The Impact of Investors' Excessive Biased Expectations on Opaque Financial Reporting

Sally Mahmoud Hashem Sham .
2018 المجلة العلمیة للدراسات التجاریة والبیئیة  
Shams : ‫الملخص‬ ‫عهٗ‬ ‫انًستثًزيٍ‬ ‫تٕقعاث‬ ‫فٗ‬ ‫انتحيش‬ ‫أثز‬ ‫دراست‬ ‫انٗ‬ ‫انبحث‬ ‫ْذا‬ ‫يٓذف‬ ‫انتقاريز‬ ‫غًٕض‬ ‫يعيُّ‬ ‫اسٓى‬ ‫تجاِ‬ ‫انتشاؤو‬ ‫أ‬ ‫انتفاؤل‬ ‫درجت‬ ‫انًستثًزيٍ‬ ‫تٕقعاث‬ ‫فٗ‬ ‫انتحيش‬ ‫يًثم‬ ‫انًانيّ.‬ ‫انبحث‬ ‫عيُت‬ ‫تًثم‬ ‫يعيٍ.‬ ‫يال‬ ‫سٕق‬ ‫تجاِ‬ ‫أ‬ 38 ‫انًصزيّ.‬ ‫انبٕرصت‬ ‫فٗ‬ ‫يقيذِ‬ ‫شزكّ‬ ‫تٕسيعاث‬ ‫عالٔاث‬ ‫االسٓى,‬ ‫دٔراٌ‬ ‫بًعذل‬ ‫انًستثًزيٍ‬ ‫تٕقعاث‬ ‫فٗ‬ ‫انتحيش‬ ‫قياص‬ ‫يًكٍ‬ ( ‫االسٓى‬ Dividend premium ‫انًانيّ‬ ‫انتقاريز‬ ‫فٗ‬ ‫انغًٕض‬ ‫قياص‬ ‫يًكٍ‬ ٔ .)
more » ... عهٗ‬ ‫انُتائج‬ ‫أكذث‬ ‫انًزاجع.‬ ‫رأٖ‬ ‫َٕع‬ ٔ ‫انًزاجع‬ ‫جٕدة‬ ‫االرباح,‬ ‫ادارة‬ ‫يؤشز‬ ‫باستخذاو‬ ‫عزضّ‬ ‫أكثز‬ ‫تكٌٕ‬ ‫انٕاضحّ‬ ‫ٔغيز‬ ‫انغايضّ‬ ‫انًانيّ‬ ‫انتقاريز‬ ‫بٓا‬ ‫انتٗ‬ ‫انشزكاث‬ ‫أٌ‬ ‫انًتحيشِ.‬ ‫انًسثًزيٍ‬ ‫نقزاراث‬ Abstract: This research investigates the influence of investors' biased expectations on the opacity of financial reporting. Excessive biased expectations reflect optimism or pessimism of investors toward certain security or a particular financial market. Sample size consists of 83 companies listed in the Egyptian stock exchange. Three measures can be used to measure investors' biased expectations: Share Turnover, E Share, and dividend premium. Three measures can be used to measure financial reporting opacity: earnings management, quality of auditors and the type of audit opinion. Results imply that, companies with greater opaque financial reporting environment are more affected by excessive biased expectations of investors.
doi:10.21608/jces.2018.50968 fatcat:atmnrs62onh7bpyangsa6fh2le