أثر مستوى إفصاح البنوك التجارية عن ممارسات إدارة المخاطر على أسعار الأسهم : دراسة تطبيقية على البنوك التجارية المقيدة بالبورصة المصرية

Abstract EN

The research aimed to study and test the effect of Risk Management Disclosures on Stock Prices of commercial banks listed on the Egyptian Stock Exchange, while introducing some of the control variables discussed in previous studies to neutralize their impact.

An additional test was conducted to determine the impact of the events of the January 2011 revolution on the underlying relationship; finally, a sensitivity analysis was conducted to test the effect of changing the date of stock price measurement on the previous relationship.

The study found that there is a significant negative impact of Risk Management Disclosures on Stock Prices.

As for the control variables, it was found that there was a significant negative effect of the size of the bank and the liquidity rate on the stock price, there was a significant positive effect of earnings per share, the number of branches of the bank and the size of the auditor's on the Stock price.

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The results of the additional analysis showed that there was no significant effect of the January 2011 revolution on the relationship.

The sensitivity analysis revealed that there was a nonsignificant negative impact of the disclosure of risk management on the stock price on the day following the end of the financial year and on the change in stock price.

Also, there was a significant negative impact of the disclosure of risk management on the stock price 90 days after the end of the financial year.

VIFcoefficients were also examined in theregression model.

The analysis did not produce a significant multicorrelation problem, as the VIF values did not exceed 10 indicating that the multiple correlations did not significantly affect the results.