{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,5]],"date-time":"2026-06-05T05:56:41Z","timestamp":1780639001113,"version":"3.54.1"},"reference-count":92,"publisher":"Springer Science and Business Media LLC","issue":"1-2","license":[{"start":{"date-parts":[[2020,1,24]],"date-time":"2020-01-24T00:00:00Z","timestamp":1579824000000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2020,1,24]],"date-time":"2020-01-24T00:00:00Z","timestamp":1579824000000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2021,2]]},"DOI":"10.1007\/s10479-020-03520-z","type":"journal-article","created":{"date-parts":[[2020,1,24]],"date-time":"2020-01-24T18:02:49Z","timestamp":1579888969000},"page":"115-145","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":18,"title":["Risk disclosure and firm operational efficiency"],"prefix":"10.1007","volume":"297","author":[{"given":"Imen","family":"Derouiche","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Riadh","family":"Manita","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Anke","family":"Muessig","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2020,1,24]]},"reference":[{"issue":"1","key":"3520_CR1","doi-asserted-by":"crossref","first-page":"91","DOI":"10.1016\/j.bar.2013.10.002","volume":"46","author":"S Abraham","year":"2014","unstructured":"Abraham, S., & Shrives, P. J. (2014). Improving the relevance of risk factor disclosure in corporate annual reports. The British accounting review, 46(1), 91\u2013107.","journal-title":"The British accounting review"},{"issue":"8","key":"3520_CR2","doi-asserted-by":"crossref","first-page":"1157","DOI":"10.1111\/j.1468-5957.1996.tb01163.x","volume":"23","author":"E Abrahamson","year":"1996","unstructured":"Abrahamson, E., & Amir, E. (1996). The information content of the president\u2019s letter to shareholders. Journal of Business Finance and Accounting, 23(8), 1157\u20131182.","journal-title":"Journal of Business Finance and Accounting"},{"issue":"2","key":"3520_CR3","doi-asserted-by":"crossref","first-page":"249","DOI":"10.1016\/S0377-2217(02)00068-1","volume":"140","author":"N Adler","year":"2002","unstructured":"Adler, N., Friedman, L., & Sinuany-Stern, Z. (2002). Review of ranking methods in the data envelopment analysis context. European Journal of Operational Research, 140(2), 249\u2013265.","journal-title":"European Journal of Operational Research"},{"issue":"1","key":"3520_CR4","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1023\/A:1018368313411","volume":"9","author":"IMS Alam","year":"1998","unstructured":"Alam, I. M. S., & Sickles, R. C. (1998). The relationship between stock market returns and technical efficiency innovations: Evidence from the US airline industry. Journal of Productivity Analysis, 9(1), 35\u201351.","journal-title":"Journal of Productivity Analysis"},{"issue":"3","key":"3520_CR5","doi-asserted-by":"crossref","first-page":"349","DOI":"10.1111\/jifm.12063","volume":"28","author":"A Al-Hadi","year":"2017","unstructured":"Al-Hadi, A., Hasan, M., Taylor, G., Hossain, M., & Richardson, G. (2017). Market risk disclosures and investment efficiency: International evidence from the gulf cooperation council financial firms. Journal of International Financial Management and Accounting, 28(3), 349\u2013393.","journal-title":"Journal of International Financial Management and Accounting"},{"issue":"1","key":"3520_CR6","doi-asserted-by":"crossref","first-page":"63","DOI":"10.1108\/ARJ-09-2016-0123","volume":"31","author":"D Aly","year":"2018","unstructured":"Aly, D., Elhalaby, S., & Hussianey, K. (2018). Tone disclosure and financial performance: Evidence from Egypt. Accounting Research Journal, 31(1), 63\u201374.","journal-title":"Accounting Research Journal"},{"issue":"1","key":"3520_CR7","doi-asserted-by":"crossref","first-page":"39","DOI":"10.1108\/02686900910919893","volume":"24","author":"A Amran","year":"2008","unstructured":"Amran, A., Manaf Rosli Bin, A., & Che Haat Mohd Hassan, B. (2008). Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal, 24(1), 39\u201357.","journal-title":"Managerial Auditing Journal"},{"issue":"3","key":"3520_CR8","doi-asserted-by":"crossref","first-page":"996","DOI":"10.1111\/j.1911-3846.2012.01179.x","volume":"30","author":"B Baik","year":"2013","unstructured":"Baik, B., Chae, J., Choi, S., & Farber, D. B. (2013). Changes in operational efficiency and firm performance: A frontier analysis approach. Contemporary Accounting Research, 30(3), 996\u20131026.","journal-title":"Contemporary Accounting Research"},{"issue":"9","key":"3520_CR9","doi-asserted-by":"crossref","first-page":"1078","DOI":"10.1287\/mnsc.30.9.1078","volume":"30","author":"RD