Risk reporting: do country-level institutional forces really matter?

Purpose The study aims to analyse annual reports of the non-financial European firms listed at EURO STOXX 50 index over period 2007 and 2011. Design/methodology/approach This intends address two main issues: what extent country-level institutional forces compel (directly) firm's risk reporting (RR) behaviour in which way these moderate relationship between RR firm-level characteristics. Findings Main findings indicate that, during this period, companies disclosed more information on a voluntary basis (such as operational strategic risks) with better informative content (more forward-looking focused positive news). Consistent theory, confirm that explain variations RR. Additionally, it also indicates leveraged is weaker among countries stronger forces. These have several implications for investors regulators Europe basically helping achieve efficiency investment decisions stimulate further efforts improve regulations. Originality/value makes major contributions. First, extends Elshandidy's et al. (2015) work by using other capture efficacy corporate boards, protection minority shareholders' interests, country's level democracy, law enforcement mechanisms press freedom. Second, uses are considered blue-chip representation super-sector leaders Eurozone (but from different contexts). research setting can be insightful shedding some light towards our understanding how leading promote innovative high quality driving influence variables.