قياس أثر الإفصاح الاختياري في جودة التقارير المالية

‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﻗﻴﺎﺱ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬

‫)ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ(‬
‫ﺭﺸﺎ ﺤﻤﺎﺩﺓ*‬
‫ﻤﻠﺨـﺹ‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬ﻭﻟﺘﺤﻘﻴﻕ ﻫﺩﻑ ﺍﻟﺩﺭﺍﺴﺔ ﺘﻡ ﺘﻁﻭﻴﺭ ﺍﺴﺘﺒﺎﻨﺔ ﺍﺸﺘﻤﻠﺕ‬
‫ﻋﻠﻰ ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺍﻟﺘﺴﻌﺔ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﻓﻲ‪ :‬ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ‪ ،‬ﻭﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ‪ ،‬ﻭﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ‬
‫ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ‪ ،‬ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ‪ ،‬ﻭﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ‬
‫ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ؛ ﻭﺫﻟﻙ ﻟﻠﺘﻌﺭﻑ ﻋﻠﻰ ﺃﺜﺭ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﻓﻲ ﺠﻭﺩﺓ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﻓﻲ ﻗﺩﺭﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻔﺼﺢ ﻋﻨﻬﺎ ﻓﻲ ﺇﺤﺩﺍﺙ ﻓﺭﻕ ﻓﻲ ﻗﺭﺍﺭﺍﺕ ﻤﺴﺘﺨﺩﻤﻲ ﻫﺫﻩ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻀﻤﻥ ﻤﺠﺘﻤﻊ ﺍﻟﺒﺤﺙ‬
‫ﺍﻟﻤﺘﻤﺜل ﻓﻲ ﺸﺭﻜﺎﺕ ﺍﻟﻭﺴﺎﻁﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﺒﻨﻭﻙ ﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ‪ .‬ﻭﻗﺩ ﻭﺯﻋﺕ ﺘﻠﻙ ﺍﻻﺴﺘﺒﺎﻨﺎﺕ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻥ ﺍﻟﻤﺤﻠﻠﻴﻥ‬
‫ﺍﻟﻤﺎﻟﻴﻴﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺘﻠﻙ ﺍﻟﺸﺭﻜﺎﺕ ﻭﺍﻟﺒﻨﻭﻙ ﺍﻟﺘﺠﺎﺭﻴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺘﻡ ﺘﺤﻠﻴل ﺍﻟﻨﺘﺎﺌﺞ ﻭﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺎﺕ ﺒﺎﺴﺘﺨﺩﺍﻡ ﺍﻟﺭﺯﻤﺔ ﺍﻹﺤﺼﺎﺌﻴﺔ ﻟﻠﻌﻠﻭﻡ‬
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ)‪ .Statistical Package for Social Sciences(SPSS‬ﺨﻠﺼﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﻫﻨﺎﻙ ﺘﺄﺜﻴﺭﺍﹰ ﻜﺒﻴﺭﺍﹰ ﻟﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﻗﺩ ﺃﻭﺼﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻀﺭﻭﺭﺓ ﺘﺒﻨﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ ﻟﻤﻔﻬﻭﻡ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﻋﺭﺽ ﻤﻜﻭﻨﺎﺘﻪ ﻀﻤﻥ ﺘﻘﺎﺭﻴﺭﻫﺎ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﻟﺩﺍﻟﺔ‪ :‬ﺍﻹﻓﺼﺎﺡ‪ ،‬ﺍﻟﺠﻭﺩﺓ‪ ،‬ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ‪.‬‬
‫‪ ،Disclosure‬ﻜﻤﺎ ﺘﻘﻭﻡ ﺒﻌﺽ ﺍﻟﺸﺭﻜﺎﺕ ﺒﺎﻹﻓﺼﺎﺡ ﻋﻥ‬ ‫ﺍﻟﻤﻘﺩﻤـﺔ‬

‫ﻤﻌﻠﻭﻤﺎﺕ ﻟﻴﺴﺕ ﻤﻠﺯﻤﺔ ﺒﺎﻹﻓﺼﺎﺡ ﻋﻨﻬﺎ ﻤﻥ ﺃﻱ ﺠﻬﺔ‪ ،‬ﻭﻫﺫﺍ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻟﺫﻱ ﻴﺯﻴﺩ ﻋﻥ ﻤﺘﻁﻠﺒﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻹﺠﺒﺎﺭﻱ ﻴﺴﻤﻰ‬ ‫ﻴﻘﺼﺩ ﺒﺎﻹﻓﺼﺎﺡ ﺇﻋﻼﻡ ﺍﻟﻤﺠﺘﻤﻊ ﺍﻟﻤﺎﻟﻲ ﺒﺎﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﺒﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ‪)Voluntary Disclosure‬ﻤﺘﻭﻟﻲ‪،‬‬ ‫ﻟﻠﺸﺭﻜﺎﺕ ﺴﻭﺍﺀ ﻜﺎﻥ ﺫﻟﻙ ﻓﻲ ﺼﻠﺏ ﻫﺫﻩ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺃﻭ‬
‫‪،(2007‬ﺒﻴﻨﻤﺎ ﻴﺭﻜﺯ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻌﺎﺩل ﻋﻠﻰ ﺘﻘﺩﻴﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﺇﻴﻀﺎﺤﺎﺕ ﻤﺭﻓﻘﺔ ﺒﻪ‪ .‬ﻭﺍﻨﻁﻼﻗﺎ ﻤﻥ ﺫﻟﻙ ﻨﺠﺩ ﺃﻥ ﺍﻟﻔﻜﺭ‬
‫ﺍﻟﺘﻲ ﺘﻔﻲ ﺒﺎﺤﺘﻴﺎﺠﺎﺕ ﺍﻷﻁﺭﺍﻑ ﺍﻟﻤﻌﻨﻴﺔ ﻋﻠﻰ ﻗﺩﻡ ﺍﻟﻤﺴﺎﻭﺍﺓ‬ ‫ﺍﻟﻤﺤﺎﺴﺒﻲ ﻗﺩ ﺘﻨﺎﻭل ﺃﺭﺒﻌﺔ ﺃﻨﻭﺍﻉ ﻤﻥ ﺍﻹﻓﺼﺎﺡ ﻭﻫﻲ ﺍﻹﻓﺼﺎﺡ‬
‫ﻭﺒﺎﻟﺘﺎﻟﻲ ﻴﻨﻁﻭﻱ ﻫﺫﺍ ﺍﻟﻨﻭﻉ ﻋﻠﻰ ﺠﺎﻨﺏ ﺃﺨﻼﻗﻲ )ﺃﺒﻭ‬ ‫ﺍﻹﺠﺒﺎﺭﻱ ﻭﺍﻟﻌﺎﺩل ﻭﺍﻟﻜﺎﻤل ﻭﺍﻻﺨﺘﻴﺎﺭﻱ‪.‬‬
‫ﺯﻴﺩ‪ .(1990،‬ﻭﻴﺸﻴﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻜﺎﻤل ﺇﻟﻰ ﻋﺭﺽ ﺠﻤﻴﻊ‬ ‫ﻴﻘﺼﺩ ﺒﺎﻹﻓﺼﺎﺡ ﺍﻹﺠﺒﺎﺭﻱ ﺫﻟﻙ ﺍﻹﻓﺼﺎﺡ ﺍﻟﺘﻲ ﺘﺘﻁﻠﺒﻪ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺘﺎﺤﺔ ﺴﻭﺍﺀ ﻜﺎﻨﺕ ﻤﻬﻤﺔ ﺃﻭ ﻏﻴﺭ ﻤﻬﻤﺔ‪.‬‬ ‫ﺍﻟﻤﻌﺎﻴﻴﺭ ﺍﻟﻤﻬﻨﻴﺔ ﻭﺍﻟﻘﻭﺍﻨﻴﻥ ﻭﺍﻷﻨﻅﻤﺔ ﺍﻟﻤﻌﻤﻭل ﺒﻬﺎ ﻓﻲ ﺩﻭﻟﺔ‬
‫ﻴﺘﺭﺍﻭﺡ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻋﻠﻰ ﻤﺩﻯ ﻴﺒﺩﺃ ﻤﻥ ﺍﻟﺼﻔﺭ‬ ‫ﻤﺎ؛ ﺤﻴﺙ ﺘﻘﻭﻡ ﻋﺩﺓ ﺠﻬﺎﺕ ﻤﻬﻨﻴﺔ ﻭﺭﻗﺎﺒﻴﺔ ﻭﺤﻜﻭﻤﻴﺔ ﺒﺈﻟﺯﺍﻡ‬
‫ﻤﻤﺜﻼ ﻷﻗﺼﻰ ﺩﺭﺠﺎﺕ ﺍﻟﺨﺼﻭﺼﻴﺔ‬ ‫ﹰ‬ ‫ﺤﻴﺙ ﻴﻜﻭﻥ ﺍﻹﻓﺼﺎﺡ‬ ‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺒﺎﻹﻓﺼﺎﺡ ﻋﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻓﻲ ﺘﻘﺎﺭﻴﺭﻫﺎ‬
