Tariq Hassaneen Ismail

An Empirical Investigation of Factors Influencing Voluntary Disclosure of Financial Information on the Internet in the GCC Countries

This paper examines the extent of financial information disclosed on the Internet by the Gulf Co-operation Council (GCC) countries. We collected data from listed companies in stock market of a representative group of GCC countries, to test research hypotheses related to the association between company characteristics and the voluntary dissemination of financial information on the Internet based on industry type and country. A cross-section of all 128 companies currently listed on the stock exchange of the selected GCC countries were determined. A hierarchical forward stepwise in logistic regression was undertaken to assess whether voluntary dissemination of financial information on the Internet was related to firm size, leverage, and profitability. Our results revealed that the probability of a firm to publish financial information on the Internet does not only depend on individual characteristic, but on a combination of interaction effects among firm characteristics (size, leverage, and profitability), industry type, and country.

Impact of Market and Organizational Determinants on Voluntary Disclosure in Egyptian Companies

Purpose - The purpose of this paper is to investigate the impact of market and organizational determinants on the voluntary disclosure level of Egyptian companies. Design/methodology/approach - Uses a disclosure index of voluntary disclosure that is based upon the following information categories: strategic information; financial information; non-financial information; and future prospect information to rate the level of disclosure. Multivariate analysis, voluntary disclosure determinants: earnings quality; ownership structure; competition intensity; information asymmetry, and possible relationships with disclosure level provide the basis for discussion. Findings - It is found that the level of voluntary disclosure in the emerging market of Egypt ranges from low to moderate level. There is no significant relationship between a companys voluntary disclosure level and earnings quality and competition intensity, while this relationship is significant for information asymmetry and ownership structure. Research limitations/implications - The results are constrained by the proxies that represent non-financial factors of the market. Originality/value - This paper extends prior studies on voluntary disclosure in Egypt by looking at a comprehensive set of market and organizational factors that might affect the disclosure level, based on a structured disclosure index of strategic, financial and non-financial, and future prospect information. The findings would help boards of directors to explain the adoption of certain disclosure strategies, and understand the corporate disclosure behavior.

Intellectual Capital Reporting in Knowledge Economy of Egypt

This study examines voluntary intellectual capital reporting (ICR) in annual reports of the top 30 companies listed in Cairo and Alexandria Stock Exchange (CASE) as well as eliciting the barriers that could hamper the development and implementation of ICR in an Egyptian setting. The study contributes to the body of research done in this area, as most of research has been conducted in developed countries. There is a lack of empirical research at organisational level in the field of intellectual capital in Egypt, which is, socially, economically and culturally different from developed countries. The results indicate that levels of voluntary disclosure of IC items are relatively low while disclosures are dominated by customer relations items. Additionally, reporting of IC is in qualitative rather than quantitative style. The most important barriers that might impact the development and implementation of IC are cost and time associated with developing IC indicators.

Investment appraisal under conditions of continuous and discrete cash flows and discounting

Purpose – This research furthers scholarly discourse which discusses the most effective way(s) to calculate investment returns under conditions of continuous and/or discrete cash flows with continuous and/or discrete discounting.Design/methodology/approach – Discusses Pogues work on the methods for investment analysis.Findings – Pogues article of discrete versus continuous calculation of investment returns discusses limitations of the traditional assumption that cash flows in investment appraisal occur at the end of each period and points to a more realistic assumption that cash flows occur on a continuous basis. Pogue then proposes a formula for managers to use when calculating investment returns. Finds that Pogues suggested method of calculation is neither supported by prior literature nor sound in its implications.Originality/value – Provides further analysis of discrete and continuous discounting models in investment decisions.

Board Involvement in Risk Management Practices: Evidence from Saudi Arabia Banks

This study bridges the gap between theory and practice of risk management in banks incorporated in Saudi Arabia. The main objective of this study is to investigate the risk management process to assess the level of involvement of boards in risk management practices (RMPs). This study surveys representatives from banks to elicit their opinion regarding the characteristics of an efficient risk management process, the four aspects of risk management practices; understanding risk management (URM), risk identification (RI), risk assessment and analysis (RAA) and risk monitoring and control (RMC), as well as the role played by boards in risk management (RM). The results suggest that banks in Saudi Arabia have an efficient risk management process and an adequate understanding of risk management and a system for risk identification. Additionally, there is a high level of board’s involvement in assessing, analyzing, monitoring and controlling risk efficiently, where they are somewhat reasonably efficient in managing risk, hence, URM, RM and RMC are the most influencing factors in RMPs. This study may have practical implications for boards in banks incorporated in Saudi Arabia by explaining the adoption of certain risk management strategies, and helping them understand how risk management behavior can maximize operating performance. In addition, it would help regulators and policy makers to develop a coherent and acceptable set of risk management tools and techniques.