Banker","year":"1984","unstructured":"Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078\u20131092.","journal-title":"Management Science"},{"issue":"3","key":"3520_CR10","doi-asserted-by":"crossref","first-page":"399","DOI":"10.1080\/09638180.2010.498619","volume":"19","author":"ME Barth","year":"2010","unstructured":"Barth, M. E., & Landsman, W. R. (2010). How did financial reporting contribute to the financial crisis? European Accounting Review, 19(3), 399\u2013423.","journal-title":"European Accounting Review"},{"issue":"4","key":"3520_CR11","doi-asserted-by":"crossref","first-page":"877","DOI":"10.1007\/s11142-011-9180-5","volume":"17","author":"A Beyer","year":"2012","unstructured":"Beyer, A., & Dye, R. A. (2012). Reputation management and the disclosure of earnings forecasts. Review of Accounting Studies, 17(4), 877\u2013912.","journal-title":"Review of Accounting Studies"},{"issue":"1","key":"3520_CR12","doi-asserted-by":"crossref","first-page":"43","DOI":"10.1108\/RAF-11-2012-0117","volume":"13","author":"L Botti","year":"2014","unstructured":"Botti, L., Boubaker, S., Hamrouni, A., & Solonandrasana, B. (2014). Corporate governance efficiency and internet financial reporting quality. Review of Accounting and Finance, 13(1), 43\u201364.","journal-title":"Review of Accounting and Finance"},{"issue":"2","key":"3520_CR13","doi-asserted-by":"crossref","first-page":"367","DOI":"10.1016\/j.jbankfin.2008.08.012","volume":"33","author":"N Boubakri","year":"2009","unstructured":"Boubakri, N., Cosset, J. C., & Guedhami, O. (2009). From state to private ownership: Issues from strategic industries. Journal of Banking and Finance, 33(2), 367\u2013379.","journal-title":"Journal of Banking and Finance"},{"issue":"1","key":"3520_CR14","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/0377-2217(91)90331-O","volume":"52","author":"A Boussofiane","year":"1991","unstructured":"Boussofiane, A., Dyson, R. G., & Thanassoulis, E. (1991). Applied data envelopment analysis. European Journal of Operational Research, 52(1), 1\u201315.","journal-title":"European Journal of Operational Research"},{"issue":"5\/7","key":"3520_CR15","doi-asserted-by":"crossref","first-page":"789","DOI":"10.1108\/09513570910966379","volume":"22","author":"NM Brennan","year":"2009","unstructured":"Brennan, N. M., Encarna, G. S., & Pierce, A. (2009). Methodological insights: Impression management: Developing and illustrating a scheme of analysis for narrative disclosures\u2014A methodological note. Accounting, Auditing and Accountability Journal, 22(5\/7), 789\u2013832.","journal-title":"Accounting, Auditing and Accountability Journal"},{"issue":"8\/9","key":"3520_CR16","doi-asserted-by":"crossref","first-page":"812","DOI":"10.1108\/MAJ-09-2013-0934","volume":"30","author":"S Buckby","year":"2015","unstructured":"Buckby, S., Gallery, G., & Ma, J. (2015). An analysis of risk management disclosures: Australian evidence. Managerial Auditing Journal, 30(8\/9), 812\u2013869.","journal-title":"Managerial Auditing Journal"},{"issue":"1","key":"3520_CR17","doi-asserted-by":"crossref","first-page":"396","DOI":"10.1007\/s11142-013-9258-3","volume":"19","author":"JL Campbell","year":"2014","unstructured":"Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H. M., & Steele, L. B. (2014). The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies, 19(1), 396\u2013455.","journal-title":"Review of Accounting Studies"},{"issue":"2","key":"3520_CR18","doi-asserted-by":"crossref","first-page":"298","DOI":"10.1086\/262026","volume":"104","author":"JY Campbell","year":"1996","unstructured":"Campbell, J. Y. (1996). Understanding risk and return. Journal of Political Economy, 104(2), 298\u2013345.","journal-title":"Journal of Political Economy"},{"issue":"6","key":"3520_CR19","doi-asserted-by":"crossref","first-page":"429","DOI":"10.1016\/0377-2217(78)90138-8","volume":"2","author":"A Charnes","year":"1978","unstructured":"Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429\u2013444.","journal-title":"European Journal of Operational Research"},{"issue":"1","key":"3520_CR20","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jacceco.2013.03.001","volume":"56","author":"M Cheng","year":"2013","unstructured":"Cheng, M., Dhaliwal, D., & Zhang, Y. (2013). Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?