Purpose

The study aims to explore the unexplored domain by examining the impact of risk disclosure on corporate reputation in an emerging economy, like India, characterized by huge information asymmetry and uncertainty.

Design/methodology/approach

In total two measures of corporate reputation, i.e. market capitalization and excess of market value over book value have been deployed to measure reputation. Automated content analysis has been executed to measure the extent of total risk disclosure. The empirical analysis is premised on a sample of S&P BSE-100 index spanning over the period of ten years from 2009–2010 to 2018–2019; which eventually gets reduced to 58 nonfinancial firms. In order to unearth the risk–reputation relationship, a panel regression technique has been employed.

Findings

The main findings unmask that corporate risk disclosure has a positive bearing on corporate reputation. Substantiating legitimacy theory, its alternative measures like market capitalization and excess of market value over book value divulged to positively influence corporate reputation.

Research limitations/implications

The study has certain limitations: since there is no standard method of measuring reputation, the results may vary subject to the changes in proxies of corporate reputation. The study also analyzed S&P BSE 100 index in India, and future research needs to approach a larger sample and in other emerging economies to fill up enough empirical evidence in this domain.

Practical implications

The findings provide insight into the managers on making higher divulgence of material risk information for augmenting corporate reputation. In other words, it indirectly propels the firm to exhibit higher risk information for building reputational capital. From the investor's standpoint, they should admire such firms which dispel more risk information and should have positive outlook toward them, which in turn prompts them to disclose more risks.

Originality/value

This study is unique as it is the first longitudinal study examining the impact of risk disclosure on corporate reputation in Indian settings. It, thus, assists in furthering the risk disclosure literature where there is hardly any study that comprehensively looks into risk–reputation liaison among Indian nonfinancial companies.

中文翻译：

---

风险披露与企业声誉之间的联系：纵向方法

目的

该研究旨在通过检查风险披露对新兴经济体（如印度）中企业声誉的影响来探索未开发的领域，其特点是巨大的信息不对称和不确定性。

设计/方法/方法

共有两种衡量企业声誉的指标，即市值和市值超过账面价值的比例已被用于衡量声誉。已执行自动内容分析以衡量总风险披露的程度。实证分析的前提是标普 BSE-100 指数样本跨越 2009-2010 年至 2018-2019 年的十年期间；最终减少到 58 家非金融公司。为了挖掘风险-声誉关系，采用了面板回归技术。

发现

主要发现揭示了企业风险披露对企业声誉有积极影响。证实合法性理论，其替代措施，如市值和市值超过账面价值，泄露对企业声誉产生积极影响。

研究限制/影响

该研究有一定的局限性：由于没有衡量声誉的标准方法，结果可能会因企业声誉代理的变化而有所不同。该研究还分析了印度的 S&P BSE 100 指数，未来的研究需要接近更大的样本和其他新兴经济体，以填补该领域足够的经验证据。

实际影响

调查结果为管理人员提供了深入了解重大风险信息以提高公司声誉的见解。换句话说，它间接地促使公司展示更高的风险信息来建立声誉资本。从投资者的角度来看，他们应该钦佩这样的公司，这些公司能够消除更多的风险信息，并且应该对其持积极的态度，这反过来又会促使他们披露更多的风险。

原创性/价值

这项研究是独一无二的，因为它是第一个研究风险披露对印度环境中企业声誉影响的纵向研究。因此，它有助于推进风险披露文献，因为几乎没有任何研究全面研究印度非金融公司之间的风险-声誉联系。