Organizational Culture and Corporate Risk Disclosure
Organizational Culture and Corporate Risk Disclosure
Organizational Culture and Corporate Risk Disclosure
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Abstract
Purpose – The main purpose of this paper is to investigate the relationship between organizational
culture and corporate risk disclosure for listed companies in the United Arab Emirates (UAE).
Design/methodology/approach – The organizational culture is represented by four dimensions:
Clan, Adhocracy, Market and Hierarchy (Cameron and Quinn, 1999). Data are computed from the
financial reports of all listed companies on the UAE Stock Market as of the year ending 2005. The
multiple regression analysis model, ordinary least square, is used to test the study hypotheses.
Findings – Results show that the organizational culture of Hierarchy, which focuses on more
formalized work procedures, has a significant positive effect on the companies’ risk disclosure in the
UAE business environment. Several other control variables are implemented to ensure reliability of
results.
Practical implications – Listed companies in the UAE are more responsive to formal rules and
regulations on reporting risk disclosure, which is quite different from the “self-regulation” practices that
are more common in some Western countries. Consequently, policymakers and regulators in the UAE,
and in other countries with similar conditions, are encouraged to focus on continuous development of
formal rules and procedures to enable more harmony with international best practices of risk disclosure.
Originality/value – Unlike the majority of previous empirical studies, this is the first study to
incorporate a behavioral endogenous organizational culture model to explain the main determinants of
risk disclosure, which opens the door for more understanding of the risk disclosure output function as
a management process.
Keywords Risk disclosure, Organizational culture, United Arab Emirates
Paper type Research paper
1. Introduction
Risk reporting has occupied considerable attention in the past few years (Meier et al.,
1995; Solomon et al., 2000; Schrand and Elliott, 1998; Cabedo and Tirado, 2004; Ahmed
et al., 2004; Linsley and Shrives, 2006; Abraham and Cox, 2007; Linsley and Lawrance,
2007; Spira and Page, 2003; Hassan, 2009, 2011). Previous empirical studies have used
different theoretical foundations to explain the association between firms’
characteristics and level of risk disclosure, such as Agency theory (Linsley and Shrives, International Journal of Commerce
2006; Abraham and Cox, 2007) and the Legitimacy/Institutional theories and Management
Vol. 24 No. 4, 2014
(Carpenter et al., 2001; Linsley and Kajüter, 2008; Oliveira et al., 2011b; Hassan, 2011). pp. 279-299
However, previous empirical results have provided inconclusive and mixed results due © Emerald Group Publishing Limited
1056-9219
to intra-countries institutional and intra-companies structural differences (Hassan, DOI 10.1108/IJCoMA-06-2012-0035
IJCOMA 2009; Oliveira et al., 2011b). A fundamental aspect of these studies is that they tend to
overlook how organizational culture influences the level of risk disclosure. One of the
24,4 potential contributions of this paper, therefore, is that this is the first study to explain
organizational culture-risk disclosure relationship in light of the Agency theory (Jensen
and Meckling, 1976).
The underlying rationale, here, is that organizational culture acts as a solid
280 foundation of agent–principal relationships. Davis et al. (1997) argue that organization
management philosophy and culture “create a context in which the choice of agency
relationship is made by agents and principals”. This implies that organizational culture
has an influence on management practices and, consequently, on control and disclosure
attitude.
Another key aspect in the literature examining culture effects on corporate disclosure
(Mir et al., 2009) is that “culture” is investigated as an explanatory variable behind the
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2. Literature review
The literature on determinates of risk disclosure can be divided into three main
groups. The first group of studies relies on Agency theory (Jensen and Meckling, 1976)
to explain the variation on CRD (Beretta and Bozzolan, 2004; Cabedo and Tirado, 2004;
Linsley and Shrives, 2006; Abraham and Cox, 2007). The second group draws on the
Legitimacy theory (Kaplan and Ruland, 1991) to understand why corporations provide
different types of risk disclosure, while others rely on the Stakeholder theory (Amran
et al., 2009). The third group of studies utilizes a mix of theories to augment the analysis
of the empirical results (Hassan, 2009; Oliveira et al., 2011a, 2011b). For example, Linsley Culture and
and Kajüter (2008) relied on the Legitimacy theory (Kaplan and Ruland, 1991) to
understand how Allied Irish Banks applied different strategies to reinstate its
corporate risk
creditability after the occurrence of a fraud that not only affected the bank financially disclosure
but also damaged its reputation. Likewise, Oliveira et al. (2011a, 2011b) found that
voluntary risk reporting enhances Portuguese banks’ legitimacy through compliance
with the institutional pressures that enforce the adoption of Basel II requirements while, 281
at the same time, enabling banks’ managers to manage their stakeholders’ perception
about their banks’ reputation.
