Purpose

This paper aims to examine the effect of different modes of equity ownership structure in unconditional conservatism of financial reporting for non-financial listed companies in Egypt.

Design/methodology/approach

Using a large sample of Egyptian non-financial listed companies for the period from 2011–2018, this paper used the ordinary least square regression model to test the impact of equity ownership equity on accounting conservatism based on an accrual-based measure developed by Givoly and Hayn (2000) and Ahmed and Duellman (2007).

Findings

The paper finds that, on average, Egyptian listed companies tend to demonstrate lower levels of unconditional conservatism during the period from 2011–2018. Regarding the different patterns of equity shareholding, a negative association between unconditional conservatism and managerial ownership is found. Briefly, the mild equity shareholding of managers in Egyptian listed companies is accompanied by higher demand for conservative reporting. Besides, a negative association is also reported for the relationship between concentrated ownership and unconditional conservatism in which the concentration of shareholding by a few numbers of individual investors lessen the demand for conservatism. By contrast, a non-significance relationship is reported neither for institutional shareholders nor for governmental ownership in their relationship with unconditional conservatism.

Research limitations/implications

The paper does not take into account the modifications conducted on the Egyptian accounting standards according to decree number 69 for the year of 2019 because they were not valid until the publishing of this paper. It considers only non-conditional conservatism.

Practical implications

First, the paper provides clear empirical evidence that Egyptian listed companies are adopting less-conservative accounting policies in their financial reporting during a high-tension period that witnessed several radical political and economic events. This evidence should stimulate regulators and policymakers to revisit the reporting standards to improve the quality of financial information and should also guide investors’ decisions because it helps in clarifying their interpretation of figures and trends reported in financial statements. Second, the paper would direct the attention of the Egyptian government to the importance of increasing their investment in the stock market to enhance its regulatory role. Third, it gives some implications to investors and policymakers toward the shape of the relationship between accounting conservatism and each pattern of equity shareholding in Egypt.

Originality/value

This paper visualizes an image toward the current state of equity ownership structure for listed companies in Egypt within a period that witnessed critical vulnerabilities and irregularities. In addition, it addresses how the accounting conservatism would be shaped according to the different types of equity shareholdings in Egypt.

中文翻译：

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股权结构对无条件保守主义的影响——基于埃及上市公司的实证研究

目的

本文旨在考察不同股权结构模式对埃及非金融上市公司财务报告无条件保守性的影响。

设计/方法/方法

本文使用 2011-2018 年期间埃及非金融上市公司的大量样本，基于 Givoly 和海恩 (2000) 和艾哈迈德和杜尔曼 (2007)。

发现

该论文发现，平均而言，埃及上市公司在 2011-2018 年期间往往表现出较低水平的无条件保守主义。对于不同的股权持股模式，发现无条件保守主义与管理层所有权之间存在负相关。简而言之，埃及上市公司管理人员的温和股权伴随着对保守报告的更高要求。此外，股权集中与无条件保守主义之间的关系也呈负相关，少数个人投资者的股权集中减少了对保守主义的需求。相比之下，

研究限制/影响

该文件未考虑根据 2019 年第 69 号法令对埃及会计准则进行的修改，因为这些修改在本文发表之前无效。它只考虑非条件保守主义。

实际影响

首先，本文提供了明确的实证证据，表明埃及上市公司在见证了几起激进政治和经济事件的高度紧张时期在其财务报告中采用了不太保守的会计政策。该证据应激励监管者和政策制定者重新审视报告标准以提高财务信息的质量，并应指导投资者的决策，因为它有助于澄清他们对财务报表中报告的数字和趋势的解释。其次，该文件将引导埃及政府注意增加对股票市场的投资以增强其监管作用的重要性。第三，

原创性/价值

本文形象化了埃及上市公司在出现严重漏洞和违规行为的时期内股权结构的现状。此外，它还讨论了如何根据埃及不同类型的股权来塑造会计稳健性。