In this paper, we extend corporate disclosure and corporate cash holdings literature by testing whether corporate voluntary risk disclosure affects corporate cash holdings for a sample of Tunisian non-financial listed companies. As a measure of risk disclosure, we use manual content analysis to count the number of risk-related sentences in the narrative sections of corporate annual reports. As a measure of corporate cash holdings, we use the ratio of cash and cash equivalent over the total assets. Using a sample of 140 firm-year observations for the period of 2008–2013, we find that corporate risk disclosure has a negative impact on corporate cash holdings. Our results are consistent with agency, legitimacy and impression management theories. Our paper adds to the existing literature by being the first empirical evidence for the impact of risk disclosure on cash holdings. Our findings offer policy implications relevant for the current debate on the reliability of narrative risk disclosure and whether managers inform or obfuscate stakeholders by disclosing more risk-related information in their annual report narratives.

中文翻译：

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风险披露和公司现金持有

在本文中，我们通过测试公司自愿风险披露是否影响突尼斯非金融上市公司样本的公司现金持有量来扩展公司信息披露和公司现金持有量文献。作为风险披露的衡量标准，我们采用人工内容分析来统计企业年报叙述部分中与风险相关的句子数量。我们使用现金和现金等价物与总资产的比率来衡量公司现金持有量。使用 2008-2013 年期间 140 个公司年度观察样本，我们发现公司风险披露对公司现金持有量有负面影响。我们的结果与代理、合法性和印象管理理论一致。我们的论文作为风险披露对现金持有量影响的第一个经验证据，对现有文献进行了补充。我们的研究结果提供了与当前关于叙述性风险披露的可靠性以及管理者是否通过在其年度报告叙述中披露更多与风险相关的信息来告知或混淆利益相关者的辩论相关的政策含义。