‫ﻟﻠﺸﺭﻜﺔ‪ ،‬ﻭﻴﺼل ﺤﺘﻰ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻜﺎﻤل ﺍﻟﺫﻱ ﻴﻌﻨﻲ ﺍﻟﺘﺴﻠﻴﻡ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ ﻭﻫﻭ ﻤﺎ ﻴﺴﻤﻰ ﺒﺎﻹﻓﺼﺎﺡ ﺍﻹﺠﺒﺎﺭﻱ ‪Mandatory‬‬
‫ﺒﺤﺙ ﺍﻟﺠﻤﻬﻭﺭ ﻓﻲ ﺃﻥ ﻴﺭﻯ ﻭﻴﻌﺭﻑ ﻜل ﺸﻲﺀ ﻋﻥ ﺍﻟﺸﺭﻜﺔ‬
‫)‪.(Robert Elliott and P.D Jacobson, 1994‬‬ ‫* ﺃﺴﺘﺎﺫ‪ ،‬ﻗﺴﻡ ﺍﻟﻤﺤﺎﺴﺒﺔ‪ ،‬ﻜﻠﻴﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﻌﻠﻭﻡ ﺍﻹﺩﺍﺭﻴﺔ‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﺯﺭﻗﺎﺀ‪/‬ﺍﻷﺭﺩﻥ‪.‬‬
‫ﻭﻟﻤﺎ ﻜﺎﻨﺕ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺘﺭﺘﺒﻁ ﺒﻤﺩﻯ ﻗﺩﺭﺓ ﺘﻠﻙ‬

‫‪prof.rhamada@yahoo.com‬‬
‫ﺘﺎﺭﻴﺦ ﺍﺴﺘﻼﻡ ﺍﻟﺒﺤﺙ ‪ 2014/5/18‬ﻭﺘﺎﺭﻴﺦ ﻗﺒﻭﻟﻪ ‪.2014/8/26‬‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻔﺼﺢ ﻋﻨﻬﺎ ﻋﻠﻰ ﺇﺤﺩﺍﺙ ﻓﺭﻕ ﻓﻲ ﻗﺭﺍﺭﺍﺕ‬
‫© ‪ 2014‬ﻋﻤﺎﺩﺓ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ‪ /‬ﺍﳉﺎﻣﻌﺔ ﺍﻷﺭﺩﻧﻴﺔ‪ .‬ﲨﻴﻊ ﺍﳊﻘﻮﻕ ﳏﻔﻮﻇﺔ‪.‬‬ ‫‪-674-‬‬

‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫‪ .8‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬ ‫ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪،‬ﺤﻴﺙ ﻴﺭﻯ ﺍﻻﺘﺤﺎﺩ ﺍﻟﺩﻭﻟﻲ ﻟﻠﻤﺤﻠﻠﻴﻥ‬
‫ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬ ‫ﺍﻟﻤﺎﻟﻴﻴﻥ)‪ Financial Analysts Federation (FAF‬ﺒﻬﺫﺍ‬
‫‪ .9‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬ ‫ﺍﻟﺼﺩﺩ ﺃﻥ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺘﻌﻨﻲ ﺍﻟﻭﻀﻭﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺘﻭﺍﻓﺭ‬
‫ﺍﻟﺤﻭﻜﻤﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬ ‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻓﻲ ﺍﻟﺘﻭﻗﻴﺕ ﺍﻟﻤﻨﺎﺴﺏ؛ ﻟﺫﺍ ﻓﺈﻥ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﺃﺜﺭ‬
‫ﺃﻫﺩﺍﻑ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻴﻌﺩ ﻤﻥ ﺍﻟﻤﻭﺍﻀﻴﻊ‬
‫ﻴﻜﻤﻥ ﻫﺩﻑ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﺭﺌﻴﺱ ﻓﻲ ﺍﻟﺘﻌﺭﻑ ﺍﻟﻰ ﺃﺜﺭ‬ ‫ﺍﻟﺠﺩﻟﻴﺔ ﺍﻟﺘﻲ ﺘﺴﺘﻭﺠﺏ ﺍﻟﻤﺯﻴﺩ ﻤﻥ ﺍﻟﺒﺤﺙ ﻭﺍﻻﻫﺘﻤﺎﻡ‪.‬‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻤﻥ ﺨﻼل‬ ‫ﺘﺘﻨﺎﻭل ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺍﻟﺫﻱ ﻴﻌﺩ‬
‫ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻷﻜﺜﺭ ﺸﻴﻭﻋﺎﹰ ﻓﻲ ﺍﻟﻭﺍﻗﻊ ﺍﻟﻌﻤﻠﻲ ﺒﻌﺩ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻋﺒﺭ ﺍﻷﻫﺩﺍﻑ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻵﺘﻴﺔ‪:‬‬ ‫ﺍﻹﺠﺒﺎﺭﻱ؛ ﺇﺫ ﺃﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻌﺎﺩل ﻴﺼﻌﺏ ﺘﺤﺩﻴﺩﻩ ﻷﻥ ﺍﻟﻌﺩﺍﻟﺔ‬
‫‪ .1‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻨﺴﺒﻲ‪ ،‬ﺃﻤﺎ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻜﺎﻤل ﻓﻬﻭ ﻏﻴﺭ ﻤﻤﻜﻥ ﻋﻤﻠﻴﺎﹰ‬ ‫‪‬‬ ‫‪ّ‬‬
‫ﺃﻤﺭ‬
‫ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻻﺭﺘﻔﺎﻉ ﺘﻜﻠﻔﺘﻪ‪.‬ﻭﻗﺩ ﺤﻅﻲ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺒﺎﻫﺘﻤﺎﻡ ﻤﺘﺯﺍﻴﺩ‬
‫‪ .2‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺸﺎﻁ‬ ‫ﺒﺩﺀﺍﹰ ﻤﻥ ﺴﺒﻌﻴﻨﻴﺎﺕ ﺍﻟﻘﺭﻥ ﺍﻟﻤﺎﻀﻲ ﻟﻤﺎ ﻟﻪ ﻤﻥ ﻓﻭﺍﺌﺩ ﻤﺘﻌﺩﺩﺓ‪،‬‬
‫ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻭﺘﺄﺜﻴﺭ ﻋﻠﻰ ﻋﺩﺓ ﻨﻭﺍﺤﻲ ﺘﻤﺱ ﺃﻁﺭﺍﻓﹰﺎ ﻋﺩﺓ؛ ﺤﻴﺙ ﻴﺘﻡ ﺍﻟﺘﻌﺭﻑ‬
‫‪ .3‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ‬
‫ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻤﻥ ﺨﻼل ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ‪.‬‬
‫‪ .4‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻤﺸﻜﻠﺔ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬
‫ﻋﻥ ﺍﻹﺩﺍﺭﺓ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺘﺭﺘﺒﻁ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺒﻘﺩﺭﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻔﺼﺢ‬
‫‪ .5‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ‬ ‫ﻋﻨﻬﺎ ﻓﻲ ﺇﺤﺩﺍﺙ ﻓﺭﻕ ﻓﻲ ﻗﺭﺍﺭﺍﺕ ﻤﺴﺘﺨﺩﻤﻲ ﻫﺫﻩ ﺍﻟﺘﻘﺎﺭﻴﺭ‪،‬‬
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻟﺫﺍ ﺘﺄﺘﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻟﻺﺠﺎﺒﺔ ﻋﻥ ﺍﻟﺘﺴﺎﺅل ﺍﻵﺘﻲ‪ :‬ﻫل ﻴﺅﺜﺭ‬
‫‪ .6‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺘﺎﺌﺞ‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟ﻭﺘﺘﻔﺭﻉ ﻋﻨﻪ‬
