Skip to main content

Research Repository

Advanced Search

Board composition and voluntary risk disclosure during uncertainty

Adelopo, Ismail; Yekini, Kemi; Maina, Robert; Wang, Yan


Ismail Adelopo
Associate Professor in Accounting and Finance

Kemi Yekini

Robert Maina

Yan Wang


This study examines the relationship between board composition and voluntary risk disclosure during uncertainty for a sample of UK listed companies. A strand of the disclosure literature focusing on the impact of the board on corporate disclosure argues that board composition influences the extent and quality of corporate disclosure, but they have largely used data from stable periods and rarely on risk disclosure. Instead, using agency theory, we examine the impact of board composition on risk disclosure during corporate uncertainty for a sample of UK listed companies for the period 2006-2015. We used content analysis to measure risk disclosure and measure board composition based on its size, independence, meeting frequency and gender diversity. Our regression analyses controlled for the extent of firms' agency costs, firm risk level and the impact of mandatory risk disclosure regulation amongst other control variables. Consistent with our hypotheses, we find that board size and board independence are positively associated with firms' risk disclosure during uncertainty but board meeting frequency and gender diversity seem inconsequential for risk disclosure. Firms' risk disclosure is positively associated with risk level and mandatory risk disclosure. Our results are robust to alternative model specifications and endogeneity concerns. We highlight the implications of our findings for management practice and regulations.


Adelopo, I., Yekini, K., Maina, R., & Wang, Y. (in press). Board composition and voluntary risk disclosure during uncertainty. (00) Journal Not Listed,

Journal Article Type Article
Acceptance Date Oct 28, 2020
Deposit Date Nov 20, 2020
Publicly Available Date Nov 30, -0001
Journal International Journal of Accounting
Electronic ISSN 2213-3933
Peer Reviewed Peer Reviewed
Keywords Risk disclosure; board composition; agency theory; uncertainty; UK
Public URL

This file is under embargo due to copyright reasons.

Contact to request a copy for personal use.

You might also like

Downloadable Citations