Studying and Testing the Relationship Between Operational Characteristics of the Companies and Level of Forward-Looking Information Disclosure in Non-Financial Companies Listed on Egyptian Stock Exchange

The primary objective of this research is to study and test the relationship between operational characteristics of the companies (company size – company leverage – company age – Board size - Audit firm size – industry type) and the forward-looking information disclosure in the annual reports of companies listed on Egyptian Stock Exchange. To achieve the aim of the research, a proposed index was developed for forward-looking information disclosure in the light of professional publications, previous studies, laws, listing and delisting rules in the Egyptian Stock Exchange. Then the content analysis methodology was used to analyze the level of forward-looking information disclosure of a sample of non-financial companies listed on Egyptian Stock Exchange during the period from 2013 to 2018.
The results showed a low level of forward-looking information disclosure in the annual reports of non-financial companies listed on Egyptian Stock Exchange. The results also showed a significant positive effect of (company size – company leverage – company age – Board size) on the level of forward-looking information disclosure, and also showed a significant negative effect of Audit firm size and industry type on the level of forward-looking information disclosure in non-financial companies listed on Egyptian Stock Exchange.