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Risk disclosure in listed Greek companies: the effects of the financial crisis

Fragiskos K. Gonidakis (Department of Public Administration, Panteion University of Social and Political Sciences , Athens, Greece)
Andreas G. Koutoupis (Department of Accounting and Finance, University of Thessaly , Volos, Greece)
Anastasios D. Tsamis (Department of Public Administration, Panteion University of Social and Political Sciences , Athens, Greece)
Maria-Eleni K. Agoraki (Department of Accounting and Finance, University of Peloponnese – Tripoli Campus , Tripoli, Greece)

Accounting Research Journal

ISSN: 1030-9616

Article publication date: 10 August 2020

Issue publication date: 10 September 2020

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Abstract

Purpose

The purpose of this study is to investigate risk disclosure in listed Greek companies. The effects of the financial crisis were also considered.

Design/methodology/approach

This study aimed to determine the risk-reporting practices of Greek’s non-financial companies listed on the Athens Stock Exchange through a content analysis of their annual reports.

Findings

Risk identification and anticipation protect businesses and create shareholder value. In recent years, particularly since the economic crisis, risk has become one of the most important business issues. This study concluded that during the crisis, there was an increase in disclosure. Financial, personnel and legal risks were the most reported types of risk. This study also found liquidity to be a very important issue.

Research limitations/implications

Content analysis has limitations because subjectivity cannot be eliminated. This study measured only the quantity, not the quality, of risk disclosure. The quality of risk reporting will be examined in future research.

Originality/value

This is the first study on risk disclosure in the non-financial companies listed on the Athens Stock Exchange to conduct a content analysis of the corporate annual reports.

Keywords

Citation

Gonidakis, F.K., Koutoupis, A.G., Tsamis, A.D. and Agoraki, M.-E.K. (2020), "Risk disclosure in listed Greek companies: the effects of the financial crisis", Accounting Research Journal, Vol. 33 No. 4/5, pp. 615-633. https://doi.org/10.1108/ARJ-03-2020-0050

Publisher

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Emerald Publishing Limited

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