“…The existing research on risk disclosure is mainly divided into two perspectives, i.e., risk effect and information effect (Adam-Müller & Erkens, 2020 ; Hope et al, 2016 ; Hussein et al, 2020 ; Li et al, 2019a , 2019b ; Xia et al, 2022 ). According to the view of information effect, risk information can explain known risk factors and emergencies increase information transparency and reduce the risk perception of information users (Ada et al, 2021 ; Benamati et al, 2021 ; Hope et al, 2016 ). It is also to be argued that the more risk disclosure, the more risk perception of investors.…”