Abstract: The main objective of this study is to test the
relationship between numbers of variables representing the firm
characteristics (market-related variables) and the extent of voluntary
disclosure levels (forward-looking disclosure) in the annual reports of
Egyptian firms listed on the Egyptian Stock Exchange. The results
show that audit firm size is significantly positively correlated (in all
the three years) with the level of forward-looking disclosure.
However, industry type variable (which divided to: industries,
cement, construction, petrochemicals and services), is found being
insignificantly association with the level of forward-looking
information disclosed in the annual reports for all the three years.