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Institutional Ownership, Audit Committee and Risk Disclosure – Evidence from Australian Stock Market

Zhang, XuanXuan, Taylor, Dennis, Qu, Wen and Wise, Victoria 2013, Institutional Ownership, Audit Committee and Risk Disclosure – Evidence from Australian Stock Market, Corporate Board: Role, Duties & Composition, vol. 9, no. 3, pp. 66-81.

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Title Institutional Ownership, Audit Committee and Risk Disclosure – Evidence from Australian Stock Market
Author(s) Zhang, XuanXuan
Taylor, Dennis
Qu, Wen
Wise, Victoria
Journal name Corporate Board: Role, Duties & Composition
Volume number 9
Issue number 3
Start page 66
End page 81
Total pages 16
Publisher Virtus Interpress
Place of publication Sumy, Ukraine
Publication date 2013
ISSN 1810-8601
Keyword(s) Institutional Ownership
Audit Committee
Risk Disclosure
Australian Stock Market
Summary This study investigates the influence of institutional ownership and audit committees corporate risk disclosures. Focusing on analysing firms’ risk disclosures make in their 2009 annual reports, our sample constitutes a sample of 66 Australian listed firms. We divide institutional shareholders into dedicated-type institutional block shareholders and transient-type institutional block shareholders. We find that while there is no significant relationship between dedicated-type institutional block shareholders and risk disclosure, there is a positive relationship between transient-type institutional block shareholders and risk disclosures. Our result is consistent with a principal that wields limited monitoring resources while achieving high resource dependency over management. We also find a significant and positive relationship between audit committee independence and risk disclosures, showing the positive role played by audit committee in improving the information transparency and reducing information asymmetry in capital market.
Language eng
Field of Research 150103 Financial Accounting
Socio Economic Objective 900102 Investment Services (excl. Superannuation)
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2013, Virtus Interpress
Persistent URL http://hdl.handle.net/10536/DRO/DU:30061170

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