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COVID-19 Disclosure: A Novel Measurement and Annual Report Uncertainty

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  • Mahmoud Elmarzouky

    (Department of Accounting, Finance & Informatics, Kingston Business School, Kingston University, London KT2 7LB, UK)

  • Khaldoon Albitar

    (Accounting and Financial Management Group, Faculty of Business and Law, University of Portsmouth, Portsmouth PO1 3DE, UK)

  • Atm Enayet Karim

    (School of Business and Law, Global Banking School, London B5 5SE, UK)

  • Ahmed Saber Moussa

    (Independent Researcher, Menoufia 32731, Egypt)

Abstract

This paper provides a unique COVID-19 disclosure measurement and investigates the association between the level of COVID-19 disclosure and uncertainty within annual reports for UK FTSE-All share non-financial firms. We used automated textual analysis to score the sampled annual reports. The results show that the level of COVID-19 disclosure varies from industry to industry. Furthermore, there is a positive relationship between COVID-19 disclosure and uncertainty in annual reports. Firms with larger boards exhibit more significant uncertainty in annual reports with COVID-19 disclosure. However, the significance of uncertainty in annual reports with COVID-19 disclosure remains at the same level with different board independence percentages. The unique findings of this paper are extremely relevant to governments, shareholders, policymakers, suppliers, and creditors.

Suggested Citation

  • Mahmoud Elmarzouky & Khaldoon Albitar & Atm Enayet Karim & Ahmed Saber Moussa, 2021. "COVID-19 Disclosure: A Novel Measurement and Annual Report Uncertainty," JRFM, MDPI, vol. 14(12), pages 1-12, December.
    • Handle: RePEc:gam:jjrfmx:v:14:y:2021:i:12:p:616-:d:705917
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    References listed on IDEAS

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    1. Yan Zhang & Margarethe F. Wiersema, 2009. "Stock market reaction to CEO certification: the signaling role of CEO background," Strategic Management Journal, Wiley Blackwell, vol. 30(7), pages 693-710, July.
    2. Alessandra Allini & Francesca Manes Rossi & Khaled Hussainey, 2016. "The board's role in risk disclosure: an exploratory study of Italian listed state-owned enterprises," Public Money & Management, Taylor & Francis Journals, vol. 36(2), pages 113-120, March.
    3. Goodell, John W., 2020. "COVID-19 and finance: Agendas for future research," Finance Research Letters, Elsevier, vol. 35(C).
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    Cited by:

    1. Taoufik Elkemali, 2023. "Uncertainty and Financial Analysts’ Optimism: A Comparison between High-Tech and Low-Tech European Firms," Sustainability, MDPI, vol. 15(3), pages 1-22, January.

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