Firm characteristics and forward-looking disclosure: the moderating role of gender diversity

Abdelmoneim Bahyeldin Mohamed Metwally · Saleh Aly Saleh Aly

30 citations0/0 files storedJournal of Accounting in Emerging Economies

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Auditing, Earnings Management, Governance Gender Diversity and Inequality Financial Reporting and XBRL

Abstract

Purpose The purpose of this study is to examine the impact of firm financial and operational characteristics on the level of forward-looking information disclosure (FLID) by Egyptian-listed non-financial companies. The present research also aims to investigate the moderating role of gender diversity on the board of directors. Design/methodology/approach The sample incorporates the non-financial companies included in the EGX 100 of the Egyptian Stock Exchange (ESE), whose reports were available during the study period from 2013 to 2018. The final sample comprises 49 companies with 294 observations. Statistical analysis is performed using multiple regression analysis. Findings This study found a significant positive impact of return on assets, leverage, company size and age on the level FLID, while external audit firm type and industry were found to impact the level of FLID negatively. Further, the board gender diversity (BGD) is found to have a moderating impact as it strengthens the effect of financial and operational characteristics on the level of FLID. Practical implications The present study has some implications for Egyptian companies, investors in the Egyptian market and regulators in emerging economies, which include paying more attention to BGD when selecting the board members by companies as well as following up the female representation in all the listed companies by regulators. Originality/value To the best of the authors’ knowledge, this is the first study to investigate the moderating role of BGD and its impact on the level of FLID in emerging markets. This extends the disclosure literature as the present study brings new evidence from an emerging market regarding BGD moderating role as early research concentrated on the direct impact of BGD on the level of FLID.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1973Job Market Signaling 2009Gender Differences in Preferences 2009Women in the boardroom and their impact on governance and performance☆2001Boys will be Boys: Gender, Overconfidence, and Common Stock Investment 2003Corporate Governance, Board Diversity, and Firm Value 2009Resource Dependence Theory: A Review 1972Size and Composition of Corporate Boards of Directors: The Organization and its Environment

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