أثر إفصاح الشركات المقيدة بالبورصة المصرية عن المعلومات المستقبلية في تقاريرها السنوية على قرار منح الإئتمان : دراسة استكشافية و تجريبية

الملخص EN

The research aims to study and analyze the disclosure of forward looking information in the annual reports of companies listed in Egyptian stock market and tests the impact of this disclosure on credit decision.

To achieve this objective, an exploratory study was conducted to analyze the reality of forward looking disclosure in the annual reports of a sample of companies listed in Egyptian stock market during 2015 and 2016, through the use of content analysis methodology.

Results of the exploratory study showed a quantitative and qualitative disclosure gap about forward looking information in these annual reports.

To determine the importance of narrowing this gap to stakeholders' decisions, especially to the creditors, the researcher conducted an experimental study to test the effect of forward looking information disclosure on credit decision by commercial banks to get a proof on whether narrowing this gap affects credit decisions.

The experimental study was conducted on a sample of officials responsible for granting credit in commercial banks.

The impact of disclosure on their approval or rejection of granting credit, and the credit terms were examined in terms of value of loan, interest rate and value of guarantees.

In addition to test the impact of level of experience of creditors and their level of educational qualification as moderating variables on the relationship.

Results of the experimental study showed that the disclosure of forward looking information had a significant effect on approval or rejection of granting credit, value of loan and value of guarantees.

These results indicate the importance of forward looking information to the creditors.

From the point of view of the company, the disclosure of forward looking information had a positive impact on approval of granting credit, value of loan (value of loan is higher), value of guarantees (value of guarantees is lower).

This result encourages companies to disclose forward looking information.

The results also showed that level of experience and level of educational qualification of creditors had an impact on their understanding of forward looking information that may have an impact on their decisions.

The study found that the difference in level of expertise had an impact on the decisions related to approval or rejection of granting credit and value of loan.

The study found that the difference in level of educational qualification had an impact on the decision related to approval or rejection of granting credit.