‫ﻭﻨﺴﺏ ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺠﻭﺩﺓ‬ ‫ﺘﺴﻊ ﺘﺴﺎﺅﻻﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻵﺘﻲ‪:‬‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫‪ .1‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫‪ .7‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺘﻜﺎﻟﻴﻑ‬ ‫ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
‫ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫‪ .2‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ‬
‫‪ .8‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل‬ ‫ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ‬ ‫‪ .3‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
‫‪ .9‬ﺍﻟﺘﻌﺭﻑ ﺇﻟﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل‬ ‫‪ .4‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻹﺩﺍﺭﺓ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
‫ﺃﻫﻤﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬ ‫‪ .5‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ‬
‫ﺘﻨﺒﻊ ﺃﻫﻤﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ ﻤﻥ ﺃﻫﻤﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﻤﺎ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
‫ﻴﺤﺩﺜﻪ ﻤﻥ ﺃﺜﺭ ﻓﻲ ﻗﺭﺍﺭﺍﺕ ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﻘﻭﺍﺌﻡ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫‪ .6‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ‬
‫ﺃﻫﻤﻴﺔ ﺘﺤﺩﻴﺩ ﺃﺜﺭ ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ‬ ‫‪‬‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ‬ ‫ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻜل ﻋﻠﻰ ﺤﺩﺓ ﻭﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ‬ ‫‪ .7‬ﻫل ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﻀﺎﻓﺔ ﺇﻟﻰ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﺍﻷﺜﺭ ﺍﻟﻜﻠﻲ‬ ‫ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؟‬
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‫ﺭﺸﺎ ﺤﻤﺎﺩﺓ‬ ‫ﻗﻴﺎﺱ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ‪...‬‬
‫ﻤﺴﺘﻭﻯ ﺍﻟﺘﺒﺎﻴﻥ ﻓﻲ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻭﺘﺤﺩﻴﺩ ﺤﺠﻤﻪ‬ ‫ﻟﻺﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺘﻠﻙ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻤﻤﺎ ﻴﻌﺩ ﺃﻤﺭﺍ‬
‫ﻭﻨﻭﻋﻴﺘﻪ ﻓﻲ ﺍﻟﻌﻴﻨﺔ ﺍﻟﻤﺩﺭﻭﺴﺔ‪ ،‬ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻨﻪ‬ ‫ﺤﻴﻭﻴﺎﹰ ﻭﻤﻬﻤﺎﹰ ﻟﻜل ﻤﻥ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﻌﺩﺓ ﻟﺘﻠﻙ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺒﺎﻟﺭﻏﻡ ﻤﻥ ﻭﺠﻭﺩ ﺘﺒﺎﻴﻥ ﻓﻲ ﺤﺠﻡ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﻭﺍﻟﻤﺴﺘﻔﻴﺩﻴﻥ ﻤﻨﻬﺎ ﻋﻠﻰ ﺍﺨﺘﻼﻑ ﺃﻨﻭﺍﻋﻬﻡ‪.‬‬
‫ﺇﻻ ﺃﻥ ﻫﻨﺎﻙ ﺍﻫﺘﻤﺎﻤﺎﹰ ﻤﻠﺤﻭﻅﺎﹰ ﺒﻪ ﻤﻥ ﻗﺒل ﺍﻟﺸﺭﻜﺎﺕ‪ ،‬ﻭﺭﻏﺒﺔ‬
‫ﺒﺘﺯﻭﻴﺩ ﺍﻷﻁﺭﺍﻑ ﺍﻟﻤﻬﺘﻤﺔ ﺒﻤﻌﻠﻭﻤﺎﺕ ﺇﻀﺎﻓﻴﺔ ﻋﻥ ﺘﻠﻙ ﺍﻟﺘﻲ‬ ‫ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ‪:‬‬
‫ﻴﻔﺭﻀﻬﺎ ﺍﻹﻓﺼﺎﺡ ﺍﻹﻟﺯﺍﻤﻲ‪.‬‬ ‫ﺃ‪ .‬ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﻌﺭﺒﻴﺔ‪:‬‬
‫‪ .3‬ﺩﺭﺍﺴﺔ )ﺤﻤﺩﺍﻥ‪ (2011 ،‬ﺒﻌﻨﻭﺍﻥ‪":‬ﺃﺜﺭ ﺍﻟﺘﺤﻔﻅ ﺍﻟﻤﺤﺎﺴﺒﻲ‬ ‫‪ .1‬ﺩﺭﺍﺴﺔ )ﺃﺒﻭﺸﻠﻭﻉ‪ (2013 ،‬ﺒﻌﻨﻭﺍﻥ‪":‬ﻤﺤﺩﺩﺍﺕ ﺍﻹﻓﺼﺎﺡ‬
‫ﻓﻲ ﺘﺤﺴﻴﻥ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ :‬ﺩﺭﺍﺴﺔ ﺘﻁﺒﻴﻘﻴﺔ ﻋﻠﻰ‬ ‫ﺍﻟﻤﺤﺎﺴﺒﻲ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺩﺭﺍﺴﺔ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻌﺎﻤﺔ ﺍﻷﺭﺩﻨﻴﺔ"‪:‬‬ ‫ﻨﻅﺭﻴﺔ ﻭﻤﻴﺩﺍﻨﻴﺔ ﻓﻲ ﺒﻴﺌﺔ ﺍﻷﻋﻤﺎل ﺍﻟﻤﺼﺭﻴﺔ"‪:‬‬
‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻗﻴﺎﺱ ﻤﺴﺘﻭﻯ ﺍﻟﺘﺤﻔﻅ ﺍﻟﻤﺤﺎﺴﺒﻲ‬ ‫ﻫﺩﻓﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺘﺤﻠﻴل ﺘﻭﺠﻬﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻌﺎﻤﺔ ﺍﻷﺭﺩﻨﻴﺔ‪،‬‬ ‫ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﻘﻴﺩﺓ ﺒﺎﻟﺒﻭﺭﺼﺔ ﺍﻟﻤﺼﺭﻴﺔ‪ ،‬ﻭﺫﻟﻙ‬
‫ﺇﻀﺎﻓﺔ ﺇﻟﻰ ﺇﻟﻘﺎﺀ ﺍﻟﻀﻭﺀ ﻋﻠﻰ ﻋﻼﻗﺔ ﺍﻟﺘﺤﻔﻅ ﺍﻟﻤﺤﺎﺴﺒﻲ‬ ‫ﻋﻥ ﻁﺭﻴﻕ ﺘﺤﺩﻴﺩ ﻤﺠﻤﻭﻋﺎﺕ ﺃﺼﺤﺎﺏ ﺍﻟﻤﺼﺎﻟﺢ ﺍﻟﺘﻲ ﻴﻭﺠﻪ‬
‫ﺒﺘﺤﺴﻴﻥ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺇﻟﻴﻬﺎ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺍﻟﻭﺍﺭﺩ ﺒﺎﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺴﻨﻭﻴﺔ‬
