The Value Relevance of Risk Disclosure: An Analysis of the Banking Sector

IF 4.6 Q1 BUSINESS, FINANCE Accounting in Europe Pub Date : 2020-02-27 DOI:10.1080/17449480.2020.1730921
B. Giner, Alessandra Allini, Annamaria Zampella
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引用次数: 25

Abstract

Abstract The aim of this study is to test whether financial risk disclosures required by IFRS 7 and Pillar 3 are value relevant for investors to support them in their investment decisions. The sample in the study consists of banks listed on the London, Paris, Frankfurt, Madrid, and Milan Stock Exchanges over an 8-year period, from 2007 to 2014. Based on the aforementioned standards, we built financial risk disclosure indexes and distinguished different risk categories, qualitative and quantitative, as well as credit, liquidity, and market risk. Our analyses confirm that there is a positive association between bank value and several categories of established risk disclosures. Furthermore, it suggests that disclosure adds value to more traditional risk value measures. Besides, our results suggest that investors pay attention to the strength of the bank authority when using risk disclosures.
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风险披露的价值相关性:对银行业的分析
摘要本研究的目的是检验IFRS 7和支柱3要求的财务风险披露是否与投资者的价值相关,以支持他们的投资决策。研究样本包括2007年至2014年8年间在伦敦、巴黎、法兰克福、马德里和米兰证券交易所上市的银行。基于上述标准,我们构建了财务风险披露指标,区分了不同的风险类别,定性风险和定量风险,以及信用风险、流动性风险和市场风险。我们的分析证实,银行价值与几类既定风险披露之间存在正相关关系。此外,它还表明,信息披露为更传统的风险价值度量增加了价值。此外,我们的研究结果表明,投资者在使用风险披露时关注银行当局的实力。
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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