INSTITUTIONAL OWNERSHIP, AUDIT COMMITTEE AND RISK DISCLOSURE – EVIDENCE FROM AUSTRALIAN STOCK MARKET

Corporate Board: Role, Duties & Composition

关键词: Institutional Ownership;    Audit Committee;    Risk Disclosure;    Australian Stock Market;   

DOI  :  10.22495/cbv9i3art6

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

This study investigates the influence of institutional ownership and audit committees corporate risk disclosures. Focusing on analysing firms’ risk disclosures make in their 2009 annual reports, our sample constitutes a sample of 66 Australian listed firms. We divide institutional shareholders into dedicated-type institutional block shareholders and transient-type institutional block shareholders. We find that while there is no significant relationship between dedicated-type institutional block shareholders and risk disclosure, there is a positive relationship between transient-type institutional block shareholders and risk disclosures. Our result is consistent with a principal that wields limited monitoring resources while achieving high resource dependency over management. We also find a significant and positive relationship between audit committee independence and risk disclosures, showing the positive role played by audit committee in improving the information transparency and reducing information asymmetry in capital market.

【 授权许可】

CC BY-NC