In the same vein, Hassan (2009) found significant relationships between the extent of
corporate disclosure and firm-specific characteristics of the UAE listed companies.
Although this paper shares some similarities with the above papers in terms of
examining risk disclosure, it differs from these studies in a number of ways. First, this
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paper examines the effect of organizational culture on the level of risk disclosure. It relies
on behavioral organizational culture frameworks to generate testable hypotheses.
Second, the paper interlinks risk disclosure studies with other studies that explored the
impact of organizational culture on financial disclosure (Gordon and Miller, 1976;
Thomas, 1989; Gibbins et al., 1990; Adams, 1997). Third, the paper provides a
complementary explanation of the variation on risk disclosure through the use of
Agency theory (Jensen and Meckling, 1976).
Agency theory (Jensen and Meckling, 1976) predicts that there is a conflict of interest
between managers (agents) and shareholders (principals). This conflict stems from the
rational opportunistic behavior of both parties to maximize their own economic utility.
Agency costs resulting from this conflict of interest may be reduced by imposing
internal governance structures and compensation schemes to protect the interest of the
principal, and to keep the potential agent’s self-interest behavior under control (Jensen
and Meckling, 1976). In this context, Davis et al. (1997) argued that management
philosophy and culture act as antecedents for the choice of agency relationship between
management and principals. For example, the agent–principal relationships in a
control-oriented approach are generally transactional in nature or are based on
institutional power. The choice of the type of power used to control the agent is a
function of the personal characteristics of the individual and the prevailing
organizational culture (Davis et al., 1997). Therefore, the organizational culture can
influence the outcome behavior of the agency–principle relationship.
Although some recent studies have recognized that various groups (e.g. religious,
social, national and corporate) have fundamentally different ways of interacting
internally, and with the outside world (Jenkins et al., 2008), the organizational culture
phenomenon dates back to the Managerial and Behavioral theories of the firm. The
former theory discusses the implications of the conflict between managers’ tendency to
maximize their own benefits and shareholders’ profit maximization goal (Baumol, 1959
and Marris, 1964; Williamson, 1964), while the latter explains decision-making
processes in complex and uncertain situations within organizations (Cyert and March,
1963 and Simon, 1976). The importance of the dominant organizational culture stems
from it being the glue that holds the organization together to achieve certain
predetermined objectives (Hansen and Wernerfelt, 1989; Trice and Beyer, 1993; Denison,
1990; Cameron and Quinn, 1999). In the context of financial reporting and disclosure,
Gibbins et al. (1990) argue that firms’ history, knowledge and predetermined norms
IJCOMA contribute to the formation of a disclosure position whereby “[…] firms’ traditions, taken
for-granted ways of doing things, may establish how disclosure is managed.”
24,4 Several studies have explored the impact of organizational culture on financial
disclosure. Thomas (1989) found that the presence of a strong professional accounting
sub-culture, which stems from the main elements of organizational culture, influences
the extent of voluntary disclosure. Gibbins et al. (1990) presented a cornerstone model
282 showing how the “[…] corporate disclosure is an output of external and/or internal
stimuli”. These stimuli include firms’ internal and external antecedents, such as market-
and firm-specific characteristics. A fundamental component of Gibbins et al.’s (1990)
model is the potential impact of organizational culture, as part of internal antecedent
conditions, on firms’ disclosure. Adams (1997) tested the Gibbins model on 12 New
Zealand life insurance companies using interview evidence and found that “[…]
company culture was reported by several managers to be a major determinant of
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corporate reporting practices”. Furthermore, Gordon and Miller (1976) discussed the
impact of management perceptions of environmental uncertainty on financial
disclosure.