\u2019. Journal of Accounting and Economics, 56(1), 1\u201318.","journal-title":"Journal of Accounting and Economics"},{"issue":"2","key":"3520_CR21","doi-asserted-by":"crossref","first-page":"1102","DOI":"10.1111\/1911-3846.12409","volume":"35","author":"Q Cheng","year":"2018","unstructured":"Cheng, Q., Goh, B. W., & Kim, J. B. (2018). Internal Control and Operational Efficiency. Contemporary accounting research, 35(2), 1102\u20131139.","journal-title":"Contemporary accounting research"},{"issue":"3","key":"3520_CR22","doi-asserted-by":"crossref","first-page":"171","DOI":"10.1080\/00014788.2003.9729645","volume":"33","author":"M Clatworthy","year":"2003","unstructured":"Clatworthy, M., & Jones, M. J. (2003). Financial reporting of good news and bad news: Evidence from accounting narratives. Accounting and Business Research, 33(3), 171\u2013185.","journal-title":"Accounting and Business Research"},{"key":"3520_CR23","volume-title":"An introduction to efficiency and productivity analysis","author":"TJ Coelli","year":"2005","unstructured":"Coelli, T. J., Rao, D. S. P., O\u2019Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. Berlin: Springer."},{"issue":"2","key":"3520_CR24","doi-asserted-by":"crossref","first-page":"337","DOI":"10.1016\/S0377-2217(03)00173-5","volume":"154","author":"WW Cooper","year":"2004","unstructured":"Cooper, W. W., Seiford, L., Thanassoulis, E., & Zanakis, S. H. (2004). DEA and its uses in different countries. European Journal of Operational Research, 154(2), 337\u2013344.","journal-title":"European Journal of Operational Research"},{"issue":"3","key":"3520_CR25","doi-asserted-by":"crossref","first-page":"435","DOI":"10.1016\/S0304-405X(98)00060-9","volume":"51","author":"S Datta","year":"1999","unstructured":"Datta, S., Iskandar-Datta, M., & Patel, A. (1999). Bank monitoring and the pricing of corporate public debt. Journal of Financial Economics, 51(3), 435\u2013449.","journal-title":"Journal of Financial Economics"},{"issue":"3","key":"3520_CR26","doi-asserted-by":"crossref","first-page":"804","DOI":"10.1111\/j.1911-3846.2011.01125.x","volume":"29","author":"AK Davis","year":"2012","unstructured":"Davis, A. K., & Tama-Sweet, I. (2012). Managers\u2019 use of language across alternative disclosure outlets: Earnings press releases versus MD&A. Contemporary Accounting Research, 29(3), 804\u2013837.","journal-title":"Contemporary Accounting Research"},{"issue":"2\u20133","key":"3520_CR27","doi-asserted-by":"crossref","first-page":"210","DOI":"10.1016\/j.jacceco.2009.07.003","volume":"48","author":"E Dedman","year":"2009","unstructured":"Dedman, E., & Lennox, C. (2009). Perceived competition, profitability and the withholding of information about sales and the cost of sales. Journal of Accounting and Economics, 48(2\u20133), 210\u2013230.","journal-title":"Journal of Accounting and Economics"},{"issue":"2","key":"3520_CR28","doi-asserted-by":"crossref","first-page":"463","DOI":"10.2308\/accr-50318","volume":"88","author":"PR Demerjian","year":"2012","unstructured":"Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2012). Managerial ability and earnings quality. The Accounting Review, 88(2), 463\u2013498.","journal-title":"The Accounting Review"},{"issue":"3","key":"3520_CR29","doi-asserted-by":"crossref","first-page":"393","DOI":"10.2307\/2297430","volume":"51","author":"DW Diamond","year":"1984","unstructured":"Diamond, D. W. (1984). Financial intermediation and delegated monitoring. The review of economic studies, 51(3), 393\u2013414.","journal-title":"The review of economic studies"},{"issue":"4","key":"3520_CR30","doi-asserted-by":"crossref","first-page":"1325","DOI":"10.1111\/j.1540-6261.1991.tb04620.x","volume":"46","author":"DW Diamond","year":"1991","unstructured":"Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The journal of Finance, 46(4), 1325\u20131359.","journal-title":"The journal of Finance"},{"issue":"3","key":"3520_CR31","doi-asserted-by":"crossref","first-page":"430","DOI":"10.1016\/j.jfineco.2007.02.007","volume":"88","author":"S Djankov","year":"2008","unstructured":"Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430\u2013465.","journal-title":"Journal of Financial Economics"},{"issue":"2","key":"3520_CR32","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2308\/jiar-10081","volume":"10","author":"M Dobler","year":"2011","unstructured":"Dobler, M., Lajili, K., & Z\u00e9ghal, D. (2011). Attributes of corporate risk disclosure: An international investigation in the manufacturing sector. Journal of International Accounting Research, 10(2), 1\u201322.","journal-title":"Journal of International Accounting Research"},{"issue":"1","key":"3520_CR33","doi-asserted-by":"crossref","first-page":"65","DOI":"10.5465\/amr.1995.9503271992","volume":"20","author":"T Donaldson","year":"1995","unstructured":"Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65\u201391.","journal-title":"Academy of Management Review"},{"issue":"4","key":"3520_CR34","doi-asserted-by":"crossref","first-page":"593","DOI":"10.1111\/j.0967-0750.2004.00196.x","volume":"12","author":"A Durnev","year":"2004","unstructured":"Durnev, A., Li, K., M\u00f8rck, R., & Yeung, B. (2004). Capital markets