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In recent years, following the accounting scandals and financial crisis, there has been growing attention on risk disclosure from a wide range of information users including regulators, investors, policy maker, auditors and financial analysts. Empirical evidence from the academic community showed that the voluntary risk disclosure decreases the cost of capital and improves resources allocation (Akerlof, 1970; Botosan, 1997; Solomon et al., 2000; Healy and Palepu, 2001; Magnan & Markarlan, 2011), reduces both information asymmetries and agency conflict, increases transparency of financial statements (Jensen & Meckling, 1976; Healy & Palepu, 2001) and enhances market efficiency (Lajili & Zéghal, 2005; Linsley & Shrives, 2006; Marshall & Weetman, 2007; Dobler, 2008; Campbell et al. 2014; Elshandidy & Abstract

Firm characteristics and forward-looking risk disclosure: Evidence from the Italian context