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

The main objective of this paper is to investigate the impact of market and organizational determinants on the voluntary disclosure level of Egyptian companies. We use a disclosure index of voluntary disclosure that is based upon the following information categories: (a) strategic information; (b) financial information; (C) non-financial information; and (d) 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. The findings revealed that the level of voluntary disclosure in the emerging market of Egypt ranges from low to moderate level. There is no significant relationship between company's voluntary disclosure level and earnings quality and competition intensity, while this relationship is significant for information asymmetry and ownership structure. 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 (i) explain the adoption of certain disclosure strategies, and (ii) understand the corporate disclosure behavior