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Discussion Papers In Economics And Business. 2024, 24-11, p. 1-30

Managerial Ownership, Modification of Business Risk Disclosure and Investors Risk Perception : Evidence from Japan

Liu, Peijun

Graduate School of Economics, Osaka University

英語

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2024-10

https://www2.econ.osaka-u.ac.jp/econ_society/dp/2411.pdf

This paper investigates the association between ownership structure with business risk disclosure in Japan, and the relationship between information content of risk disclosure and investors' risk perception. In the sample of Japanese firms over the period 2014-2021, the main results indicate a significant and non-monotonic relationship between managerial ownership and annual modification in business risk disclosure. In particular, the modification of business risk disclosure decreases as managerial ownership increases for both high and low levels of management share holdings, while it increases for intermediate levels of it. In addition, I find that the annual increase in business risk disclosure is negatively associated with changes in daily stock return volatility and trading volume, suggesting a greater opinion convergence among investors after the release of business risk disclosure. This study contributes to existing literature in support of the non-boilerplate argument and informativeness of risk disclosure.

98236

Managerial Ownership, Modification of Business Risk Disclosure and Investors Risk Perception : Evidence from Japan

Liu, Peijun

Graduate School of Economics, Osaka University

英語

2024-10

Discussion Papers In Economics And Business

24-11

1

30

https://hdl.handle.net/11094/98236

https://www2.econ.osaka-u.ac.jp/econ_society/dp/2411.pdf