and capital allocation: Implications for economies in transition. Economics of Transition, 12(4), 593\u2013634.","journal-title":"Economics of Transition"},{"issue":"2","key":"3520_CR35","doi-asserted-by":"crossref","first-page":"329","DOI":"10.1111\/1475-679X.12161","volume":"55","author":"S Dutta","year":"2017","unstructured":"Dutta, S., & Nezlobin, A. (2017). Dynamic effects of information disclosure on investment efficiency. Journal of Accounting Research, 55(2), 329\u2013369.","journal-title":"Journal of Accounting Research"},{"issue":"1","key":"3520_CR36","first-page":"1","volume":"65","author":"RA Dye","year":"1990","unstructured":"Dye, R. A. (1990). Mandatory versus voluntary disclosures: The cases of financial and real externalities. Accounting Review, 65(1), 1\u201324.","journal-title":"Accounting Review"},{"issue":"4","key":"3520_CR37","doi-asserted-by":"crossref","first-page":"1553","DOI":"10.1111\/j.1540-6261.2004.00672.x","volume":"59","author":"D Easley","year":"2004","unstructured":"Easley, D., & O\u2019Hara, M. (2004). Information and the cost of capital. The Journal of Finance, 59(4), 1553\u20131583.","journal-title":"The Journal of Finance"},{"issue":"2","key":"3520_CR38","doi-asserted-by":"crossref","first-page":"181","DOI":"10.1177\/0148558X14552723","volume":"30","author":"MA Elbannan","year":"2015","unstructured":"Elbannan, M. A., & Elbannan, M. A. (2015). Economic consequences of bank disclosure in the financial statements before and during the financial crisis: Evidence from Egypt. Journal of Accounting, Auditing and Finance, 30(2), 181\u2013217.","journal-title":"Journal of Accounting, Auditing and Finance"},{"issue":"2","key":"3520_CR39","doi-asserted-by":"crossref","first-page":"133","DOI":"10.1108\/15265941211203189","volume":"13","author":"H Elzahar","year":"2012","unstructured":"Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. The Journal of Risk Finance, 13(2), 133\u2013147.","journal-title":"The Journal of Risk Finance"},{"issue":"3","key":"3520_CR40","doi-asserted-by":"crossref","first-page":"365","DOI":"10.1016\/S0304-405X(02)00146-0","volume":"65","author":"M Faccio","year":"2002","unstructured":"Faccio, M., & Lang, L. H. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365\u2013395.","journal-title":"Journal of Financial Economics"},{"issue":"1","key":"3520_CR41","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1016\/0304-3932(85)90051-0","volume":"15","author":"EF Fama","year":"1985","unstructured":"Fama, E. F. (1985). What\u2019s different about banks? Journal of monetary economics, 15(1), 29\u201339.","journal-title":"Journal of monetary economics"},{"issue":"3","key":"3520_CR100","doi-asserted-by":"crossref","first-page":"253","DOI":"10.2307\/2343100","volume":"120","author":"MJ Farrell","year":"1957","unstructured":"Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society: Series A (General), 120(3), 253\u2013281.","journal-title":"Journal of the Royal Statistical Society: Series A (General)"},{"issue":"3","key":"3520_CR42","doi-asserted-by":"crossref","first-page":"1217","DOI":"10.1111\/j.1540-6261.2006.00871.x","volume":"61","author":"CE Fee","year":"2006","unstructured":"Fee, C. E., Hadlock, C. J., & Thomas, S. (2006). Corporate equity ownership and the governance of product market relationships. The Journal of Finance, 61(3), 1217\u20131251.","journal-title":"The Journal of Finance"},{"key":"3520_CR43","volume-title":"Strategic management: A stakeholder approach","author":"RE Freeman","year":"1984","unstructured":"Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman."},{"key":"3520_CR44","doi-asserted-by":"publisher","DOI":"10.1007\/s10479-018-3030-9","author":"A Garefalakis","year":"2018","unstructured":"Garefalakis, A., Sariannidis, N., & Lemonakis, C. (2018a). Narrative disclosure guidelines for CARs: An operational-based tool.\u00a0Annals of Operations Research. https:\/\/doi.org\/10.1007\/s10479-018-3030-9.","journal-title":"Annals of Operations Research"},{"key":"3520_CR45","doi-asserted-by":"publisher","DOI":"10.1007\/s10479-018-3075-9","author":"A Garefalakis","year":"2018","unstructured":"Garefalakis, A., Sariannidis, N., & Lemonakis, C. (2018b). Operational elements of Narrative Disclosure Information (NDI) in a geographical context.