Pillar 3: Did COVID-19 and the War in Ukraine Affect Interest in Mandatory Disclosure?
摘要
The 2008–2009 financial crisis exposed significant flaws in the Basel II regulatory framework, which was designed to ensure the stability of banking institutions during crises. This economic turmoil led to a loss of confidence in financial systems, liquidity shortages, and a deepening debt crisis across Europe. In response, regulatory standards were reformed, resulting in the development of the Basel III framework, which built upon three pillars. Pillar 1 introduced better capital forms, higher capital ratios, and capital reserves. Pillar 2 increased risk management requirements and emphasized the supervisory authorities’ responsibilities. Pillar 3 enhanced the scope and detail of published information, aiming to improve market discipline and stakeholder understanding of banks’ risks and capital positions. Our study analyzes how crisis periods affected interest in Pillar 3 disclosures, examining changes in interest from 2016 to 2022 using data from a specific bank’s log files. The results, performed through association analysis, indicate a significant decrease in interest in mandatory disclosures during the periods of the COVID-19 pandemic as well as the energy crisis and the war in Ukraine.