In the context of risk reporting, several studies examined the stock price reaction to
risk disclosure (Rajgopal, 1999; Linsmeier et al., 2002; Jorion, 2002; Schrand, 1997; Wong,
2000; Uddin and Hassan, 2011), while others investigated the relationships between
corporations’ characteristics and risk-related information published in the annual
reports (Lajili and Zéghal, 2005; Linsley and Shrives, 2006; Lopes and Rodrigues, 2007;
Abraham and Cox, 2007; Amran et al., 2009; Hassan, 2009). Furthermore, some scholars
examined risk narrative disclosure (Abrahamson and Amir, 1996; Deumes, 2008;
Linsley and Kajüter, 2008; Amran et al., 2009). Uddin and Hassan (2011) investigated
UAE firms’ stock price volatility over different interval periods after the publication of
risk-related information in their annual reports. Abrahamson and Amir (1996)
investigated the relationship between risk narrative and firms’ performance. Deumes
(2008) examined the relationship between textual risk information and the volatility of
stock prices on a sample of Dutch firms listed in the Amsterdam Stock Exchange.
Amran et al. (2009) investigated the relationship between the characteristics of
Malaysian firms and risk disclosures incorporated in the non-financial section of these
firms’ annual reports. The stakeholder theory was used, as discussed by Amran et al.
(2009), to link corporations’ characteristics to risk disclosure and to explain their
empirical findings.
Despite the significant contributions of these risk-reporting studies, most of them
have tended to overlook the effect of organizational culture on risk disclosure. This
study extends on the risk reporting studies by investigating the impact of several
dimensions of organizational culture in different industrial settings operating in the
UAE using a quantitative measurement technique, as detailed later on.
3. Hypotheses development
Organizational culture is defined as the “shared perceptions of organizational work
practices within organizational units that may differ from other organizational units”
(Van den Berg and Wilderom, 2004). Several models have used various dimensions and
attributes of organizational culture, such as the models presented by Deal and Kennedy
(1982), Handy (1985), Johnson (1988), Van Muijen et al. (1999), Hofstede et al. (1990),
Gordon and DiTomaso (1992), Denison and Mishra (1995), and Van den Berg and Culture and
Wilderom (2004) (See Trice and Beyer, 1993; Beyer and Cameron, 1997).
Although there is a great deal of communality among the organizational culture
corporate risk
dimensions in different models (Table I), this paper utilizes the organizational culture disclosure
model presented by Cameron and Quinn (1999) for several reasons. Most notably, this
model depends on measuring work practices to explore the underlying organizational
culture, which is a more reliable approach compared to other models that depend on 283
measuring subjective opinions. The model also provides a framework of culture that
integrates many of the organizational culture dimensions proposed by other scholars,
which relatively reduces the complexity of the culture concept into four easily
understood dimensions. In addition, the model presents an explanation of the
underlying themes of each cultural dimension, which helps, to a great extent, to identify
appropriate proxy measurable variables. Furthermore, several studies found the model
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to be accurate and valid for empirical research (Zhang and Liu, 2006; Cameron and
Ettington, 1988; Quinn, 1988; Cameron and Freeman, 1991; Howard, 1998; Al-Khalifa
and Aspinwall, 2000; Dastmalchian et al., 2000).
Based on previous literature, this study views risk disclosure as a management
activity (Gibbins et al., 1990) that requires inputs, processes, people and outputs. That is,
risk disclosure is the outcome of a social interaction within organizations, which
maintains the style of the organization from the view point of its members (Wilkins and
Ouchi, 1983). Accordingly, it is predicted that the style of organizations enhances
patterns of behavior which can implicitly explain risk disclosure.
In the same vein, previous empirical studies view determinants of financial
disclosure as exogenous factors, that is, it is determined solely by external forces beyond
the control of the company, such as the stock market, government or regulations
(Thompson and Wildavsky, 1986), Conversely, this study deals with organizational
culture as an endogenous variable that is determined by management behavior like any
other business function. Unfortunately, previous theoretical and empirical studies do
not provide clear indications on the relationship between organizational culture and
financial disclosure. However, the organizational culture model by Cameron and Quinn
(1999) provides a good opportunity to predict these relationships. This model identifies
four main values for organizational culture: Clan, Adhocracy, Market and Hierarchy.
These internal social organizational culture values can be helpful in determining the
level of risk disclosure.
