The relationship between the characteristics of the board of directors and the level of operating segments disclosure: The moderating effect of sector concentration- An empirical study on listed corporations in the Egyptian stock exchange

The research aims to test the relationship between the characteristics of the board of directors and the level of operating segments disclosure. It also aims to test the effect of the degree of concentration of the sector to which the company belongs on the previous relationship, using a sample of non-financial companies listed on the Egyptian stock exchange for a period of three years, 2016-2018.
The results of the study showed a decrease the level of segment disclosure in Egyptian companies in general. The results of the study also showed a significant positive relationship between the level of operating segments disclosure and each of the independence of the board of directors, and the presence of foreign members in the board of directors. While the results showed an insignificant effect for the degree of sector concentration to which the company belongs on the relationship between any of the characteristics of the board of directors and the level of operating segments disclosure.
The results of the additional analysis showed a significant positive relationship between the effectiveness of the board of directors as measured by the aggregated measure of the board's characteristics and the level of operating segments disclosure. The results showed that there was an insignificant impact for the degree of sector concentration to which the company belongs on the relationship between the aggregated measure of the characteristics of the board of directors and the level of operating segments disclosure. On the other hand, the results of the additional analysis indicated that there was an insignificant relationship between the independence of the board of directors and the level of operating segments disclosure. The results showed that the negative impact of the independence of the board of directors on the level of operating segments disclosure is greater in the case of high degree of sector concentration to which the company belongs.