\u00a0Annals of Operations Research. https:\/\/doi.org\/10.1007\/s10479-018-3075-9.","journal-title":"Annals of Operations Research"},{"issue":"1","key":"3520_CR46","doi-asserted-by":"crossref","first-page":"28","DOI":"10.1016\/S0377-2217(96)00259-7","volume":"103","author":"B Golany","year":"1997","unstructured":"Golany, B., & Yu, G. (1997). Estimating returns to scale in DEA. European Journal of Operational Research, 103(1), 28\u201337.","journal-title":"European Journal of Operational Research"},{"issue":"1","key":"3520_CR47","doi-asserted-by":"crossref","first-page":"425","DOI":"10.1016\/j.ejor.2006.05.019","volume":"181","author":"A Hoff","year":"2007","unstructured":"Hoff, A. (2007). Second stage DEA: Comparison of approaches for modelling the DEA score. European Journal of Operational Research, 181(1), 425\u2013435.","journal-title":"European Journal of Operational Research"},{"issue":"3","key":"3520_CR48","doi-asserted-by":"crossref","first-page":"1083","DOI":"10.2308\/accr-50684","volume":"89","author":"X Huang","year":"2013","unstructured":"Huang, X., Teoh, S. H., & Zhang, Y. (2013). Tone management. The Accounting Review, 89(3), 1083\u20131113.","journal-title":"The Accounting Review"},{"key":"3520_CR49","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.irfa.2016.02.004","volume":"45","author":"GE Iatridis","year":"2016","unstructured":"Iatridis, G. E. (2016). Financial reporting language in financial statements: Does pessimism restrict the potential for managerial opportunism? International Review of Financial Analysis, 45, 1\u201317.","journal-title":"International Review of Financial Analysis"},{"key":"3520_CR50","volume-title":"IFRS Practice Statement: Management Commentary","author":"International Accounting Standards Board (IASB)","year":"2010","unstructured":"International Accounting Standards Board (IASB). (2010). IFRS Practice Statement: Management Commentary. London: IASCF."},{"issue":"8\/9","key":"3520_CR51","doi-asserted-by":"crossref","first-page":"770","DOI":"10.1108\/MAJ-12-2014-1135","volume":"31","author":"J Jia","year":"2016","unstructured":"Jia, J., Munro, L., & Buckby, S. (2016). A finer-grained approach to assessing the \u201cquality\u201d (\u201cquantity\u201d and \u201crichness\u201d) of risk management disclosures. Managerial Auditing Journal, 31(8\/9), 770\u2013803.","journal-title":"Managerial Auditing Journal"},{"issue":"9\u201310","key":"3520_CR52","doi-asserted-by":"crossref","first-page":"1244","DOI":"10.1111\/jbfa.12212","volume":"43","author":"Y Ji","year":"2016","unstructured":"Ji, Y., & Tan, L. (2016). Labor unemployment concern and corporate discretionary disclosure. Journal of Business Finance and Accounting, 43(9\u201310), 1244\u20131279.","journal-title":"Journal of Business Finance and Accounting"},{"issue":"2","key":"3520_CR53","doi-asserted-by":"crossref","first-page":"449","DOI":"10.2308\/accr.2003.78.2.449","volume":"78","author":"BN Jorgensen","year":"2003","unstructured":"Jorgensen, B. N., & Kirschenheiter, M. T. (2003). Discretionary risk disclosures. The Accounting Review, 78(2), 449\u2013469.","journal-title":"The Accounting Review"},{"issue":"2","key":"3520_CR54","doi-asserted-by":"crossref","first-page":"623","DOI":"10.1111\/1475-679X.12109","volume":"54","author":"C Kanodia","year":"2016","unstructured":"Kanodia, C., & Sapra, H. (2016). A real effects perspective to accounting measurement and disclosure: Implications and insights for future research. Journal of Accounting Research, 54(2), 623\u2013676.","journal-title":"Journal of Accounting Research"},{"issue":"3","key":"3520_CR55","first-page":"623","volume":"21","author":"T Keusch","year":"2012","unstructured":"Keusch, T., Bollen, L., & Hassink, H. (2012). Self-serving bias in annual report narratives: an empirical analysis of the impact of economic crises. European Accounting Review, 21(3), 623\u2013648.","journal-title":"European Accounting Review"},{"issue":"1","key":"3520_CR56","doi-asserted-by":"crossref","first-page":"53","DOI":"10.1111\/1098-1616.00020","volume":"6","author":"AE Kleffner","year":"2003","unstructured":"Kleffner, A. E., Lee, R. B., & McGannon, B. (2003). The effect of corporate governance on the use of enterprise risk management: Evidence from Canada. Risk Management and Insurance Review, 6(1), 53\u201373.","journal-title":"Risk Management and Insurance Review"},{"issue":"5","key":"3520_CR57","doi-asserted-by":"crossref","first-page":"1639","DOI":"10.2308\/accr.2009.84.5.1639","volume":"84","author":"SP Kothari","year":"2009","unstructured":"Kothari, S. P., Li, X., & Short, J. E. (2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. The Accounting Review, 84(5), 1639\u20131670.","journal-title":"The Accounting Review"},{"issue":"4","key":"3520_CR58","doi-asserted-by":"crossref","first-page":"1088","DOI":"10.1007\/s11142-013-9228-9","volume":"18","author":"T Kravet","year":"2013","unstructured":"Kravet, T., & Muslu, V. (2013). Textual risk disclosures and investors\u2019 risk perceptions. Review of Accounting Studies, 18(4), 1088\u20131122.","journal-title":"Review of Accounting