English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

This study examines the determinants and consequences of firms’ disclosures related to the COVID-19 pandemic in annual financial reports in China. First, we find that firms with high growth opportunity or low stock liquidity tended to disclose COVID-19 pandemic information to mitigate information asymmetry. Second, our results show that voluntary risk disclosure significantly decreased stock risks due to the reduction of information asymmetry. We further find that stock price crash risks decreased for firms that reported risk information compared with those that did not. Our results suggest that detailed voluntary risk disclosure is needed to mitigate stock risks, especially in extreme situations.

Determinants and Consequences of Risk Disclosure: Evidence from Chinese Stock Markets during the COVID-19 Pandemic