تحليل العلاقة بين دورة حياة الشركة والقابلية للمقارنة للقوائم المالية في ظل التأثير المعدل لعدم تماثل المعلومات: دراسة تطبيقية على الشركات المساهمة غير المالية المقيدة بالبورصة المصرية

Abstract EN

The research aims to analyze the relationship between the stages of firm life cycle (measured by the company's cash flow pattern) on the financial statement comparability of non-financial joint stock firms listed on the Egyptian Stock Exchange and the impact of information asymmetry on that relationship.

Through the literature review, two main hypotheses were derived, we used Panel Regression to test the study hypotheses by relying on the EViews 10 statistical program, and by using data from 60 non-financial firms listed on the Egyptian stock exchange belonging to eight different sectors, during the period from 2016 to 2019.

The study concluded that financial statement comparability of the non-financial firms listed on the Egyptian stock exchange increases in the maturity stage compared to other firms in general and especially when the level of information asymmetry is increased, because the increase in information asymmetry provides incentives for managers to disclose comparable financial statements to improve the quality of the information environment.

The study also found that the financial statement comparability increases in the growth stage when the level of information asymmetry increases only, as a result of the increase in information asymmetry provides incentives for managers to increase disclosure levels to obtain their financing needs, which reduces the level of information asymmetry uniformity of information and increases the financial statement comparability.

Finally, the study found that the financial statement comparability decreases in the introduction, shakeout and decline stages.