Studies"},{"issue":"3","key":"3520_CR59","doi-asserted-by":"crossref","first-page":"308","DOI":"10.1080\/16081625.2012.741791","volume":"21","author":"S Lai","year":"2014","unstructured":"Lai, S., Liu, C., & Wang, T. (2014). Increased disclosure and investment efficiency. Asia Pacific Journal of Accounting and Economics, 21(3), 308\u2013327.","journal-title":"Asia Pacific Journal of Accounting and Economics"},{"issue":"3","key":"3520_CR60","doi-asserted-by":"crossref","first-page":"1131","DOI":"10.1111\/j.1540-6261.1997.tb02727.x","volume":"52","author":"R La Porta","year":"1997","unstructured":"La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131\u20131150.","journal-title":"The Journal of Finance"},{"issue":"3","key":"3520_CR61","doi-asserted-by":"crossref","first-page":"275","DOI":"10.1016\/j.bar.2015.04.002","volume":"47","author":"S Leung","year":"2015","unstructured":"Leung, S., Parker, L., & Courtis, J. (2015). Impression management through minimal narrative disclosure in annual reports. The British Accounting Review, 47(3), 275\u2013289.","journal-title":"The British Accounting Review"},{"key":"3520_CR62","unstructured":"Leverty, J., & Qian, Y. (2011). Do acquisitions create more value when good management replaces bad management.\u00a0Unpublished working paper, University of Iowa."},{"key":"3520_CR63","doi-asserted-by":"crossref","unstructured":"Li, F. (2006). Do stock market investors understand the risk sentiment of corporate annual reports? Working paper, University of Michigan.","DOI":"10.2139\/ssrn.898181"},{"issue":"4","key":"3520_CR64","doi-asserted-by":"crossref","first-page":"387","DOI":"10.1016\/j.bar.2006.05.002","volume":"38","author":"PM Linsley","year":"2006","unstructured":"Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. The British Accounting Review, 38(4), 387\u2013404.","journal-title":"The British Accounting Review"},{"issue":"1","key":"3520_CR65","doi-asserted-by":"crossref","first-page":"239","DOI":"10.1007\/s10479-011-0896-1","volume":"221","author":"YC Lin","year":"2014","unstructured":"Lin, Y. C., Chang, H., Chen, J., & Wu, G. S. (2014). Accounting disclosure quality, capital market intensity and national productivity. Annals of Operations Research, 221(1), 239\u2013254.","journal-title":"Annals of Operations Research"},{"issue":"1","key":"3520_CR66","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1111\/j.1468-2370.2008.00252.x","volume":"11","author":"A Lockett","year":"2009","unstructured":"Lockett, A., Thompson, S., & Morgenstern, U. (2009). The development of the resource-based view of the firm: A critical appraisal. International Journal of Management Reviews, 11(1), 9\u201328.","journal-title":"International Journal of Management Reviews"},{"key":"3520_CR67","doi-asserted-by":"crossref","first-page":"38","DOI":"10.1016\/j.aos.2018.03.001","volume":"68","author":"T Loughran","year":"2018","unstructured":"Loughran, T. (2018). Linguistic tone and the small trader: Measurement issues, regulatory implications, and directions for future research. Accounting, Organizations and Society, 68, 38\u201341.","journal-title":"Accounting, Organizations and Society"},{"issue":"1","key":"3520_CR68","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1111\/j.1540-6261.2010.01625.x","volume":"66","author":"T Loughran","year":"2011","unstructured":"Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10-ks. The Journal of Finance, 66(1), 35\u201365.","journal-title":"The Journal of Finance"},{"issue":"3","key":"3520_CR69","doi-asserted-by":"crossref","first-page":"661","DOI":"10.1108\/JIC-11-2014-0121","volume":"16","author":"G Melloni","year":"2015","unstructured":"Melloni, G. (2015). Intellectual capital disclosure in integrated reporting: an impression management analysis. Journal of Intellectual Capital, 16(3), 661\u2013680.","journal-title":"Journal of Intellectual Capital"},{"issue":"5","key":"3520_CR70","doi-asserted-by":"crossref","first-page":"415","DOI":"10.1080\/00014788.2011.574222","volume":"41","author":"DM Merkl-Davies","year":"2011","unstructured":"Merkl-Davies, D. M., & Brennan, N. M. (2011). A conceptual framework of impression management: New insights from psychology, sociology and critical perspectives. Accounting and Business Research, 41(5), 415\u2013437.","journal-title":"Accounting and Business Research"},{"issue":"4","key":"3520_CR71","doi-asserted-by":"crossref","first-page":"437","DOI":"10.1016\/j.intacc.2012.10.005","volume":"47","author":"A Miihkinen","year":"2012","unstructured":"Miihkinen, A. (2012). What drives quality of firm risk disclosure? The impact of a national disclosure standard and reporting incentives under IFRS. The International Journal of Accounting, 47(4), 437\u2013468.","journal-title":"The International Journal of