The organizational culture of Clan (Cameron and Quinn, 1999) focuses on internal
climate, flexibility and concern for people. It is characterized by a sense of “we-ness”
attitude, shared values and goals cohesion, teamwork, participation and consensus
(Cameron and Quinn, 1999). It is a friendly workplace where people can share a lot of
themselves. The glue which holds the organization together is loyalty and high
commitment. Control in Clan organizations depends on goal congruence and traditions,
with no explicit auditing and evaluation of performance (Ouchi, 1980). There is more
emphasis on long-term benefit of individual development and morale. Hofstede (2001,
p. 380) suggested that Clan organizations are close to family type of organizations,
which are characterized by high concentration of authority, less formalization of
activities and more tolerance for ambiguity in structure and procedures (Hofstede, 2001,
pp. 375-377) that can constrain information disclosure. Furthermore, Clan organizations
tend to focus on integrity and solidarity to secure a sense of solidarity with the
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24,4
284
models
Table I.
IJCOMA
Organizational culture
dimensions across several
Organizational cultural models/dimensions
Van den Berg and Cameron and Quinn Denison and Mishra Gordon and DiTomaso O’Reilly et al. Hofstede et al. (1990)
Wilderom (2004) (1999) (1995) (1992) (1991)
Human resources, Clan Involvement Integration/communication, People and teams Professional, employees/job,
inter-departmental development/promotion, open/closed system
coordination fairness of rewards
Improvement Adhocracy Mission and Innovation/risk taking, Innovation Process/results
adaptability clarity of strategy/shared
goals
External environment Market Action Results Normative/pragmatic
Autonomy Hierarchy Consistency Accountability/systematic Stability and Loose/tight control
decision-making details
organization and to protect the collectivism nature of the system. Therefore, it is Culture and
hypothesized (H1) that:
corporate risk
H1. There is a negative relationship between the organizational culture of Clan and disclosure
CRD.
The organizational culture of Adhocracy is characterized by a dynamic, entrepreneurial,
creative and risk-taking workplace (Cameron and Quinn, 1999). There is more emphasis 285
on the external climate, experimentation, flexibility, innovation, aggressive strategies,
increasing boundary spanning, initiative and system openness. The organization’s
long-term emphasis is on rapid growth, acquiring new resources and producing unique
products and services. Adhocracy organizations are expected to have a lower degree of
risk disclosers, as they usually have minimal formalization which would involve verbal
discussions and approval on major issues (Reynolds, 1986). They are characterized by
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(1) The sample period predates the financial crisis, the matter that isolates the
economic circumstances profound effect on the relationship between
organizational culture and risk disclosure.
(2) Previous studies recommend a static approach for the dual purpose of
comparison and accumulation of organizational knowledge (Van den Berg and
Wilderom, 2004).
Accordingly, the paper regresses the level of CRD on two sets of variables:
(1) organizational culture variables; and
(2) other controlling variables based on previous empirical studies to ensure
reliability of results.
This study implements the multiple regression analysis model, ordinary least squares,
to investigate the relationship between CRD index (dependent variable) and several
independent variables. The full estimation model is as follows:
therein (Handy, 1985). Therefore, total transaction costs to net income were used as
proxy variable for the degree of the organizational culture of Hierarchy.
Previous empirical studies faced great difficulty in identifying transaction costs,
especially those which were devoted to the transformation sector of the economy (Wallis
and North, 1986). Even later studies did not manage to improve much in this respect
(Dollery and Leong, 1998). Consequently, the currently available measurements of
transaction costs may be regarded as imperfect (Polski and Kearney, 2001) due to the
lack of theoretical consensus on the nature of transaction costs (Wang, 2003). For the
purpose of this paper, transaction costs are measured following Wallis and North’s
(1986) and Polski and Kearney’s (2001) studies whereby the economy is divided into two
main sectors:
(1) the transaction sector, which includes finance, insurance, real state, wholesale
and retail trade; and
(2) the transformation sector, which includes agriculture, construction, mining,
manufacturing, transportation and storage services.
According to Wallis and North (1986), transaction costs are measured, in general, by
total wages of employees who provide transaction service within the company. For
example, transaction costs in the transactions sector (i.e. banks) are measured as total
interest expenses paid and accrued on all interest bearing liabilities, non-interest
expenses such as employees salaries and benefits, occupancy expenses and other
expenses such as directors’ fees, legal fees and advertising (Polski and Kearney, 2001).
Similarly, transaction costs in the transformation sector are measured by labor costs of
using transaction-related workers such as managers, clerks, persons coordinating the
purchasing of inputs and distribution of outputs and security staff (Dollery and Leong,
1998).
