Abstract
This study presents a systematic review of the existing literature on corporate risk disclosure (RD).The study reviews 104 studies published in 51 high-ranked journals over the period 1999–2019following the systematic literature review methodology developed and employed by past works.The results highlight the substantial knowledge gaps and inconclusive findings of extant literaturein several aspects, including identifying avenues for further research in terms of research designs,settings, scope and theories. The findings also indicate that limited studies focus on developingcountries, private institutions, and non-profit organizations. Similarly, our findings show thatexisting research that examines other firm and cross-country drivers of risk, such as nationalaccounting, auditing, economic, governance, language, and legal systems, are not well documented.By contrast, our review illustrates that there is an increase in the number of studies published inrecent years with over one-half of those that we review in this research published in the last sixyears of our sample period. Furthermore, our results suggest that past review studies have alsofocused excessively on the immediate firm-level characteristics, such as firm size, growth, leverage,value, and cost of capital. The findings of our review will be of great interest to academics,accounting standard-setters, managers and practitioners, policymakers, regulators, researchers, andstudents.
Publication Date
2022-07-01
Publication Title
International Review of Financial Analysis
Volume
82
ISSN
1057-5219
Recommended Citation
Nawaz, T. (2022) 'A systematic literature review on risk disclosure research: State-of-the-art and future research agenda', International Review of Financial Analysis, 82. Available at: 10.1016/j.irfa.2022.102217
