Central European Business Review 2016, 5(3):52-68 | DOI: 10.18267/j.cebr.158

An Assessment of Risk and Risk Management Information Disclosure of Companies Listed in Nasdaq OMX Baltic and Euronext Brussels

Dalia Kolmatsui1, Renata Legenzova2, Mantas Seilius3
1 Dalia Kolmatsui, PhD, Associate Professor, Finance Department, Faculty of Economics and Management, Vytautas Magnus University, S.Daukanto 28, Kaunas, Lithuania, Dalia.Kolmatsui@vdu.lt
2 Renata Legenzova, PhD, Associate Professor, Head of Department, Finance Department, Faculty of Economics and Management, Vytautas Magnus University, S.Daukanto g. 28, LT- 44246 Kaunas, Lithuania, Renata.Legenzova@vdu.lt
3 Mantas Seilius, Master of Economics, Finance Department, Faculty of Economics and Management, Vytautas Magnus University, S.Daukanto 28, Kaunas, Lithuania, mantas.seilius@fc.vdu.lt

The main goal of this paper is to discuss theoretically and to evaluate empirically the differences of risk and risk management information disclosure (RRMID) among companies listed in Nasdaq OMX Baltic and Euronext Brussels and to determine factors influencing such differences. The authors use analysis and systemization of scientific literature, induction, content analysis and coding procedure for risk and risk management information disclosure assessment, as well as correlation and regression analyses. The results suggest that companies listed in Euronext Brussels disclose more risk and risk management (RRM) information; RRM related disclosures are more qualitative, focused on past or present events and have a neutral meaning in both markets. Companies also disclose more information about risks themselves than about risk management. Finally, only companies' size and presence of audit committee are significant factors influencing RRMID.

Keywords: Risk management; information disclosure; Nasdaq OMX Baltic; Euronext Brussels
JEL classification: G30, M41

Received: May 26, 2016; Revised: July 28, 2016; Published: September 30, 2016  Show citation

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Kolmatsui, D., Legenzova, R., & Seilius, M. (2016). An Assessment of Risk and Risk Management Information Disclosure of Companies Listed in Nasdaq OMX Baltic and Euronext Brussels. Central European Business Review, 5(3), 52-68. doi: 10.18267/j.cebr.158
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