أثر كفاءة الاستثمار، استقلال الادارة والملكية الأجنبية على توزيعات الأرباح من منظور المؤشر المصرى لمسئولية الشركات: دراسة تجريبية

Abstract EN

Study objective and methodology: this study aims mainly to examine the impact of investment efficiency, management independence, and foreign ownership on the inclusion of companies, the relative weight of the disclosure level, and the companies remain in the Egyptian index of corporate responsibility (ESG), additionally, measure the impact of this on the accuracy of financial analysts' forecasts as measured by the expected dividend, this is based on the design of a pilot study for two samples, one of which includes companies listed and listed in the Egyptian ESG index during the period from 2013 to 2019, and the other consists of some companies listed on the Egyptian stock exchange and not listed in the Egyptian ESG index during the same period.

study results: the study finds a significant positive effect of investment efficiency, the management independence, and foreign ownership on the inclusion of companies, the relative weight of the disclosure level, and the companies remaining in the Egyptian ESG index.

in addition, investment efficiency has a significant positive impact on the accuracy of financial analysts’ predictions, as measured by the expected dividends for companies listed in the Egyptian ESG index, compared to other companies not listed in the same index.

moreover, there is a significant positive impact of the management independence and foreign ownership on the accuracy of financial analysts’ forecasts as measured by the proposed dividends, and it is noted that this positive impact increases for the companies listed in the Egyptian ESG index compared to other companies not listed in the same index.

study importance and contribution: the study derives its importance through, first, highlighting the critical role of investment efficiency in enhancing the companies' ability to fulfill their environmental and social responsibilities, in contrast to previous studies, which focused only on the positive impact of including companies in the sustainability index on their investment efficiency.

second, highlights the importance of the board's features, the ownership diversity in the companies included in the Egyptian ESG index requirements, and the increase of their stay in the index for successive periods.

finally, it provides practical evidence of the importance of including companies in the Egyptian ESG index, the disclosure level and their stay period to improve the relationship between investment efficiency, management independence, and foreign ownership, on the other hand, the accuracy of financial analysts' forecasts of expected dividends.