Influence of Firms' Operational Characteristics and Corporate Governance Attributes on Forward-Looking Information Disclosure: An Empirical Study on Companies Listed on Egyptian Stock Exchange

نوع المستند : المقالة الأصلية

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The paper examines the impact of firms' operational and corporate governance characteristics on forward-looking information disclosure for a sample of firms listed on the Egyptian Stock Exchange during the period from 2014 through 2019. I predict that firm's operational characteristics, specifically, firm size, audit size, leverage, and profitability, positively affect forward-looking information disclosure level. It's further hypothesized that corporate governance attributes, specifically, board size, board independence, audit committee performance, and ownership structure, also affect forward-looking information disclosure level. Results reveal that firm size, audit size, profitability, and board size positively and significantly affect forward-looking information disclosure level, whereas the effect of board independence, audit committee, and ownership concentration appears negative, yet significant. Moreover, results uncover the insignificant impact of leverage on forward-looking information disclosure level. Further, sensitivity analyses support these results and indicate the dominance of quantitative forward-looking disclosure

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