قیاس تأثیر القدرة الإداریة للمدیرین التنفیذیین على نغمة الإفصاح المحاسبى وسیاسة التوزیعات النقدیة: دلیل تطبیقى من البورصة المصریة

Abstract

This study aimed to measure the effect of the degree of CEO's managerial ability according to the managerial ability score presented by (Demerjian, et al., 2012), on accounting disclosure tone in financial reporting (which expressed in three different descriptive proxies, 1 st accounting disclosure tone for good news (positive or optimistic tone), 2 nd accounting disclosure tone for bad news (negative or pessimistic tone), and 3 rd accounting disclosure tone for net news), and on cash dividends policy (which measured by three alternative proxies, 1 st the firm's decision to pay cash dividends during the year, 2 nd cash dividends on assets ratio, and 3 rd cash dividends returns), by taking into account 129 non-financial companies' listed in the egyptian stock exchange, over the period of 2014 to 2018. The Binary Logistic Regression Analysis and the Fixed Effects Model (as one of the longitudinal regression models for Panel Data) were adopted to examine the research hypotheses using SPSS (ver.24) and E-Views (ver.10) programs. The research concluded to several findings, most important of which, that the degree of CEO's managerial ability of the companies under study have increased. The study provided statistical evidences of which, having a significant effect of the degree of CEO's managerial ability on accounting disclosure tone in financial reporting, as it was found that there was a positive significant effect of the degree of CEO's managerial ability on accounting disclosure tone for good and net news, and a negative significant effect on accounting disclosure tone for bad news. The study also provided statistical evidences that, a positive significant effect of the degree of CEO's managerial ability on cash dividends on assets ratio, and cash dividends returns, and no significant effect on firm's decision to pay cash dividends during the year.