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Table 2. Model Summary and Coefficient results of the step-wise regression of the total TD index and the ROA ratio Table 1. Summary of step-wise regression results-TD index

Table 2 Model Summary and Coefficient results of the step-wise regression of the total TD index and the ROA ratio Table 1. Summary of step-wise regression results-TD index

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Vote: KOA: Keturn on Assets TOTAL TD: Total transparency and disclosure index score. Sample size: 85 companies, No. of Observations: 85 companies X 5 years= 42:
Vote: KOA: Keturn on Assets TOTAL TD: Total transparency and disclosure index score. Sample size: 85 companies, No. of Observations: 85 companies X 5 years= 42:
Note: TD13: The disclosure of the degree of compliance with the Egyptian corporate governance code. TD1: Annual audit being performed by an individual, competent and qualified audit. TD20: Disclosure of the presence of a remuneration committee. TD21: Disclosure of the remuneration committee’s assigned functions, meetings and accomplishments. TD15: Disclosure of social, environmental, occupational and safety policies. TD18: The existence of investors’ relations. BIG5NOT: External auditor is one of big 5 auditing firms or not. Sample size: 85 companies, No. of Observations: 85 companies X 5 years= 425 Table 3. Coefficient results of the step-wise regression of the TD index individual indicators and the ROA ratio
Note: TD13: The disclosure of the degree of compliance with the Egyptian corporate governance code. TD1: Annual audit being performed by an individual, competent and qualified audit. TD20: Disclosure of the presence of a remuneration committee. TD21: Disclosure of the remuneration committee’s assigned functions, meetings and accomplishments. TD15: Disclosure of social, environmental, occupational and safety policies. TD18: The existence of investors’ relations. BIG5NOT: External auditor is one of big 5 auditing firms or not. Sample size: 85 companies, No. of Observations: 85 companies X 5 years= 425 Table 3. Coefficient results of the step-wise regression of the TD index individual indicators and the ROA ratio
The regression results of the “transparency and disclosure” questionnaire shows no significant relationship between the total TD score and the four selected firm performance proxies. Accordingly, the evidence provided in this section are in line with those obtained when regressing the TD index. However, the only notable difference between both results can be that several transparency and disclosure practices in the index showed a negatively significant relationship while this is not the case with the questionnaire evidence. A possible justification can be the difference in the tested practices used in the index and questionnaire as well as the difference between the periods used in both (the index used data for a five year period Table 8. Summary of the step-wise regression results-TD questionnaire
The regression results of the “transparency and disclosure” questionnaire shows no significant relationship between the total TD score and the four selected firm performance proxies. Accordingly, the evidence provided in this section are in line with those obtained when regressing the TD index. However, the only notable difference between both results can be that several transparency and disclosure practices in the index showed a negatively significant relationship while this is not the case with the questionnaire evidence. A possible justification can be the difference in the tested practices used in the index and questionnaire as well as the difference between the periods used in both (the index used data for a five year period Table 8. Summary of the step-wise regression results-TD questionnaire
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BusinessAccountingBusiness and ManagementCorporate PerformanceFinance and Investment Banking
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