‫ﻭﻟﺘﺤﻘﻴﻕ ﻫﺩﻑ ﺍﻟﺩﺭﺍﺴﺔ ﻭﺍﺨﺘﺒﺎﺭ ﻓﺭﻀﻴﺎﺘﻬﺎ ﻗﺎﻡ ﺍﻟﺒﺎﺤﺙ ﺒﺠﻤﻊ‬ ‫ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﻘﻴﺩﺓ ﺒﺎﻟﺒﻭﺭﺼﺔ ﺍﻟﻤﺼﺭﻴﺔ‪،‬ﻜﻤﺎ ﺍﺴﺘﻬﺩﻓﺕ‬
‫ﺒﻴﺎﻨﺎﺕ ﻤﻥ )‪ (50‬ﺸﺭﻜﺔ ﺼﻨﺎﻋﻴﺔ ﻤﺴﺎﻫﻤﺔ ﻋﺎﻤﺔ ﺃﺭﺩﻨﻴﺔ ﻟﻠﻔﺘﺭﺓ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ ﺘﺤﻠﻴل ﻤﺤﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺘﻠﻙ ﺍﻟﺘﻘﺎﺭﻴﺭ‪،‬‬
‫ﺍﻟﻭﺍﻗﻌﺔ ﺒﻴﻥ ﻋﺎﻤﻲ ‪ 2006-2001‬ﻭﺍﺴﺘﺨﺩﺍﻡ ﻜل ﻤﻥ ﺍﺨﺘﺒﺎﺭ‬ ‫ﻭﻟﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻑ ﺍﻟﺩﺭﺍﺴﺔ ﻗﺎﻤﺕ ﺍﻟﺒﺎﺤﺜﺔ ﺒﺎﺴﺘﺨﺩﺍﻡ ﺃﺴﻠﻭﺏ‬
‫ﺍﻨﺤﺩﺍﺭ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺘﺠﻤﻴﻌﻲ )‪(Pooled Data Regression‬‬ ‫ﺘﺤﻠﻴل ﻤﺤﺘﻭﻯ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻌﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ‬
‫ﻭﺍﺨﺘﺒﺎﺭ ﺍﻻﻨﺤﺩﺍﺭ ﺍﻟﻠﻭﺠﺴﺘﻲ)‪.(Logistic Regression‬‬ ‫ﻋﺸﺭﻴﻥ ﺸﺭﻜﺔ ﻤﺼﺭﻴﺔ ﻤﻘﻴﺩﺓ ﺒﺎﻟﺒﻭﺭﺼﺔ ﺍﻟﻤﺼﺭﻴﺔ ﻟﻌﺎﻡ‬
‫ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻤﺅﺸﺭﺍﺕ ﻤﻬﻤﺔ ﺤﻭل ﺍﻨﺨﻔﺎﺽ ﻤﺴﺘﻭﻯ‬ ‫‪ ،2008‬ﻟﻠﻭﻗﻭﻑ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺍﻟﺴﺭﺩﻱ‬
‫ﺍﻟﺘﺤﻔﻅ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻥ ﺍﻟﺸﺭﻜﺎﺕ‬ ‫ﺍﻟﻭﺍﺭﺩ ﺒﺘﻠﻙ ﺍﻟﺘﻘﺎﺭﻴﺭ‪ ،‬ﻭﺘﻡ ﺇﺠﺭﺍﺀ ﺘﺤﻠﻴل ﺍﻨﺤﺩﺍﺭ ﻤﺘﻌﺩﺩ ﻟﺒﻴﺎﻥ‬
‫ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻌﺎﻤﺔ ﺍﻷﺭﺩﻨﻴﺔ‪ ،‬ﻜﻤﺎ ﺃﻨﻬﺎ ﻭﺠﺩﺕ ﻋﻼﻗﺔ ﻤﻬﻤﺔ ﺇﺤﺼﺎﺌﻴﺎﹰ‬ ‫ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ‬
‫ﺒﻴﻥ ﺯﻴﺎﺩﺓ ﺍﻟﺘﺤﻔﻅ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺘﺤﺴﻴﻥ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻋﻥ‬ ‫ﺃﻜﺜﺭ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺘﺄﺜﻴﺭﺍﹰ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ‬
‫ﻁﺭﻴﻕ ﺘﺤﺴﻴﻥ ﺭﺃﻱ ﻤﺩﻗﻕ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﺨﺎﺭﺠﻲ‪.‬‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻫﻭ ﻤﺴﺘﻭﻯ ﺘﻌﻘﺩ ﺃﻋﻤﺎل ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻭﻤﺩﻯ‬
‫‪ .4‬ﺩﺭﺍﺴﺔ )ﻤﺎﺭﻕ‪ (2009 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﻗﻴﺎﺱ ﻤﺴﺘﻭﻯ‬ ‫ﺍﻫﺘﻤﺎﻡ ﺍﻟﺸﺭﻜﺔ ﺒﺈﺩﺍﺭﺓ ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻔﻜﺭﻱ ﻭﺤﺼﻭل ﺍﻟﺸﺭﻜﺔ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ‬ ‫ﻋﻠﻰ ﺠﺎﺌﺯﺓ ﺃﻓﺼل ﺇﻓﺼﺎﺡ ﺴﺎﺒﻘﺔ‪.‬‬
‫ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ"‪:‬‬ ‫‪) .2‬ﺯﻴﻭﺩ ﻭﺁﺨﺭﻭﻥ‪ (2011 ،‬ﺒﻌﻨﻭﺍﻥ‪":‬ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ‬
‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻗﻴﺎﺱ ﻜﻤﻴﺔ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻟﻠﺸﺭﻜﺎﺕ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺴﻭﻕ ﺩﻤﺸﻕ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ"‪:‬‬
‫ﺍﻟﺴﻌﻭﺩﻴﺔ‪ ،‬ﻭﺫﻟﻙ ﻋﻥ ﻁﺭﻴﻕ ﺩﺭﺍﺴﺔ )‪ (52‬ﺸﺭﻜﺔ ﻤﺴﺎﻫﻤﺔ‬ ‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻗﻴﺎﺱ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ‬
‫ﺴﻌﻭﺩﻴﺔ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻌﺎﺌﺩﺓ ﻟﻬﺎ ﻟﻌﺎﻡ )‪ .(2005‬ﻭﺍﻋﺘﻤﺩﺕ‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺴﺠﻠﺔ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻨﻅﺭﻴﺔ ﺃﺼﺤﺎﺏ ﺍﻟﻤﺼﺎﻟﺢ‬ ‫ﻓﻲ ﺴﻭﻕ ﺩﻤﺸﻕ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺫﻟﻙ ﻋﺒﺭ ﺍﺨﺘﻴﺎﺭ ﻗﺎﺌﻤﺔ‬
‫)‪(Stakeholders’Theory‬ﻭﻗﺎﺌﻤﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﻤﻜﻭﻨﺔ ﻤﻥ ﺴﺘﻴﻥ ﻋﻨﺼﺭﹰﺍ ﺘﻤﺜل ﺍﻟﻌﻨﺎﺼﺭ ﺍﻷﺴﺎﺴﻴﺔ ﻟﻺﻓﺼﺎﺡ‬
‫ﻋﻨﺼﺭﺍ‪ ،‬ﻭﺍﻋﺘﻤﺩﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﺍﻟﻤﻨﻬﺞ‬‫ﹰ‬ ‫ﺍﻟﻤﻜﻭﻨﺔ ﻤﻥ )‪(60‬‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﺒﺎﻟﺘﻁﺒﻴﻕ ﻋﻠﻰ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻋﺎﻡ‬
‫ﺍﻻﺴﺘﻘﺭﺍﺌﻲ ﻭﺍﻟﻤﻨﻬﺞ ﺍﻹﻴﺠﺎﺒﻲ ﻓﻲ ﺘﺤﻠﻴل ﺤﺠﻡ ﻭﻨﻭﻋﻴﺔ‬ ‫‪ ،2009‬ﻟﺨﻤﺱ ﻋﺸﺭﺓ ﺸﺭﻜﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ‪.‬‬ ‫ﺍﻟﺴﻭﺭﻴﺔ ﺍﻟﻤﺴﺠﻠﺔ‪ ،‬ﻭﺍﺴﺘﺨﺩﻡ ﺍﻟﺒﺤﺙ ﺍﻟﻤﻨﻬﺞ ﺍﻹﻴﺠﺎﺒﻲ ﻓﻲ ﻗﻴﺎﺱ‬
