Purpose

Previous works assessing the determinants of banks’ risk disclosure in emerging economies focused on one aspect of risk reporting such as market risk disclosure or operational risk disclosure. While banks’ transparency about other major risk types (e.g. capital adequacy, liquidity risk…) is important for both market discipline and for their financial stability, no previous research has tried to discuss their determinants for Islamic banks. This paper aims to fill the gap by assessing the effects of deposits structure and ownership concentration on risk disclosure for Islamic banks.

Design/methodology/approach

The authors based on a sample of 71 Islamic banks operating in 12 emerging economies and observed over the period 2009–2014. The authors used a risk disclosure index covering nine dimensions, and the authors used both generalized least squares (GLS) regression and generalized method of moments (GMMs) as econometric tools.

Findings

The findings suggests that the level of risk disclosure is lower for Islamic banks with higher ownership concentration, leveraged bank, listed banks and Islamic banks. However, risk disclosure is higher for Islamic banks with higher concentration of profit sharing investment account (PSIA) and higher foreign ownership, large Islamic banks, aged banks, Islamic banks operating in country with higher country transparency index, positively correlated to gross domestic products and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) adoption. By disaggregating total risk disclosure into the nine sub-categories, the authors are able to specify, also, the components of risk disclosure impacted by various determinants.

Research limitations/implications

This paper’s findings are subject, also, to a number of limitations. First, there was manual scoring of annual reports (subjectivity). Second, while some items might have higher information content or be more useful than others for users of Islamic banks’ annual reports, no weighting is assigned to items. Third, the research focuses exclusively on the 12 countries and excludes the other Middle East, Southeast Asia and Far East countries where ownership structure and deposits structure might affect risk disclosure differently.

Originality/value

The findings suggest many policy implications. First, regulators have to improve corporate governance mechanisms in Islamic banking system through the optimization of ownership structure (dispersed ownership) to promote transparency and disclosure. Second, regulators and policymakers should revise guidelines in the main purpose to protect PSIAs holders (considered as minor shareholders without voting power) through promoting disclosure and transparency. Third, the findings can be useful for many international supervisory bodies such as the IFSB and AAOIFI to evaluate transparency and disclosure standards.

中文翻译：

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所有权结构是否会影响伊斯兰银行的风险披露？国际证据

目的

先前评估新兴经济体银行风险披露决定因素的工作集中在风险报告的一方面，例如市场风险披露或操作风险披露。尽管银行对其他主要风险类型（例如，资本充足率，流动性风险……）的透明度对于市场纪律和金融稳定性都很重要，但以前的研究都没有试图讨论其对伊斯兰银行的决定因素。本文旨在通过评估存款结构和所有权集中度对伊斯兰银行风险披露的影响来填补这一空白。

设计/方法/方法

作者基于在12个新兴经济体中运营的71家伊斯兰银行的样本，并在2009-2014年期间进行了观察。作者使用涵盖九个维度的风险披露指数，并使用广义最小二乘（GLS）回归和广义矩量法（GMM）作为计量经济学工具。

发现

研究结果表明，所有权集中度较高的伊斯兰银行，杠杆银行，上市银行和伊斯兰银行的风险披露水平较低。但是，利润共享投资账户（PSIA）集中度较高且外国所有权较高的伊斯兰银行，大型伊斯兰银行，老龄银行，在国家/地区透明度指数较高的国家/地区运营的伊斯兰银行，与国内生产总值（GDP）正相关的风险披露较高。伊斯兰金融机构会计和审计组织（AAOIFI）的采用。通过将全部风险披露分类为九个子类别，作者还可以指定受各种决定因素影响的风险披露的组成部分。

研究局限/意义

本文的发现也受到许多限制。首先，对年度报告进行人工评分（主观性）。其次，尽管某些项目对于伊斯兰银行年度报告的用户而言可能具有更高的信息含量或比其他项目更有用，但没有为这些项目分配权重。第三，该研究仅针对12个国家，而排除了其他中东，东南亚和远东国家，这些国家的所有权结构和存款结构可能会不同程度地影响风险披露。

创意/价值

调查结果表明许多政策含义。首先，监管机构必须通过优化所有权结构（分散所有权）来改善伊斯兰银行系统的公司治理机制，以促进透明度和信息披露。其次，监管机构和政策制定者应修改准则，其主要目的是通过促进披露和透明度来保护PSIA持有者（被视为没有投票权的小股东）。第三，调查结果对于许多国际监管机构（例如IFSB和AAOIFI）评估透明度和披露标准可能很有用。