Disclosure tone, corporate governance and firm value: evidence from Egypt

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2021-06-03 DOI:10.1080/16081625.2021.1934708

Mohamed Samy Eldeeb, Y. T. Halim, Ahmed F. Elbayoumi

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引用次数: 14

Abstract

ABSTRACT This study examines the extent to which corporate governance (CG) affects disclosure tone (DT) and assesses the impact of DT on firm value (FV). It also tests the effect of CG on FV using DT as an intermediary variable. Content analysis is used to measure DT level. CEO duality, board size, gender diversity, and board independence are used as proxies for CG. Tobin’s Q is used to measure FV. The empirical analysis shows significant positive impact of CG on DT and FV. We also find a highly significant association between disclosure of good/bad news with leverage, audit quality, firm growth, and abnormal accruals. The results also indicate that DT along with the profitability of the firm (ROA) and Abnormal Accruals are significantly associated with FV. Finally, the results of the structure equation modeling show that gender diversity, ROA, leverage, revenue growth, and abnormal accruals are the most influential variables that run from CG and DT into FV. The novelty of this study stems from its empirical analysis that tests the association between CG, DT from one side and DT and FV from the other side, and then measures the impact of CG on FV using DT as an intermediary variable.

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披露基调、公司治理与公司价值:来自埃及的证据

摘要本研究考察了公司治理(CG)对披露基调(DT)的影响程度，并评估了DT对公司价值(FV)的影响。它还测试了CG对FV的影响，使用DT作为中介变量。采用含量分析法测量DT水平。CEO的二元性、董事会规模、性别多样性和董事会独立性被用来代表企业意识。托宾Q用于测量FV。实证分析表明，企业绩效对企业绩效和财务绩效有显著的正向影响。我们还发现，好消息/坏消息披露与杠杆、审计质量、公司成长和异常应计利润之间存在高度显著的关联。结果还表明，DT、公司的盈利能力(ROA)和异常应计利润与FV显著相关。最后，结构方程模型的结果表明，性别多样性、总资产收益率、杠杆率、收入增长和异常应计利润是影响CG和DT对FV影响最大的变量。本研究的新颖之处在于其实证分析检验了一方的CG、DT和另一方的DT、FV之间的关联，然后以DT作为中介变量来衡量CG对FV的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.