Institutional Ownership and Disclosure of Forward-Looking Information: Evidence From Egypt

Abstract

The main objective of this study is to investigate the relationship between institutional ownership (IO) and the extent of forward-looking information (FLI) disclosure, by companies listed in the Egyptian Stock Exchange (ESE) for the year 2017. A sample comprising 34 companies was chosen from the most active 50 Egyptian listed companies in the ESE. To attain study objective, an index comprises 23 financial and non-financial items has been developed to measure disclosure level by sample companies. The descriptive analysis reveals a weak disclosure of future information by Egyptian listed companies ranging from 0.17 to 0.58, which indicates high variation in future disclosure among sampled companies. Moreover, the correlation analyses shows a positive strong significant correlation between the future looking disclosure level and institutional ownership, and also a positive moderately significant correlation between future looking disclosure and both audit firm and firm age. However, there is no significant correlation between future information disclosure and both firm size and industry type.

Determinants of Strategic Management Accounting Information Disclosure under a Multi-Theoretical Framework: Evidence of Listed Firms on Ghana Stock Exchange

“…Audit firm size influences SMAID according to some previous empirical studies. Many previous empirical studies (e.g., Sundarasen et al, 2016;Adelopo, 2011;Agca & Önder, 2007;Barako, 2007;El-Deeb & Elsharkawy, 2019) report a substantial positive influence of audit firm size on SMAID. The study therefore formulates hypothesis as:…”