zhang J (2009) Corporate governance, firm characteristics and risk management committee formation in Australian companies. Managerial Auditing Journal 24 (4): 316-339. https://doi.org/10.1108/ 02686900910948170
Suhardjanto D (2011) Disclosure of financial risk and corporate governance: An empirical study of Indonesian banking. Journal of Finance and Banking 15 (1): 105-118.
Taliyang SM, Jusop M (2011) Intellectual capital disclosure and corporate governance structure: Evidence in Malaysia. Inter-national Journal of Business and Management 6 (12): 109-117. https://doi.org/10.5539/ijbm.v6n12p109
Talpur S, Lizam M, Zabri SM (2018) Do audit committee structure increases influence the level of voluntary corporate governance disclosures. Property Management 36 (5): 544-561. https://doi.org/10.1108/PM-07-2017-0042
Wallace RSO, Coocke TE (1990) The diagnosis and resolution of emerging issue in corporate disclosures practices. Accounting and Business Research 20 (78): 143-151. https://doi.org/10.1080/00014788.1990.9728872
White G, Lee A, Tower G (2007) Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of Intellectual Capital 8 (3): 517-537. https://doi.org/10.1108/14691930710774894
Williams KY, O’Reilly CA (1998) Demography and diversity in organizations: A review of 40 years of research. Research in Organizational Behavior 20: 77-140.
Zadeh FO, Rasid SZA, Basiruddin R, Zamil NAM, Vakilbashi A (2016) Risk disclosure practices among Malaysian listed firms. International Journal of Economics and Financial Issues 6 (3): 1092-1096.