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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. |
