Risk Disclosures, Systemic Shocks and Market Impact in Central and Eastern Europe between 2015-2024
By: Ileana BOTEZ
References
- Abraham, S., & Cox, P. (2007). Analysing the determinants of narrative risk information in UK FTSE 100 annual reports. British Accounting Review, 39(3), 227–248.
- Abraham, S., & Shrives, P. J. (2014). Improving the relevance of risk factor disclosure in corporate reporting. British Accounting Review, 46(1), 91–107.
- Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309.
- Akerlof, G. A. (1970). The market for ‘lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488–500.
- Amihud, Y. (2002). Illiquidity and stock returns. Journal of Financial Markets, 5(1), 31–56.
- Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Wiley.
- Beyer, A., Cohen, D., Lys, T., & Walther, B. (2010). The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics, 50(2–3), 296–343.
- Bohl, M. T., & Krieger, T. (2018). Monetary policy announcements, interest rates and volatility in European emerging markets. Journal of International Financial Markets, Institutions & Money, 52, 48–64.
- Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1–3), 237–333.
- Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H., & Steele, L. B. (2014). The information content of mandatory risk factor disclosures. Review of Accounting Studies, 19(1), 396–455.
- Deumes, R., & Knechel, W. R. (2008). Economic incentives for voluntary reporting on internal risk management and control systems. Auditing: A Journal of Practice & Theory, 27(1), 35–66.
- Dobija, D., & Klimczak, K. M. (2021). Corporate governance, risk disclosure and ownership structure: Evidence from Central and Eastern Europe. Corporate Governance: An International Review, 29(3), 245–262.
- EBRD. (2023). Transition report: Governance and enterprise. European Bank for Reconstruction and Development.
- Elshandidy, T., & Neri, L. (2015). Corporate risk disclosure and market liquidity. Journal of Applied Accounting Research, 16(3), 348–373.
- Elshandidy, T., & Shrives, P. (2016). Environmental incentives for and usefulness of textual risk reporting. International Journal of Accounting, 51(4), 464–486.
- European Central Bank. (2022). Monetary policy decisions and inflation developments.
- European Commission. (2020). Capital Markets Union action plan.
- European Commission. (2021). EU Green Deal and sustainable finance strategy.
- European Union. (2017). Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public. Official Journal of the European Union.
- European Union. (2017). Annex IX Regulation (EU) 2017/1129 of the European Parliament and of the Council.
- ESMA. (2019). Guidelines on risk factors under the Prospectus Regulation. European Securities and Markets Authority.
- Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets. Journal of Accounting and Economics, 31(1–3), 405–440.
- Hope, O. K. (2003). Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy. Journal of Accounting Research, 41(2), 235–272.
- Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R², and crash risk. Journal of Financial Economics, 94(1), 67–86.
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
- Kizys, R., & Versteeg, R. (2020). Corporate risk disclosures and stock price crash risk: International evidence. Journal of International Financial Markets, Institutions & Money, 65, 101190.
- Kothari, S. P., Li, X., & Short, J. E. (2009). The effect of disclosures by management on market performance. Journal of Accounting and Economics, 48(2–3), 140–165.
- Kravet, T., & Muslu, V. (2013). Textual risk disclosures and investors’ risk perceptions. Review of Accounting Studies, 18(4), 1088–1122.
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155.
- Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. British Accounting Review, 38(4), 387–404.
- Łuczak, M., & Korneta, P. (2022). Disclosure quality and cost of equity in emerging markets: Evidence from Poland. International Journal of Financial Studies, 10(3), 55–72.
- Moldovan, A. (2023). Risk disclosure practices in Romanian listed companies. Accounting and Management Information Systems, 22(2), 310–332.
- OECD. (2024). Corporate governance, risk disclosure and market transparency in emerging economies. OECD Publishing.
- OECD (2023). G20/OECD Principles of Corporate Governance. Organization for Economic Cooperation and Development.
- OECD. (2014). Risk Management and Corporate Governance. OECD Publishing.
- UNCTAD. (2017). Guidance on risk disclosure. United Nations Conference on Trade and Development.
- Tănasie, A., & Vintilă, G. (2021). Risk disclosure and firm performance: Evidence from Romanian listed companies. Accounting and Management Information Systems, 20(4), 602–628.
- Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1–3), 97–180.
- World Bank. (2022). Corporate transparency, risk disclosure and capital market development in emerging Europe. World Bank Publications.
- Vienna Stock Exchange. (2024). ATX index methodology.
- Warsaw Stock Exchange. (2024). WIG20 index guide.
- Prague Stock Exchange. (2024). PX index rules.
- Budapest Stock Exchange. (2024). BUX index methodology.
- Bucharest Stock Exchange. (2024). BET index methodology.
- Additional issuer-specific annual reports, prospectuses, and corporate governance statements from sample companies, 2015–2024.
DOI: https://doi.org/10.2478/picbe-2026-0220 | Journal eISSN: 2558-9652
Language: English
Page range: 2905 - 2922
Published on: Jul 22, 2026
Published by: Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Keywords:
Related subjects:
© 2026 Ileana BOTEZ, published by Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.