Corporate risk disclosure and firm value: UK evidence
研究英国上市公司年报中的风险披露如何影响公司价值，并分析分析师信息环境对这种关系的调节作用，发现风险信息与公司价值正相关。
Abstract This study examines the influence of risk disclosure (RD) in the annual reports on Firm Value (FV) in the UK context. Furthermore, it addresses the moderating role of the analyst information environment in shaping this relation. Our study distinguishes between favourable and unfavourable information and examines whether the different nature of risk information could affect the FV differently. Our study contributes to the existing literature by providing empirical evidence on the value relevance of the narrative risk information. In particular, using a sample of UK listed firms, we find a positive relation between risk information and FV. We also contribute to the dilemma of risk disclosure measurement by using four different RD proxies. Our study has important implications for academics, standard setters, investors and managers.