Ahmed and Nicholls, 1994). These studies argue that higher leverage levels lead to
higher agency costs (potential wealth transfers from debt holders to shareholders and
managers), and therefore high levels of disclosure can be used to reduce agency costs
and information asymmetries. Finally, external financing (Gearing), measured by total
debt to total assets (D/A), was found to be positively associated with the level of
disclosure (Naser et al., 2006; Barako et al., 2006; Alsaeed, 2006). Khanchel (2007) argues
that the quality of annual reports information may be related to external financing. The
higher the level of disclosure, Khanchel (2007) adds, the more interest that lenders and
creditors may have in the corporation.
Results show that there are significant differences in the mean ranking of CRD among
290 three independent variables, namely, TC, D/E and IND at 1 and 5 per cent levels
(Table III). These results justify the use of multiple regression analysis later on to
identify the most important determinants of CRD.
ROA, ROE and ROI are highly correlated with each other at the 1 per cent level.
Therefore, only ROI is introduced into the study model, as it has the highest correlation
coefficient of (0.214) with CRD, while ROA and ROE are excluded. Similarly, D/A and D/E
are highly correlated with each other at the 1 per cent level; accordingly, the former variable
is excluded from the analysis, as it has the lowest correlation of (0.501) with CRD.
Sig. (Asymptotic significance) 0.089* 0.763 0.432 0.010*** 0.021** 0.015** 0.117
Table III. Notes: Clan (CL), adhocracy (LnAD); return on investment (ROI), transaction costs (TC), debt to equity
Kruskal–Wallis H test ratio (D/E), industry type (IND), firm size (LnASSET); ( *** ), ( ** ) and ( * ) indicate significance at the 1,
statistics 5 and 10% confidence levels (two-tailed), respectively
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Study variables CRD CL lnAD ROA ROE ROI TC D/A D/E IND lnASSET
CRD 1
CL 0.166 (0.301) 1
lnAD 0.155 (0.335) 0.111 (0.489) 1
ROA ⫺0.191 (0.231) ⫺0.037 (0.816) 0.050 (0.754) 1
ROE 0.144 (0.369) 0.091 (0.572) ⫺0.067 (0.675) 0.690** (0.000) 1
ROI 0.214 (0.178) ⫺0.038 (0.813) ⫺0.166 (0.299) 0.576** (0.000) 0.797** (0.000) 1
TC 0.564** (0.000) 0.216 (0.175) ⫺0.070 (0.664) ⫺0.504** (0.001) ⫺0.141 (0.381) 0.088 (0.584) 1
D/A 0.501** (0.001) 0.206 (0.195) 0.134 (0.403) ⫺0.626** (0.000) ⫺0.029 (0.857) 0.057 (0.725) 0.647** (0.000) 1
D/E 0.537** (0.000) 0.212 (0.183) ⫺0.001 (0.996) ⫺0.515** (0.001) 0.107 (0.506) 0.121 (0.450) 0.631** (0.000) 0.817** (0.000) 1
IND 0.443** (0.004) 0.376* (0.015) 0.119 (0.459) ⫺0.224 (0.160) 0.164 (0.306) 0.191 (0.230) 0.556** (0.000) 0.551** (0.000) 0.423** (0.006) 1
lnASSET 0.252 (0.112) ⫺0.038 (0.112 ⫺0.023 (0.885) ⫺0.084 (0.602) 0.084 (0.603) 0.068 (0.675) 0.183 (0.251) 0.226 (0.155) 0.391* (0.012) 0.108 (0.501) 1
Notes: Credit risk disclosure (CRD), clan (CL), adhocracy (LnAD), return on assets (ROA), return on equity (ROE), return on investment (ROI), transaction costs (TC), debt to assets ratio
(D/A), debt to equity ratio (D/E), industry type (IND), firm size (LnASSET); p-values are in brackets; ( ** ) and ( * ) indicate correlation is significant at the 1 and 5% confidence levels
(two-tailed) respectively.
Table IV.
coefficients.
