Risk Disclosure and Corporate Cash Holdings

In this paper, we extend corporate disclosure and cash holdings literature by testing whether voluntary risk affects for a sample of Tunisian non-financial listed companies. As measure disclosure, use manual content analysis to count the number risk-related sentences in narrative sections annual reports. holdings, ratio equivalent over total assets. Using 140 firm-year observations period 2008–2013, find that has negative impact on holdings. Our results are consistent with agency, legitimacy impression management theories. paper adds existing being first empirical evidence findings offer policy implications relevant current debate reliability managers inform or obfuscate stakeholders disclosing more information their report narratives.