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‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﻓﺭﻀﻴﺔ ﻤﻥ ﻓﺭﻀﻴﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ‪ .‬ﻭﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ‬ ‫ﻭﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻟﻨﺘﺎﺌﺞ ﺃﻫﻤﻬﺎ ﺘﺒﺎﻴﻥ ﺤﺠﻡ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺼﺎﺤﺏ ﻟﻠﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ‬ ‫ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺒﻴﻥ ﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ‪،‬‬
‫ﺍﻟﺴﻌﻭﺩﻴﺔ ﻏﻴﺭ ﻜﺎﻑ ﻻﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﺴﻬﻡ‪،‬‬ ‫ﻭﻭﺠﻭﺩ ﻅﺎﻫﺭﺓ ﺇﻴﺠﺎﺒﻴﺔ ﻤﺸﺘﺭﻜﺔ ﺒﻴﻥ ﺘﻠﻙ ﺍﻟﺸﺭﻜﺎﺕ ﺘﺘﻤﺜل ﻓﻲ‬
‫ﻜﻤﺎ ﺃﻅﻬﺭ ﺍﻟﻤﺸﺎﺭﻜﻭﻥ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ ﺩﺭﺠﺔ ﻋﺎﻟﻴﺔ ﻤﻥ ﺍﻷﻫﻤﻴﺔ‬ ‫ﺍﻫﺘﻤﺎﻡ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺴﻌﻭﺩﻴﺔ ﺒﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻜﻤﺎ ﺃﻭﺼﺕ‬
‫ﺘﺠﺎﻩ ﺍﻹﻓﺼﺎﺡ ﻋﻥ ﺠﻤﻴﻊ ﻤﺤﺎﻭﺭ ﺍﻟﺩﺭﺍﺴﺔ‪ .‬ﻭﻗﺩ ﺃﻭﺼﺕ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ ﺒﻀﺭﻭﺭﺓ ﺯﻴﺎﺩﺓ ﺍﻫﺘﻤﺎﻡ ﻫﻴﺌﺔ ﺍﻟﻤﺤﺎﺴﺒﻴﻥ ﺍﻟﺴﻌﻭﺩﻴﻴﻥ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺒﻀﺭﻭﺭﺓ ﺘﺸﺠﻴﻊ ﺍﻟﺩﺭﺍﺴﺎﺕ ﻭﺍﻟﺒﺤﻭﺙ ﻓﻲ ﻤﺠﺎﻻﺕ‬ ‫ﻭﻫﻴﺌﺔ ﺴﻭﻕ ﺍﻟﻤﺎل ﺒﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻭﻤﻨﺢ ﺤﻭﺍﻓﺯ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﻨﺸﺭ ﺍﻟﻭﻋﻲ ﺒﺄﻫﻤﻴﺘﻪ ﻓﻲ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ‬ ‫ﻟﻠﻤﺩﺭﺍﺀ ﻟﺘﺸﺠﻴﻌﻬﻡ ﻋﻠﻰ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪.‬‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﺭﺸﻴﺩﺓ‪ ،‬ﻭﺘﺒﻨﻲ ﺃﻓﻀل ﺍﻟﻁﺭﻕ ﻭﺍﻟﻭﺴﺎﺌل ﺍﻟﻤﻤﻜﻨﺔ‬ ‫‪ .5‬ﺩﺭﺍﺴﺔ )ﺍﻟﺸﺎﻤﻲ‪ (2009 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﺃﺜﺭ ﺍﻟﺨﺼﺎﺌﺹ‬
‫ﻟﺘﺸﺠﻴﻊ ﻭﺘﺤﻔﻴﺯ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ ﻟﻠﺘﻭﺴﻊ ﻓﻲ‬ ‫ﺍﻟﻨﻭﻋﻴﺔ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠﻰ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺴﻴﺎﺴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪.‬‬ ‫ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺒﻨﻭﻙ ﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻌﺎﻤﻠﺔ ﻓﻲ ﺍﻟﺠﻤﻬﻭﺭﻴﺔ ﺍﻟﻴﻤﻨﻴﺔ"‪:‬‬
‫‪ .7‬ﺩﺭﺍﺴﺔ )ﺃﺒﻭ ﺤﻤﺎﻡ‪ (2009 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﺃﺜﺭ ﺘﻁﺒﻴﻕ ﻗﻭﺍﻋﺩ‬ ‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻗﻴﺎﺱ ﺃﺜﺭ ﺍﻟﺨﺼﺎﺌﺹ ﺍﻟﻨﻭﻋﻴﺔ‬
‫ﺍﻟﺤﻭﻜﻤﺔ ﻋﻠﻰ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠﻰ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺼﺎﺩﺭﺓ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪ -‬ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻋﻠﻰ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ‬ ‫ﻋﻥ ﺍﻟﺒﻨﻭﻙ ﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻌﺎﻤﻠﺔ ﻓﻲ ﺍﻟﻴﻤﻥ‪ .‬ﻭﻟﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻑ‬
‫ﺴﻭﻕ ﻓﻠﺴﻁﻴﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ"‪:‬‬ ‫ﺍﻟﺩﺭﺍﺴﺔ ﻁﻭﺭﺕ ﺍﺴﺘﺒﺎﻨﺔ ﻭﻭﺯﻋﺕ ﻋﻠﻰ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻟﻤﺩﻴﺭﻴﻥ‬
‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻤﻌﺭﻓﺔ ﺃﺜﺭ ﺘﻁﺒﻴﻕ ﻗﻭﺍﻋﺩ ﺍﻟﺤﻭﻜﻤﺔ‬ ‫ﺍﻟﻤﺎﻟﻴﻴﻥ ﻭﺍﻟﻤﺩﻗﻘﻴﻥ ﺍﻟﺩﺍﺨﻠﻴﻥ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺒﻨﻭﻙ‬
‫ﻋﻠﻰ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ‬ ‫ﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻴﻤﻨﻴﺔ؛ ﺤﻴﺙ ﺘﻡ ﺘﻭﺯﻴﻊ )‪ (70‬ﺍﺴﺘﺒﺎﻨﺔ ﻋﻠﻰ ﻋﻴﻨﺔ‬
‫ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﻓﻠﺴﻁﻴﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﻟﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻑ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ ﻭﺘﻡ ﺍﺴﺘﺭﺠﺎﻉ )‪ (63‬ﻤﻨﻬﺎ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺘﺤﻠﻴل ﺍﻟﻨﺘﺎﺌﺞ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﻁﻭﺭﺕ ﺍﺴﺘﺒﺎﻨﺔ ﻭﻭﺯﻋﺕ ﻋﻠﻰ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺃﻋﻀﺎﺀ‬ ‫ﻭﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺎﺕ ﺒﺎﺴﺘﺨﺩﺍﻡ ﺍﻟﺭﺯﻤﺔ ﺍﻹﺤﺼﺎﺌﻴﺔ ﻟﻠﻌﻠﻭﻡ‬
‫ﻤﺠﻠﺱ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻤﺩﻴﺭﻴﻥ ﺍﻟﺘﻨﻔﻴﺫﻴﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ)‪.(SPSS‬‬
‫ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﻓﻠﺴﻁﻴﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ؛ ﺤﻴﺙ ﺘﻡ ﺘﻭﺯﻴﻊ‬ ‫ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﻫﻨﺎﻟﻙ ﺘﺄﺜﻴﺭﺍﹰ ﻋﺎﻟﻴﺎﹰ‬
