The relationship between forward-looking disclosure and market-related variables in the annual reports of egyptian firms listed

الملخص EN

*Purpose: the main objective of this study is to test the relationship between numbers of variables represented the firm characteristics (market-related variables) and the extent of the level of voluntary disclosure (forward-looking disclosure) in the annual reports of Egyptian firms listed in Egyptian Stock Exchange.

This study used empirically investigates hypothesized impact of market-related variables on the extent of forward-looking disclosure.

*Design/methodology/approach: this study uses a list of forward-looking keywords to determine the differences in the level of forward looking disclosure between firms in different sectors.

The sample included 49 non-financial firms listed in Egyptian Stock Exchange for the years 2017, 2018 and 2019.

Statistical analysis is implemented using a multiple linear regression analysis.

*Findings: the results show that audit firm size was significantly positively (in all the three years) with the level of forward-looking disclosure.

However, industry type variable (which divided to: industries, cement, construction, petrochemicals and services), was found insignificantly association with the level of forward-looking information disclosed in the annual reports for all the three years.

*Research limitations/implications: The results of this paper may be used by a number of users such as auditors, lenders and investors.

These results may be beneficial for users when they are dealing with firms which have low profitability and high financial risk.