Pearson correlation
for study variables using
Cross correlation matrix
291
disclosure
corporate risk
Culture and
IJCOMA CRD
24,4 Study variables Unstandardized (B) S.E Standardized (Beta) t Significance VIF
Adjusted R2 0.331
Table V. N 41
Multiple regression
analysis (OLS) for the Notes: Clan (CL), adhocracy (LnAD), return on investment (ROI), transaction costs (TC), debt to equity
relationship between CRD ratio (D/E), industry type (IND), firm size (LnASSET); ( *** ), ( ** ), and ( * indicate significance level at
and organizational culture 1, 5 and 10% levels, respectively; (VIF) value inflation factor
As for the legal system, the UAE uses a civil law system in contrast to other countries
which depend on a common law system. The former depends on statutes and
comprehensive codes, which usually emphasize duties, authorities and paternalistic
orders, while the latter depend on precedential cases, court decisions and similar
tribunals. Civil countries, as argued by some researchers, lack flexibility to cope with
changing economic environments and encourage some social characteristics such as
solidarity, cohesion and uncertainty avoidance (La Porta et al., 1998; Jaggi and Low,
2000; Djankov et al., 2008; Licht et al., 2005). Similarly, this external legal environment in
the UAE may encourage more secrecy of financial information (Gray, 1988), unless
regulated by official bodies.
By contrast, the estimation model shows a significant positive relationship between the
organizational culture of Hierarchy (TC) and CRD with a standardized beta coefficient of
(0.363) at the 10 per cent level, which provides support to H4. The overall model has a
significant F statistic of (3.82) at 1 per cent level and an Adjusted R2 of (0.331). The estimation
model shows no significant sign of multicollinearity above 5 degrees using the variance
inflation factor, as indicated by Studenmund (2006), nor any significant sign of
heteroscedasticity of residuals using the Goldfeld and Quandt (1965) test statistic. This
implies that companies with the organizational culture of Hierarchy are more likely to
disseminate risk information in their annual financial report. The existence of tight rules and
procedures, as argued by some researchers, encourages firms to provide more information to
satisfy the needs of several stakeholders, such as investors, financial analysts and creditors.
This is consistent with the study prediction and proponents of the Managerial and
Behavioral theories of the firm (Baumol, 1959; Williamson, 1964; Cyert and March, 1963) and
previous empirical results which highlighted the importance of organizational culture on
disclosure practices (Gordon and Miller, 1976; Thomas, 1989; Adams, 1997). In addition, this
is in line with the Agency theory (Jensen and Meckling, 1976) which predicts that when
risk-averse shareholders recognize the self-interest behavior of executive managers, they
usually tend to reduce associated agency costs through, among other mechanisms, Culture and
governance structures. This may be particularly applicable to the UAE business
environment, which is dominated by a diverse majority of expat population. In the same
corporate risk
vein, the importance of the organizational culture of Hierarchy stems from the need to control disclosure
high transaction costs, especially in the banking sector which is heavily regulated by the
UAE central bank and constitutes a large proportion of the sample size.
293
6. Conclusions
The paper empirically tests the relationship between dimensions of organizational culture
and risk disclosure. The findings indicate that the organizational culture of Hierarchy has a
significant positive effect on the UAE companies’ risk disclosure. The paper contributes to
the body of accounting literature that examines the determinants of CRD, particularly by
examining the impact of organizational culture. Because the culture of hierarchy focuses on
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internal control and formalized work procedures to control and organize work, it can be
concluded that unlike the common “self regulation” practices in some Western countries,
local policymakers and regulators are encouraged to focus on continuous development of
formal rules and procedures to enable more harmony with international best practices of risk
disclosure. Further research is recommended to investigate patterns of risk disclosure and
organizational culture among countries for comparability of results. Time series analysis
can also reveal the impact of changes in organizational culture on CRD over time.
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Appendix Culture and
corporate risk
Abu Dhabi commercial bank Aldar properties
disclosure
Arab Emirates Investment Emirates Telecommunications Corporation
(ETISALAT)
Amalak Finance Abu Dhabi Ship Building
299
Arab International Logistics (ARAMICS) National Bank of Ras Al-Khaimah
Arabtech Holding Company Abar Petroleum Company
Commercial Bank of Dubai Gulf Cement Company
Dubai Islamic Bank United Arab Bank
Dubai Investment National Central Cooling Company
(TABREED)
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1. Walaa Wahid ElKelish University of Sharjah Mostafa Kamal Hassan Department of Accounting, University
of Sharjah, Sharjah, United Arab Emirates AND Alexandria University, Egypt . 2015. Corporate
governance disclosure and share price accuracy. Journal of Applied Accounting Research 16:2, 265-286.
[Abstract] [Full Text] [PDF]
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