Determinants of Corporate COVID-19 Narrative Reporting: Evidence from an Emerging Market

Saleh, Mohsen Anwar Abdelghaffar; Wu, Dejun; Sayed, Azza Tawab Abdelrahman; Hussian, Farhan; Atef, Nora; Galal, Aml Ramadan Noman; Mohamed, Abdelkareem Mahmoud

doi:10.1007/978-3-031-42085-6_14

Studies in Systems, Decision and Control

2023

DOI: 10.1007/978-3-031-42085-6_14

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Determinants of Corporate COVID-19 Narrative Reporting: Evidence from an Emerging Market

Mohsen Anwar Abdelghaffar Saleh,

Dejun Wu,

Azza Tawab Abdelrahman Sayed

et al.

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2024

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Corporate COVID-19 disclosure and stock price volatility: evidence from Egypt

Saleh,

2024

JFRA

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Purpose This paper aims to examine the relationship between corporate COVID-19 disclosure (COVID_DISC) and stock price volatility (SPV) in Egypt. Design/methodology/approach The authors used the manual content analysis method to measure corporate COVID-19 disclosure in the narrative sections of annual reports. The authors use ordinary least squares (OLS) regression to examine the impact of corporate COVID-19 disclosure on stock price volatility using unique data from Egyptian-listed firms during COVID-19 pandemic over the period of 2020 to 2022. Propensity score matching method was adopted to mitigate the potential endogeneity issue. Findings This study reveals that corporate COVID-19 disclosure has a significant negative impact on stock price volatility, suggesting COVID-19 disclosure reduces stock price volatility. In addition, the results confirm that COVID-19 disclosure offers value relevant information to investors, which is consistent with the Egyptian Financial Supervisory Authority’s (EFSA) motivation in calling for more information on COVID-19 pandemic. Practical implications The findings of this study can help corporate managers and EFSA in enhancing corporate disclosure and transparency during future financial crises. Moreover, the findings offer valuable insights to investors, helping them gain a better understanding of the business environment during COVID-19 crisis. Originality/value To the best of the authors’ knowledge, this is the first Egyptian empirical evidence that examines the relationship between corporate COVID-19 disclosure and stock price volatility.

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Corporate COVID-19 disclosure and stock price volatility: evidence from Egypt

Saleh,

2024

JFRA

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Determinants of Corporate COVID-19 Narrative Reporting: Evidence from an Emerging Market

Cited by 1 publication

References 41 publications

Corporate COVID-19 disclosure and stock price volatility: evidence from Egypt

Corporate COVID-19 disclosure and stock price volatility: evidence from Egypt

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