‫)‪ (150‬ﺍﺴﺘﺒﺎﻨﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﻭﺘﻡ ﺍﺴﺘﺭﺠﺎﻉ )‪(125‬‬ ‫ﻟﻠﺨﺼﺎﺌﺹ ﺍﻷﺴﺎﺴﻴﺔ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠﻰ ﺠﻭﺩﺓ‬
‫ﻤﻨﻬﺎ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺘﺤﻠﻴل ﺍﻟﻨﺘﺎﺌﺞ ﻭﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺎﺕ ﺒﺎﺴﺘﺨﺩﺍﻡ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺤﻴﺙ ﺒﻠﻐﺕ ﻨﺴﺒﺔ ﺍﻟﺘﺄﺜﻴﺭ )‪ ،(%83‬ﻜﻤﺎ‬
‫ﺍﻟﺭﺯﻤﺔ ﺍﻹﺤﺼﺎﺌﻴﺔ ﻟﻠﻌﻠﻭﻡ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ)‪.(SPSS‬‬ ‫ﺃﻅﻬﺭﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺃﻥ ﻟﻠﺨﺼﺎﺌﺹ ﺍﻟﺜﺎﻨﻭﻴﺔ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ‬
‫ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺘﻁﺒﻴﻕ ﻗﻭﺍﻋﺩ ﺍﻟﺤﻭﻜﻤﺔ ﻗﺩ ﺴﺎﻫﻡ‬ ‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﺄﺜﻴﺭ ﻋﺎﻟﻴﺎﹰ ﻋﻠﻰ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺒﻨﺴﺒﺔ‬
‫ﺒﺸﻜل ﻜﺒﻴﺭ ﻓﻲ ﺘﻌﺯﻴﺯ ﺩﻭﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫ﺘﺄﺜﻴﺭ ﺒﻠﻐﺕ )‪.(%85‬‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻜﻤﺎ ﺃﻥ ﺘﻁﻭﺭ ﺜﻘﺎﻓﺔ ﺍﻟﺤﻭﻜﻤﺔ ﺍﻨﻌﻜﺱ ﺒﺸﻜل ﺭﺌﻴﺴﻲ ﻋﻠﻰ‬ ‫‪ .6‬ﺩﺭﺍﺴﺔ )ﺍﻟﺨﻴﺎل‪ (2009 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﺘﺤﺴﻴﻥ ﻤﻭﻗﻊ ﺍﻟﺸﺭﻜﺎﺕ ﻭﺍﺴﺘﻤﺭﺍﺭﻴﺘﻬﺎ ﻨﺤﻭ ﺒﻠﻭﻍ ﺃﻫﺩﺍﻓﻬﺎ‪.‬‬ ‫ﻭﺩﻭﺭﻩ ﻓﻲ ﺘﺭﺸﻴﺩ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ ﺍﻟﺴﻭﻕ‬
‫‪ .8‬ﺩﺭﺍﺴﺔ )ﻋﻔﻴﻔﻲ‪ (2008 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺘﻁﺒﻴﻕ‬ ‫ﺍﻟﻤﺎﻟﻲ ﺍﻟﺴﻌﻭﺩﻱ‪ :‬ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ"‪:‬‬
‫ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ ﻭﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ‬ ‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺴﺘﻁﻼﻉ ﻭﺠﻬﺎﺕ ﻨﻅﺭ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ‪:‬ﺩﺭﺍﺴﺔ ﺍﺨﺘﺒﺎﺭﻴﺔ ﻓﻲ ﺍﻟﺒﻴﺌﺔ ﺍﻟﻤﺼﺭﻴﺔ"‪:‬‬ ‫ﺍﻷﻜﺎﺩﻴﻤﻴﻭﻥ ﻭﺍﻟﻤﺤﺎﺴﺒﻭﻥ ﺍﻟﻘﺎﻨﻭﻨﻴﻭﻥ ﻭﺍﻟﻭﺴﻁﺎﺀ ﺍﻟﻤﺎﻟﻴﻭﻥ ﺤﻭل‬
‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺤﻭﻜﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻭﺍﻻﺴﺘﺩﻻل ﻋﻠﻰ ﺃﻫﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﻭﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺴﻨﻭﻴﺔ‬ ‫ﺍﻟﺘﻲ ﻴﺭﻏﺏ ﺍﻟﻤﺸﺎﺭﻜﻭﻥ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ ﺃﻥ ﺘﺘﻀﻤﻨﻬﺎ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﻟﻌﻴﻨﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺼﺭﻴﺔ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺍﻟﺒﻭﺭﺼﺔ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ ﺒﺠﺎﻨﺏ‬
‫ﻤﻜﻭﻨﺔ ﻤﻥ )‪ (70‬ﺸﺭﻜﺔ‪ .‬ﻭﺫﻟﻙ ﻤﻥ ﺨﻼل ﺨﻤﺱ ﻤﺘﻐﻴﺭﺍﺕ‬ ‫ﻤﺤﺘﻭﻴﺎﺘﻬﺎ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﻟﺘﺤﻘﻴﻕ ﻫﺫﺍ ﺍﻟﻬﺩﻑ ﺘﻡ ﺘﺼﻤﻴﻡ ﺍﺴﺘﺒﺎﻨﺔ‬
‫ﻤﺭﺘﺒﻁﺔ ﺒﺘﻁﺒﻴﻕ ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ ﻭﻫﻲ ﺍﺴﺘﻘﻼل ﺃﻋﻀﺎﺀ‬ ‫ﺘﻀﻤﻨﺕ ﻋﺩﺩﺍﹰ ﻤﻥ ﺍﻟﻤﺤﺎﻭﺭ ﺍﻟﺘﻲ ﺘﻡ ﺘﻭﻅﻴﻔﻬﺎ ﻟﻠﺘﻌﺎﻤل ﻤﻊ ﻜل‬
‫‪-677-‬‬
‫ﺍﻟﻤﻼﻙ‪ ،‬ﻭﻋﻠﻰ ﺍﻟﻤﺠﺘﻤﻊ ﺒﺄﺜﺭﻩ‪ .‬ﻭﺍﺘﺒﻊ ﺍﻟﺒﺎﺤﺙ ﻋﻠﻰ ﺍﻟﻤﻨﻬﺞ‬ ‫ﻤﺠﻠﺱ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺤﺠﻡ ﻤﺠﻠﺱ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺍﺯﺩﻭﺍﺠﻴﺔ ﺩﻭﺭ‬
‫ﺍﻹﻴﺠﺎﺒﻲ ﺍﻟﺫﻱ ﻴﻘﺩﻡ ﺇﺠﺎﺒﺔ ﻋﻠﻰ ﺘﺴﺎﺅل ﻫﻭ ﻟﻤﺎﺫﺍ ﻴﺘﺨﺫ ﺴﻠﻭﻙ‬ ‫ﺍﻟﻤﺩﻴﺭ ﺍﻟﺘﻨﻔﻴﺫﻱ ﺍﻷﻭل‪ ،‬ﻭﺘﺭﻜﺯ ﺍﻟﻤﻠﻜﻴﺔ‪ ،‬ﻭﻭﺠﻭﺩ ﻟﺠﻨﺔ‬
‫ﺍﻟﻤﺤﺎﺴﺒﻴﻥ ﻁﺭﻴﻘﺔ ﻤﻌﻴﻨﺔ‪ ،‬ﻭﺫﻟﻙ ﻋﻨﺩ ﺘﻘﻴﻴﻡ ﺍﻹﻓﺼﺎﺡ‬ ‫ﻤﺭﺍﺠﻌﺔ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻟﻰ ﺃﺭﺒﻌﺔ ﻤﺘﻐﻴﺭﺍﺕ ﻀﺎﺒﻁﺔ‪ .‬ﻭﻗﺩ ﻁﻭﺭ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻭﺘﺤﻠﻴل ﻓﻭﺍﺌﺩﻩ‪ ،‬ﻜﻤﺎ ﺍﺘﺒﻊ ﺍﻟﻤﻨﻬﺞ ﺍﻻﺴﺘﻘﺭﺍﺌﻲ ﻓﻲ‬ ‫ﺍﻟﺒﺎﺤﺙ ﻤﺅﺸﺭﺍﹰ ﻟﻘﻴﺎﺱ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻤﻜﻭﻨﺎﹰ ﻤﻥ‬
‫ﺍﺴﺘﻁﻼﻉ ﺭﺃﻱ ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﻤﺼﺭ‬ ‫ﺒﻨﺩﺍ‪ ،‬ﺘﻤﺜل ﻓﻲ ﺨﻤﺱ ﻤﺠﻤﻭﻋﺎﺕ ﻓﺭﻋﻴﺔ‬ ‫ﹰ‬ ‫)‪(78‬‬
‫ﺤﻭل ﻜﺎﻓﺔ ﺍﻟﻤﺴﺎﺌل ﺍﻟﻤﺭﺘﺒﻁﺔ ﺒﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪ .‬ﻭﺘﻭﺼﻠﺕ‬ ‫ﻟﻺﻓﺼﺎﺡ‪.‬ﻭﺍﻋﺘﻤﺩ ﺍﻟﺒﺎﺤﺙ ﻋﻠﻰ ﺍﺴﺘﺨﺩﺍﻡ ﻨﻤﺎﺫﺝ ﻟﻼﻨﺤﺩﺍﺭ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻴﻬﺩﻑ ﺇﻟﻰ ﺘﻭﻓﻴﺭ ﺍﻟﻤﺯﻴﺩ‬ ‫)ﺍﻨﺤﺩﺍﺭ ﻋﺎﻡ‪ ،‬ﻭﺍﻨﺤﺩﺍﺭ ﻤﺘﺩﺭﺝ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻟﻰ ﻁﺭﻴﻘﺔ ﺍﻟﺤﺫﻑ‬
