دانلود رایگان مقاله سنجش ارتباط گزارش اینترنتی شرکت

Abstract

This paper examines the value relevance of Corporate Internet Reporting (CIR) provided by Egyptian non-financial listed companies. It investigates the association between the level of CIR and companies' market values. The findings indicate that CIR information was value relevant over the period of investigation. In addition, an analysis of the sub-components of CIR reveals that the details varied. Specifically, while both the content and user support categories were statistically associated with firms' market value, this was not the case for the presentation category. Overall, the results indicate that investors value CIR-related information when making their equity pricing decisions. The results have implications for both national and international regulators about the relevance of CIR information in developing countries such as Egypt.

7. Conclusion

This paper reports the results from a value relevance analysis of CIR supplied by Egyptian listed non-financial companies. Two main findings emerge from this examination. First, the evidence suggests that CIR was value relevant over the period of investigation. Specifically, the overall percentage of CIR-related information provided by Egyptian companies had a positive and significant relationship with both firm market value and market returns. Second, the value relevance analysis of CIR-related sub-categories indicates that while CIR both content and user support categories was value relevant, the presentation category was not associated with firms' market value. The results of the current study have a number of practical implications for both national (Egyptian) and international policy-makers. For example, the results provide some insights into how the capital market perceives CIR information. This insight is timely in light of the 2013 EFSA requirement for Egyptian firms to make information available online. In addition, the results should provide insights for other developing countries that are working hard to improve the quality of CIR for their business entities. Moreover, the findings of the present study should provide some insight into the effi- ciency of the stock exchange; specifically, the results may provide valuable information for the Egyptian stock exchange about how the capital market reacts to newly published information. Finally, the results provide some insights for finance directors of Egyptian firms, who make decisions on the content of CIR information; they should glean valuable insights into how the CIR information which their firms publish is perceived by investors and reflected in share prices. Given that the value relevance literature of CIR is very scarce, the current paper contributes to the burgeoning literature on CIR practices around the world. However, it goes a step further than much of the extant literature by providing much needed insight on the value relevance (and by inference decision usefulness) of such disclosure in a developing market. Second, this is the first study to investigate CIR practices using a sample of non-financial listed companies on the EGX, a market which has experienced several major political and economic changes in recent years. Third, the current CIR index represents one of the most comprehensive set of criteria used to measure CIR practices in developed and developing nations, including Egypt; therefore, it is likely to provide a robust assessment of such practices in these companies.