Accounting"},{"issue":"1","key":"3520_CR72","doi-asserted-by":"crossref","first-page":"55","DOI":"10.1002\/smj.4250080106","volume":"8","author":"D Miller","year":"1987","unstructured":"Miller, D. (1987). The structural and environmental correlates of business strategy. Strategic Management Journal, 8(1), 55\u201376.","journal-title":"Strategic Management Journal"},{"issue":"5","key":"3520_CR73","doi-asserted-by":"crossref","first-page":"572","DOI":"10.1108\/14635770910987814","volume":"16","author":"H Min","year":"2009","unstructured":"Min, H., & Joo, S. J. (2009). Benchmarking third-party logistics providers using data envelopment analysis: An update. Benchmarking: An International Journal, 16(5), 572\u2013587.","journal-title":"Benchmarking: An International Journal"},{"issue":"4","key":"3520_CR74","doi-asserted-by":"crossref","first-page":"476","DOI":"10.1108\/IJAIM-02-2016-0016","volume":"24","author":"S Nahar","year":"2016","unstructured":"Nahar, S., Azim, M., & Anne Jubb, C. (2016). Risk disclosure, cost of capital and bank performance. International Journal of Accounting and Information Management, 24(4), 476\u2013494.","journal-title":"International Journal of Accounting and Information Management"},{"issue":"4","key":"3520_CR75","doi-asserted-by":"crossref","first-page":"518","DOI":"10.1108\/JAAR-07-2016-0066","volume":"19","author":"L Neri","year":"2018","unstructured":"Neri, L., Elshandidy, T., & Guo, Y. (2018). Determinants and impacts of risk disclosure quality: Evidence from China. Journal of Applied Accounting Research, 19(4), 518\u2013536.","journal-title":"Journal of Applied Accounting Research"},{"issue":"4","key":"3520_CR76","doi-asserted-by":"crossref","first-page":"553","DOI":"10.1108\/09513570910955443","volume":"22","author":"N O\u2019Sullivan","year":"2009","unstructured":"O\u2019Sullivan, N., & O\u2019Dwyer, B. (2009). Stakeholder perspectives on a financial sector legitimation process: The case of NGOs and the Equator Principles. Accounting, Auditing and Accountability Journal, 22(4), 553\u2013587.","journal-title":"Accounting, Auditing and Accountability Journal"},{"issue":"3","key":"3520_CR77","doi-asserted-by":"crossref","first-page":"279","DOI":"10.1016\/S0165-4101(02)00057-5","volume":"33","author":"S Pae","year":"2002","unstructured":"Pae, S. (2002). Discretionary disclosure, efficiency, and signal informativeness. Journal of Accounting and Economics, 33(3), 279\u2013311.","journal-title":"Journal of Accounting and Economics"},{"issue":"1","key":"3520_CR78","doi-asserted-by":"crossref","first-page":"6","DOI":"10.2307\/41166151","volume":"45","author":"JE Post","year":"2002","unstructured":"Post, J. E., Preston, L. E., & Sachs, S. (2002). Managing the extended enterprise: The new stakeholder view. California Management Review, 45(1), 6\u201328.","journal-title":"California Management Review"},{"issue":"1","key":"3520_CR79","doi-asserted-by":"crossref","first-page":"250","DOI":"10.1016\/S0377-2217(03)00403-X","volume":"159","author":"J Ruggiero","year":"2004","unstructured":"Ruggiero, J. (2004). Performance evaluation when non-discretionary factors correlate with technical efficiency. European Journal of Operational Research, 159(1), 250\u2013257.","journal-title":"European Journal of Operational Research"},{"issue":"4","key":"3520_CR80","doi-asserted-by":"crossref","first-page":"371","DOI":"10.1080\/00014788.2010.9995318","volume":"40","author":"T Schleicher","year":"2010","unstructured":"Schleicher, T., & Walker, M. (2010). Bias in the tone of forward-looking narratives. Accounting and Business Research, 40(4), 371\u2013390.","journal-title":"Accounting and Business Research"},{"issue":"1","key":"3520_CR81","doi-asserted-by":"crossref","first-page":"273","DOI":"10.5465\/amr.2007.23466005","volume":"32","author":"DG Sirmon","year":"2007","unstructured":"Sirmon, D. G., Hitt, M. A., & Ireland, R. D. (2007). Managing firm resources in dynamic environments to create value: Looking inside the black box. Academy of Management Review, 32(1), 273\u2013292.","journal-title":"Academy of Management Review"},{"key":"3520_CR82","doi-asserted-by":"crossref","first-page":"81","DOI":"10.1016\/j.intaccaudtax.2017.08.002","volume":"29","author":"Y Tan","year":"2017","unstructured":"Tan, Y., Zeng, C. C., & Elshandidy, T. (2017). Risk disclosures, international orientation, and share price informativeness: Evidence from China. Journal of International Accounting, Auditing and Taxation, 29, 81\u2013102.","journal-title":"Journal of International Accounting, Auditing and Taxation"},{"issue":"3","key":"3520_CR83","doi-asserted-by":"crossref","first-page":"1139","DOI":"10.1111\/j.1540-6261.2007.01232.x","volume":"62","author":"PC Tetlock","year":"2007","unstructured":"Tetlock, P. C. (2007). Giving