‫ﻤﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ ﺘﺨﺩﻡ ﺃﻏﺭﺍﺽ ﺍﻟﻤﺴﺘﺨﺩﻡ ﺍﻟﻔﺭﺩ ﻭﺍﻟﻤﺠﺘﻤﻊ‪،‬‬ ‫ﺃﻭ ﺍﻻﺭﺘﺩﺍﺩ ﺍﻟﺨﻠﻔﻲ(‪ .‬ﻭﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻭﺠﻭﺩ ﻋﻼﻗﺔ‬
‫ﻭﻟﻺﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺁﺜﺎﺭ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻋﻠﻰ ﺍﻟﺸﺭﻜﺔ‬ ‫ﻤﻭﺠﺒﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺤﺼﺎﺌﻴﺔ ﺒﻴﻥ ﻜل ﻤﻥ ﺤﺠﻡ ﺍﻟﺸﺭﻜﺔ‪،‬‬
‫ﻭﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻭﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺒﺨﻼﻑ ﺍﻟﻤﻼﻙ ﻭﻋﻠﻰ‬ ‫ﻭﻭﺠﻭﺩ ﻟﺠﻨﺔ ﻟﻠﻤﺭﺍﺠﻌﺔ‪ ،‬ﻭﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻜﻜل‪،‬‬
‫ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻘﻭﻤﻲ‪.‬‬ ‫ﺒﻴﻨﻤﺎ ﺘﺒﺎﻴﻨﺕ ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻭﺽ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻟﻤﺠﻤﻭﻋﺎﺕ‬
‫ﺏ‪ .‬ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻷﺠﻨﺒﻴﺔ‪:‬‬ ‫ﺍﻟﻔﺭﻋﻴﺔ ﻟﻤﺅﺸﺭﺍﺕ ﺍﻹﻓﺼﺎﺡ‪ ،‬ﻭﺃﻅﻬﺭﺕ ﺃﻴﻀﺎﹰ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ‬
‫‪ .1‬ﺩﺭﺍﺴﺔ )‪ (2014 ،Chan, et al.‬ﺒﻌﻨﻭﺍﻥ‪:‬‬ ‫ﺃﻥ ﺘﻁﺒﻴﻕ ﺁﻟﻴﺎﺕ ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ ﻴﺅﺜﺭ ﻋﻠﻰ ﺴﻠﻭﻙ ﺍﻹﻓﺼﺎﺡ‬
‫‪“Does mutual fund ownership affect‬‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺼﺭﻴﺔ‪.‬‬
‫‪financial reporting quality for Chinese‬‬ ‫‪ .9‬ﺩﺭﺍﺴﺔ )ﻤﺘﻭﻟﻲ‪ (2007 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﻨﻤﻭﺫﺝ ﻤﻘﺘﺭﺡ ﻟﻘﻴﺎﺱ‬
‫”?‪privately-owned enterprises‬‬ ‫ﺤﺠﻡ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺒﺎﻟﺘﻁﺒﻴﻕ ﻋﻠﻰ ﺒﻴﺌﺔ‬
‫"ﻫل ﺘﺅﺜﺭ ﻤﻠﻜﻴﺔ ﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻟﻤﺸﺘﺭﻜﺔ ﻋﻠﻰ ﺠﻭﺩﺓ‬ ‫ﺍﻷﻋﻤﺎل ﻓﻲ ﺍﻟﻤﻤﻠﻜﺔ ﺍﻟﻌﺭﺒﻴﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ"‪:‬‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺼﻴﻨﻴﺔ ﺍﻟﺨﺎﺼﺔ"‪:‬‬ ‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻗﻴﺎﺱ ﻜﻤﻴﺔ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ‬
‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺩﻭﺭ ﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﺴﻌﻭﺩﻴﺔ ﺍﻟﻤﺴﺎﻫﻤﺔ‬
‫ﺍﻟﻤﺸﺘﺭﻜﺔ ﻓﻲ ﺘﻌﺯﻴﺯ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺼﻴﻥ؛ﺤﻴﺙ‬ ‫ﻭﺫﻟﻙ ﺒﺎﻟﺘﺭﻜﻴﺯ ﺒﺸﻜل ﺃﺴﺎﺴﻲ ﻋﻠﻰ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ‬
‫ﺍﻓﺘﺭﻀﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻥ ﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻟﻤﺸﺘﺭﻜﺔ ﻫﻲ ﺃﻜﺜﺭ‬ ‫ﻨﻬﺎﻴﺔ ﻋﺎﻡ )‪ ،(2005‬ﻭﺫﻟﻙ ﺒﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻗﺎﺌﻤﺔ ﺍﻹﻓﺼﺎﺡ‬
‫ﺘﻁﻭﺭﺍ ﻭ ﺘﺄﺜﻴﺭﺍﹰ ﻤﻥ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺍﻷﻓﺭﺍﺩ‪،‬ﻟﺫﻟﻙ ﻤﻥ ﺍﻟﻤﺘﻭﻗﻊ ﺃﻥ‬
‫ﹰ‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ‪ .‬ﻭﺍﺘﺒﻊ ﺍﻟﺒﺎﺤﺙ ﺍﻟﻤﻨﻬﺞ ﺍﻻﺴﺘﻘﺭﺍﺌﻲ ﻭﺍﻟﻤﻨﻬﺞ‬
‫ﺘﻜﻭﻥ ﺃﻜﺜﺭ ﻓﻌﺎﻟﻴﺔ ﻓﻲ ﻤﻨﻊ ﺍﻟﻤﺩﻴﺭﻴﻥ ﺍﻟﺘﻨﻔﻴﺫﻴﻴﻥ ﻤﻥ ﺍﻟﺘﻼﻋﺏ‬ ‫ﺍﻹﻴﺠﺎﺒﻲ ﻓﻲ ﺘﺤﻠﻴل ﺤﺠﻡ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ‬
‫ﺍﻷﺭﺒﺎﺡ ﻭﺤﺠﺏ ﺍﻟﺤﻘﺎﺌﻕ؛ ﻭﻫﺫﺍ ﺒﺩﻭﺭﻩ ﻤﻥ ﺸﺄﻨﻪ ﺃﻥ ﻴﻘﻠل ﻤﻥ‬ ‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ‪ .‬ﻭﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺘﺒﺎﻴﻥ‬
‫ﻌﺩﻟﺔ ﻭﻴﺯﻴﺩ ﻤﻥ ﺠﻭﺩﺓ‬ ‫ﺤﺩﻭﺙ ﺁﺭﺍﺀ ﻤﺭﺍﺠﻌﻲ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﻤ‪ ‬‬ ‫ﺤﺠﻡ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺒﻴﻥ ﺸﺭﻜﺎﺕ ﺍﻟﻌﻴﻨﺔ ﻤﻊ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻭﺠﻭﺩ ﻅﺎﻫﺭﺓ ﺇﻴﺠﺎﺒﻴﺔ ﺘﺘﺠﻠﻰ ﺒﺎﻫﺘﻤﺎﻡ ﺍﻟﺸﺭﻜﺎﺕ ﺒﺎﻹﻓﺼﺎﺡ‬
‫ﺍﺴﺘﻨﺎﺩﺍ ﺇﻟﻰ ﺒﻴﺎﻨﺎﺕ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺼﻴﻨﻴﺔ‬
‫ﹰ‬ ‫ﺘﻤﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﺒﺎﻟﺭﻏﻡ ﻤﻥ ﺘﺒﺎﻴﻨﻪ ﺒﻴﻨﻬﺎ‪.‬‬
‫ﺍﻟﻤﺩﺭﺠﺔ ﺒﻴﻥ ﻋﺎﻤﻲ ‪2008-2003‬؛ ﻭﻗﺩ ﺠﺎﺀﺕ ﺍﻟﻨﺘﺎﺌﺞ‬ ‫‪ .10‬ﺩﺭﺍﺴﺔ )ﻋﺒﺩ ﺍﻟﻜﺭﻴﻡ‪ (2003 ،‬ﺒﻌﻨﻭﺍﻥ‪" :‬ﺍﻹﻓﺼﺎﺡ‬
‫ﻤﺘﻭﺍﻓﻘﺔ ﻤﻊ ﺍﻓﺘﺭﺍﻀﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ‪ .‬ﺇﻀﺎﻓﺔ ﺇﻟﻰ ﺫﻟﻙ؛ ﻓﻘﺩ‬ ‫ﺍﻟﻤﺤﺎﺴﺒﻲ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻤﻊ ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻟﺠﺎﻨﺏ ﺍﻟﻁﻠﺏ‬
‫ﺃﻅﻬﺭﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺁﺜﺎﺭ ﻤﻠﻜﻴﺔ ﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻟﻤﺸﺘﺭﻙ ﻓﻲ‬ ‫ﻓﻲ ﺍﻟﺒﻴﺌﺔ ﺍﻟﻤﺼﺭﻴﺔ"‪:‬‬
‫ﻌﺩﻟﺔ ﺒﺸﻜل ﺃﻜﺒﺭ‬
‫ﺍﻟﺤﺩ ﻤﻥ ﺍﻨﺘﺸﺎﺭ ﺁﺭﺍﺀ ﻤﺭﺍﺠﻌﻲ ﺍﻟﺤﺴﺎﺒﺎﺕ ﺍﻟﻤ‪ ‬‬ ‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺘﺤﻠﻴل ﻤﻔﻬﻭﻡ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﻭﺨﺼﻭﺼﺎ ﺘﻠﻙ ﺍﻟﺘﻲ‬
‫ﹰ‬ ‫ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﻤﻠﻭﻜﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨﺎﺹ‪،‬‬ ‫ﻭﺃﻫﺩﺍﻓﻪ‪ ،‬ﺃﻫﻤﻴﺘﻪ ﻓﻲ ﺘﻭﻓﻴﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻬﺎﻤﺔ ﻟﻤﺨﺘﻠﻑ ﻤﺘﺨﺫﻱ‬
‫ﺘﺤﻘﻕ ﻤﻌﺩﻻﺕ ﻨﻤﻭ ﺃﻋﻠﻰ‪ ،‬ﻭﺫﻟﻙ ﻷﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﻤﻠﻭﻜﺔ‬ ‫ﺍﻟﻘﺭﺍﺭﺍﺕ ﻤﻥ ﺨﻼل ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻟﻠﺸﺭﻜﺎﺕ‪،‬‬
‫ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨﺎﺹ ﻴﻜﻭﻥ ﺍﻻﻋﺘﻤﺎﺩ ﻓﻴﻬﺎ ﺒﺸﻜل ﺃﻜﺒﺭ ﻋﻠﻰ ﺴﻭﻕ‬ ‫ﻭﺘﺤﻠﻴل ﺍﻵﺜﺎﺭ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻟﻺﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻋﻠﻰ ﺍﻟﺸﺭﻜﺔ‬
‫ﺭﺃﺱ ﺍﻟﻤﺎل ﻟﺘﻤﻭﻴل ﺍﺤﺘﻴﺎﺠﺎﺘﻬﺎ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﻤﻠﻭﻜﺔ‬ ‫ﺍﻟﺘﻲ ﺘﻘﻭﻡ ﺒﺎﻹﻓﺼﺎﺡ‪ ،‬ﻭﻋﻠﻰ ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺒﺨﻼﻑ‬
‫‪-678-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﺒﻤﺩﻯ ﺍﺭﺘﻔﺎﻉ ﺃﺘﻌﺎﺏ ﺍﻟﺘﺩﻗﻴﻕ‪ ،‬ﺒﺘﻘﺩﻴﻡ ﺍﻹﺩﺍﺭﺓ ﻟﺘﻨﺒﺅﺍﺕ ﺩﻗﻴﻘﺔ‬ ‫ﻫﺎﻤﺎ ﻤﻥ‬
‫ﻟﻠﺩﻭﻟﺔ؛ﻤﻤﺎ ﻴﻌﻨﻲ ﺃﻥ ﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺘﺸﻜل ﺠﺯﺀﺍﹰ ﹰ‬
‫ﻭﻤﻔﻴﺩﺓ ﻭﻤﺤﺩﺩﺓ ﻭﻤﺘﻜﺭﺭﺓ ﻭﺒﺎﻟﺘﻭﻗﻴﺕ ﺍﻟﻤﻨﺎﺴﺏ‪ ،‬ﻭﺘﺨﺘﺒﺭ ﻫﺫﻩ‬ ‫ﺁﻟﻴﺎﺕ ﺍﻟﺤﻭﻜﻤﺔ ﻓﻲ ﺍﻟﺒﻠﺩﺍﻥ ﺍﻟﻨﺎﺸﺌﺔ‪.‬‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﻓﺭﻀﻴﺔ ﺃﻥ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺩﻗﻘﺔ ﻭﺍﻹﻓﺼﺎﺡ‬ ‫‪ .2‬ﺩﺭﺍﺴﺔ )‪ (2013 ،Hope, et al.‬ﺒﻌﻨﻭﺍﻥ‪:‬‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻟﻠﻤﺩﺭﺍﺀ ﻋﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺨﺎﺼﺔ‪ ،‬ﻫﻭ ﺁﻟﻴﺔ ﻤﺘﻤﻤﺔ‬ ‫‪“Financial Reporting Quality of U.S‬‬
‫ﻟﻠﺘﻭﺍﺼل ﻤﻊ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ‪ ،‬ﻓﻬﻨﺎﻙ ﺍﻓﺘﺭﺍﺽ ﺃﻥ ﺍﻟﺘﺄﻜﻴﺩ ﺍﻟﻤﺴﺘﻘل‬ ‫”‪Private and Public Firms‬‬
‫ﻭﺍﻟﺘﻘﺭﻴﺭ ﻋﻥ ﺍﻟﻤﺨﺭﺠﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻴﺸﺠﻊ ﺍﻟﻤﺩﺭﺍﺀ ﻟﻴﻜﻭﻨﻭﺍ ﺃﻜﺜﺭ‬ ‫"ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﺨﺎﺼﺔ ﻭﺍﻟﻌﺎﻤﺔ ﻓﻲ‬
‫ﻤﺼﺩﺍﻗﻴﺔ ﻭﺒﺎﻟﺘﺎﻟﻲ ﺃﻜﺜﺭ ﺩﻗﺔ ﻓﻲ ﺇﻓﺼﺎﺤﺎﺘﻬﻡ‪ .‬ﺤﻴﺙ ﻏﻁﺕ‬ ‫ﺍﻟﻭﻻﻴﺎﺕ ﺍﻟﻤﺘﺤﺩﺓ ﺍﻷﻤﺭﻴﻜﻴﺔ"‪:‬‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﻔﺘﺭﺓ ﺒﻴﻥ ﻋﺎﻡ ‪ 2000‬ﺇﻟﻰ ﻋﺎﻡ ‪ ،2007‬ﻭﺘﻀﻤﻨﺕ‬ ‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪ 44,883‬ﻤﺸﺎﻫﺩﺍﺕ ﻤﺎﻟﻴﺔ ﻟـ‪ 9،172‬ﺸﺭﻜﺔ ﺒﺒﻴﺎﻨﺎﺕ ﻜﺎﻤﻠﺔ‬ ‫ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﺨﺎﺼﺔ ﻤﻘﺎﺒل ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻓﻲ ﺍﻟﻭﻻﻴﺎﺕ‬
‫ﻟﻜﺎﻓﺔ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ‪ ،‬ﻭﻗﺩ ﺘﻡ ﺍﺴﺘﺨﺩﺍﻡ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻓﻲ ﺘﺤﻠﻴل‬ ‫ﺍﻟﻤﺘﺤﺩﺓ ﺍﻷﻤﺭﻴﻜﻴﺔ‪ .‬ﻭﻗﺩ ﺘﻤﺕ ﻋﻤﻠﻴﺔ ﺍﻻﺨﺘﺒﺎﺭ ﺘﻠﻙ ﺒﺎﺴﺘﺨﺩﺍﻡ‬
‫ﺘﻠﻙ ﺍﻟﺒﻴﺎﻨﺎﺕ‪ .‬ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﻭﺠﻭﺩ ﺘﺄﻜﻴﺩ‬ ‫ﻗﺎﻋﺩﺓ ﺒﻴﺎﻨﺎﺕ ﺘﻀﻤﻨﺕ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻟﻌﻴﻨﺔ ﻜﺒﻴﺭﺓ ﻤﻥ ﺘﻠﻙ‬
‫ﻟﻠﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻤﻥ ﻗﺒل ﻤﺩﻗﻕ ﻤﺴﺘﻘل‪ ،‬ﻴﻌﻤل ﻋﻠﻰ ﺯﻴﺎﺩﺓ‬ ‫ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺍﻟﻭﻻﻴﺎﺕ ﺍﻟﻤﺘﺤﺩﺓﺤﻴﺙ ﺸﻤﻠﺘﺎﻟﻌﻴﻨﺔ ﺤﻭﺍﻟﻲ ﻤﺌﺔ‬
‫ﺃﻨﺸﻁﺔ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﺒﺅﻴﺔ‪ ،‬ﻭﺃﻥ ﺭﺩﺓ ﻓﻌل ﺍﻟﺴﻭﻕ ﺤﻴﺎل ﺘﻠﻙ‬ ‫ﺃﻟﻑ ﺸﺭﻜﺔﻋﺎﻤﺔ ﻭﺨﺎﺼﺔ‪.‬‬
‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺘﺭﺘﻔﻊ ﺒﻭﺠﻭﺩ ﻤﺼﺎﺩﺭ ﻤﺘﺒﻨﺎﺓ ﻤﻥ ﻗﺒل ﺍﻟﺘﺩﻗﻴﻕ‪.‬‬ ‫ﻭﻗﺩ ﻭﺠﺩﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺃﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻋﻤﻭﻤﺎﹰ ﺘﺘﻤﺘﻊ‬
‫‪ .4‬ﺩﺭﺍﺴﺔ )‪ (2011 ،Adelopo‬ﺒﻌﻨﻭﺍﻥ‪:‬‬ ‫ﺒﻤﺴﺘﻭﻯ ﺃﻋﻠﻰ ﻤﻥ ﺍﻟﺠﻭﺩﺓ ﻭﻤﺴﺘﻭﻯ ﺃﻜﺜﺭ ﺘﺤﻔﻅﺎﹰ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ‬
‫‪“Voluntary Disclosure Practices Amongst‬‬ ‫ﺍﻟﺨﺎﺼﺔ‪ ،‬ﺤﻴﺙ ