The impact of forward-looking disclosure on the performance-related variables in the annual reports of Egyptian firms registered in the stock Exchange.

*Purpose: The main objective of this study is to investigate the connection among the amount of performance-related variables, which represent the characteristics of firms, & the level of voluntary disclosure, specifically forward-looking disclosure, in the annual reports of Egyptian companies that are listed on the Egyptian Stock Exchange.
The hypothesized influence of performance-related variables on the degree of forward-looking disclosure is empirically examined in this study.
*Design/methodology/approach: This research employs a compilation of prospective-looking keywords to ascertain variations in the extent of forward-looking disclosure among companies operating in distinct industries. The study sample comprised fifty-nine non-financial companies that were publicly traded on the Egyptian Stock Exchange during the years 2017, 2018, & 2019. In order to conduct statistical analysis, multiple linear regression analysis is utilized.   
*Findings: Profitability (as measured by earnings per-share) & liquidity ratio exhibited a statistically significant upward trend in 2018 & 2019, in accordance with the degree of forward-looking disclosure. Although they were negligible in 2017 in terms of the extent of forward-looking disclosure,
Nevertheless, for all three years, there was no significant correlation observed between the level of forward-looking information disclosed in the annual reports & profitability, as assessed by the return-equity ratio.
*Research limitations/implications: Among the potential consumers of the findings presented in this article are investors, lenders, & auditors. Users may find these findings useful when conducting business with organizations characterized by low profitability & high financial risk.
Several limitations apply to this investigation. Initially, the research employed the identical inventory of prospective elements utilized in prior investigations. Furthermore, the selected items fail to reflect the degree of significance that users of financial information attribute to them. Furthermore, the research utilized an unweighted approach in order to assess the extent of forward-looking disclosure. In conclusion, the research focused exclusively on non-financial companies that are publicly traded on the Egyptian Stock Exchange, while excluding those that are involved in finance or insurance.
*Originality/value: As an evaluation of the degree to which Egyptian firms, as a developing nation, disclose forward-looking information regarding the valuation of firm characteristics (performance-related variables), the findings of this research are of greater significance to the investment community. The examination of forward-looking information disclosure in developing countries, with a specific focus on the Middle East, has been the subject of a limited number of studies. Furthermore, while all prior research investigated forward-looking disclosure in annual reports for a duration of one year, the present study spanned a significantly longer time frame of three years.
High leverage & low profitability, according to this study, are the primary impetuses for Egyptian listed companies to increase their disclosure of forward-looking information.