Influence of firms' operational characteristics and corporate governance attributes on forward-looking information disclosure : an empirical study on companies listed on egyptian stock exchange

Abstract EN

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