الفهرس 
Research FrameworkOnly 14 pages are availabe for public view
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Abstract
The empirical literature on the determinants of the disclosure of forward looking information (FLD) offers mixed results. This hinders stakeholders’ understanding of the factors affecting companies’ decision to report FLD in the annual report narratives. Nonetheless, FLD is intended to capture prospective information about company’s characteristics. However, the boilerplate, storytelling, bias, and the auditing nature of FLD could impair its value relevance. Therefore, the research use an automated content analysis technique to examine the measure of FLD with the objectives of identifying the main determinants of FLD and its value relevance. The research employs a sample of narrative sections extracted from annual reports of 40 Egyptian listed companies for a nine year time-period (2008 - 2016). The final sample comprised 360 observations of annual reports and two empirical regression models are used. FLD is measured by the number of sentences is coded as containing both forward-looking and financial Egyptian keywords. Value relevance of FLD is measured by Tobin’s Q. The study finds FLD is positively (negatively) associated with company’s determinants: (dividend policy), company size, leverage, market risk, (competitive environment), industry type. Auditor type in overseeing FLD is a significant governance determinant. The study contributes to disclosure studies by not only investigating determinants of FLD, but also by revealing a market value relevance of FLD. This suggests that the disclosure of forward looking financial information should complement financial statements in Egypt. This also implies that managers, investors, external auditors, regulators and researchers should consider more the economic consequences of FLD. They should act on conveying transparent and prospective signals and information in an understandable and readable format for outsiders and ensuring enhanced monitoring for FLD publishing. This research contributes to the accounting literature related to the using of automated content analysis for investigating the characteristics of narrative disclosure, particularly for an Arabic content using common English software. This research also contributes to value relevance of narrative disclosure in an emerging country; Egypt. The results also enrich agency, signalling, stakeholders, cost of disclosures and dividend theories.