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CORPORATE RISK DISCLOSURES: INFLUENCE OF INSTITUTIONAL SHAREHOLDERS AND AUDIT COMMITTEE
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Xuan Zhang, Dennis Taylor, Wen Qu 
, Judith Oliver
Abstract
This study investigates the association between corporate risk disclosures and institutional shareholders and audit committees. Using a sample of 66 Australian listed companies, risk disclosures made in 2009 annual reports are analysed. Findings reveal that there is no significant relationship between dedicated-type institutional block shareholders and risk disclosure, which it is argued is consistent with a proprietary information perspective. A positive relationship however is found between transient-type institutional block shareholders and risk disclosures. This result is consistent with a principal that wields limited monitoring resources while achieving high resource dependency over management. Significant positive relationships are found between audit committee independence and risk disclosures.
Keywords: Risk Disclosures, Audit Committee, Institutional Shareholders
How to cite this paper: Zhang, X., Taylor, D., Qu, W., & Oliver, J. (2013). Corporate risk disclosures: Influence of institutional shareholders and audit committee. Corporate Ownership & Control, 10(4-3), 341-354. https://doi.org/10.22495/cocv10i4c3art5
