میزان افشای داوطلبانه و عوامل تعیینکننده آن در بازارهای نوظهور: شواهد از مصر

The primary objective of this study is to test a theoretical framework relating eight major corporate governance determinants with the extent of the voluntary disclosure provided by listed firms listed on Egyptian Stock Exchange (EGX). These corporate governance determinants are firm size, firm profitability, firm leverage, board size, independent directors, duality in position, block-holder ownership and Auditor Type. Using a weighted relative disclosure index for measuring voluntary disclosure, the results indicate that there is a positive significant correlation between firm size, firm profitability, firm leverage, independent directors on board, and auditor type, and the overall corporate governance voluntary disclosure extent. This result implies that these variables are the main voluntary disclosure drivers in Egypt. However, a negative significant correlation was found between block-holder ownership and voluntary disclosure, while no significant correlation was found between board size, and duality in position, and the overall corporate governance voluntary disclosure extent. The empirical proof from this study promotes the perception of the voluntary corporate disclosure environment in Egypt as one of the emerging markets in the Middle East.