THE EFFECT OF THE FINANCIAL CRISIS ON RISK DISCLOSURES: A COMPARATIVE STUDY OF U.S. AND CANADIAN CORPORATIONS

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Abstract

The effect of the financial crisis on enterprise risk management (ERM) disclosures was examined through a content analysis of the 2007 and 2008 annual reports of S&P 500 and S&P- TSX Composite companies in the energy, materials, industrials, and consumer discretionary sectors. Fourteen types of risk were tracked and categorized. The total number of risk disclosures by S&P 500 companies hardly increased at all from 2007 to 2008, while the total number of risk disclosures by TSX companies increased slightly. Overall, the 2008 financial crisis has not had a major impact, if any, on risk disclosures by major non-financial U.S. and Canadian corporations.

Keywords: Financial Crisis, Risk Diclosure, Canada, the USA

How to cite this paper: Maingot, M., Quon, T., & Zéghal, D. (2014). The effect of the financial crisis on risk disclosures: a comparative study of U.S. and Canadian corporations. [Conference issue]. Corporate Ownership & Control, 11(3-2), 447-458. https://doi.org/10.22495/cocv11i3conf2p6