الإفصاح الاختياري للشركات المدرجة في بورصة فلسطين و أثره على سعر السهم السوقي

الملخص EN

This study aims to measure the quality and the quantity of voluntary disclosure (VD) using a sample of 45 companies listed on Palestine Stock Exchange for the year 2014.

It also examines the impact of VD on stock prices.

To measure VD, the inductive approach and content analysis of annual reports were employed, using a voluntary disclosure checklist made of 84 statements.

To examine its impact on stock prices, a regression analysis was adopted.

The results show that there is a significant difference in voluntary disclosure rate from one industry to another, and even between companies within the same industry.

While the overall mean voluntary disclosure rate is 36%, the banking sector was the most committed sector with a rate of 70%, while the real estate sector was the least committed one with a rate of 36%.

Results suggest that Palestinian companies do not have a significant VD rate, and they should work on strengthening and improving their disclosure.

The regression analysis shows that VD level does not significantly affect the stock price.

Finally, the study recommends the Palestinian companies to increase their VD level given its usefulness to the companies and to several parties including users of accounting information, accounting policymakers.