content to investor sentiment: The role of media in the stock market. The Journal of finance, 62(3), 1139\u20131168.","journal-title":"The Journal of finance"},{"issue":"3","key":"3520_CR84","doi-asserted-by":"crossref","first-page":"229","DOI":"10.1007\/BF01073909","volume":"5","author":"S Thore","year":"1994","unstructured":"Thore, S., Kozmetsky, G., & Phillips, F. (1994). DEA of financial statements data: The US computer industry. Journal of Productivity Analysis, 5(3), 229\u2013248.","journal-title":"Journal of Productivity Analysis"},{"issue":"1","key":"3520_CR85","doi-asserted-by":"crossref","first-page":"483","DOI":"10.1007\/s10479-014-1566-x","volume":"233","author":"IE Tsolas","year":"2015","unstructured":"Tsolas, I. E. (2015). Firm credit risk evaluation: A series two-stage DEA modeling framework. Annals of Operations Research, 233(1), 483\u2013500.","journal-title":"Annals of Operations Research"},{"key":"3520_CR86","doi-asserted-by":"crossref","first-page":"179","DOI":"10.1016\/0165-4101(83)90011-3","volume":"5","author":"RE Verrecchia","year":"1983","unstructured":"Verrecchia, R. E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5, 179\u2013194.","journal-title":"Journal of Accounting and Economics"},{"issue":"1\u20132","key":"3520_CR87","doi-asserted-by":"crossref","first-page":"555","DOI":"10.1007\/s10479-017-2429-z","volume":"267","author":"J Vidal-Garc\u00eda","year":"2018","unstructured":"Vidal-Garc\u00eda, J., Vidal, M., Boubaker, S., & Hassan, M. (2018). The efficiency of mutual funds. Annals of Operations Research, 267(1\u20132), 555\u2013584.","journal-title":"Annals of Operations Research"},{"issue":"4","key":"3520_CR88","doi-asserted-by":"crossref","first-page":"341","DOI":"10.1016\/0165-4101(90)90020-5","volume":"12","author":"A Wagenhofer","year":"1990","unstructured":"Wagenhofer, A. (1990). Voluntary disclosure with a strategic opponent. Journal of Accounting and Economics, 12(4), 341\u2013363.","journal-title":"Journal of Accounting and Economics"},{"issue":"3","key":"3520_CR89","doi-asserted-by":"crossref","first-page":"569","DOI":"10.1111\/1468-0351.00155","volume":"11","author":"L Weill","year":"2003","unstructured":"Weill, L. (2003). Banking efficiency in transition economies: The role of foreign ownership. Economics of Transition, 11(3), 569\u2013592.","journal-title":"Economics of Transition"},{"key":"3520_CR90","volume-title":"Econometric analysis of cross section and panel data","author":"JM Wooldridge","year":"2002","unstructured":"Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. Cambridge MA: The MIT Press."},{"issue":"3","key":"3520_CR91","doi-asserted-by":"crossref","first-page":"348","DOI":"10.1108\/RAF-06-2016-0095","volume":"16","author":"M Zhong","year":"2017","unstructured":"Zhong, M., & Gao, L. (2017). Does corporate social responsibility disclosure improve firm investment efficiency? Evidence from China. Review of Accounting and Finance, 16(3), 348\u2013365.","journal-title":"Review of Accounting and Finance"}],"updated-by":[{"DOI":"10.1007\/s10479-020-03565-0","type":"correction","label":"Correction","source":"publisher","updated":{"date-parts":[[2020,3,9]],"date-time":"2020-03-09T00:00:00Z","timestamp":1583712000000}}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-020-03520-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s10479-020-03520-z\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-020-03520-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,1,23]],"date-time":"2021-01-23T00:25:15Z","timestamp":1611361515000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s10479-020-03520-z"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,1,24]]},"references-count":92,"journal-issue":{"issue":"1-2","published-print":{"date-parts":[[2021,2]]}},"alternative-id":["3520"],"URL":"https:\/\/doi.org\/10.1007\/s10479-020-03520-z","relation":{"correction":[{"id-type":"doi","id":"10.1007\/s10479-020-03565-0","asserted-by":"object"}]},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"value":"0254-5330","type":"print"},{"value":"1572-9338","type":"electronic"}],"subject":[],"published":{"date-parts":[[2020,1,24]]},"assertion":[{"value":"24 January 2020","order":1,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"9 March 2020","order":2,"name":"change_date","label":"Change Date","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"Correction","order":3,"name":"change_type","label":"Change Type","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"This erratum is published as funding information was missing in the original article.","order":4,"name":"change_details","label":"Change Details","group":{"name":"ArticleHistory","label":"Article History"}}]}}