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Issal has completed her PhD in Accounting at IHEC Carthage, University of Carthage, Tunisia. Her main research interests are related to risk disclosure, corporate governance and corporate performance. Her publications appear in the Journal of Accounting in Emerging Economies, the International Journal of Disclosure and Governance, and IGI Global.
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.
Issal Haj-Salem; Khaled Hussainey. Risk Disclosure and Corporate Cash Holdings. Journal of Risk and Financial Management 2021, 14, 328 .
AMA StyleIssal Haj-Salem, Khaled Hussainey. Risk Disclosure and Corporate Cash Holdings. Journal of Risk and Financial Management. 2021; 14 (7):328.
Chicago/Turabian StyleIssal Haj-Salem; Khaled Hussainey. 2021. "Risk Disclosure and Corporate Cash Holdings." Journal of Risk and Financial Management 14, no. 7: 328.
In this paper, we examine the impact of risk disclosure practices on trade credit. We hypothesize that risk information could reduce information opacity that arises between companies and their suppliers. We collected annual reports for Tunisian listed companies for the period 2008–2013. This gives us 146 firm-year observations. We find that risk disclosure has a positive impact on the level of trade credit. Our paper offers a new empirical evidence on the role of risk disclosure in reducing information asymmetry and increase companies’ access to short-term external funds. Our study provides managerial implications for firms, suppliers, and regulatory authorities.
Issal Haj-Salem; Khaled Hussainey. Does Risk Disclosure Matter for Trade Credit? Journal of Risk and Financial Management 2021, 14, 133 .
AMA StyleIssal Haj-Salem, Khaled Hussainey. Does Risk Disclosure Matter for Trade Credit? Journal of Risk and Financial Management. 2021; 14 (3):133.
Chicago/Turabian StyleIssal Haj-Salem; Khaled Hussainey. 2021. "Does Risk Disclosure Matter for Trade Credit?" Journal of Risk and Financial Management 14, no. 3: 133.
This chapter investigates the impact of board structure on the voluntary disclosure level in a Tunisian context. It aims to analyse the relationship between the different boards of directors characteristics of 51 companies listed on the Tunisian Stock Exchange for the year 2010. The empirical results affirm that the board independence and the presence of institutional shareholders in the board have a positive and significant influence on the voluntary disclosure in the Tunisian annual reports. However, the other characteristics presented in the chapter do not have significant impact on voluntary disclosure. This study could be considered as an important extension of prior research investigating the impact of governance mechanisms on voluntary disclosure, particularly those related to the impact of the board directors. It should be noted that, contrary to prior research, this chapter considers both financial and non-financial firms. Also, few studies examined the ownership structure within the board. The findings have potential implications for countries' regulators.
Issal Haj-Salem. Board Structure and Voluntary Disclosure. Handbook of Research on Climate Change and the Sustainable Financial Sector 2021, 280 -304.
AMA StyleIssal Haj-Salem. Board Structure and Voluntary Disclosure. Handbook of Research on Climate Change and the Sustainable Financial Sector. 2021; ():280-304.
Chicago/Turabian StyleIssal Haj-Salem. 2021. "Board Structure and Voluntary Disclosure." Handbook of Research on Climate Change and the Sustainable Financial Sector , no. : 280-304.
We investigate the joint effect of corporate risk disclosure (CRD) and corporate governance (CG) on firm value in Tunisia. We examine a sample of 156 firm observations of Tunisian-listed companies during 2008–2013. A manual content analysis method is used to measure the level of risk disclosure. We find that CRD has a negative and significant effect on firm value. In addition, family ownership negatively affects firm value. However, board size, the independence of the audit committee, and the presence of the women on the board lead to greater firm value. We find a substitution effect between CRD and CG mechanisms on the firm value. This paper adds to risk disclosure studies by examining the economic consequences of CRD in emerging market. Furthermore, this paper contributes to the literature by being the first study, to the best of our knowledge, which investigates the joint effect of CRD and CG mechanisms on firm value.
Issal Haj-Salem; Salma Damak Ayadi; Khaled Hussainey. The joint effect of corporate risk disclosure and corporate governance on firm value. International Journal of Disclosure and Governance 2020, 17, 123 -140.
AMA StyleIssal Haj-Salem, Salma Damak Ayadi, Khaled Hussainey. The joint effect of corporate risk disclosure and corporate governance on firm value. International Journal of Disclosure and Governance. 2020; 17 (2-3):123-140.
Chicago/Turabian StyleIssal Haj-Salem; Salma Damak Ayadi; Khaled Hussainey. 2020. "The joint effect of corporate risk disclosure and corporate governance on firm value." International Journal of Disclosure and Governance 17, no. 2-3: 123-140.
PurposeThe purpose of this paper is to investigate the potential influence of corporate governance mechanisms on risk disclosure quality in Tunisia.Design/methodology/approachThe authors examine 152 annual reports of Tunisian non-financial-listed firms during 2008–2013, and use the manual content analysis method to measure the risk disclosure quality.FindingsThe authors find that the quality of risk disclosure in Tunisian companies is relatively low, and also find that the quality of risk disclosure is positively associated with institutional ownership, board independence, the presence of women on the board, the presence of family members on the board and the independence of audit committee. Managerial ownership has a negative effect on risk disclosure quality. Finally, the authors find that the revolution decreases the influence of concentration ownership, government ownership, family ownership and audit committee size on risk disclosure quality.Originality/valueUsing a comprehensive set of corporate governance mechanisms and a new measure for risk disclosure quality in Tunisia, the authors provide the first empirical evidence on the impact of corporate governance mechanisms on risk disclosure quality in a developing country. The study has theoretical and practical implications for both developed and developing countries.
Issal Haj Salem; Salma Damak Ayadi; Khaled Hussainey. Corporate governance and risk disclosure quality: Tunisian evidence. Journal of Accounting in Emerging Economies 2019, 9, 567 -602.
AMA StyleIssal Haj Salem, Salma Damak Ayadi, Khaled Hussainey. Corporate governance and risk disclosure quality: Tunisian evidence. Journal of Accounting in Emerging Economies. 2019; 9 (4):567-602.
Chicago/Turabian StyleIssal Haj Salem; Salma Damak Ayadi; Khaled Hussainey. 2019. "Corporate governance and risk disclosure quality: Tunisian evidence." Journal of Accounting in Emerging Economies 9, no. 4: 567-602.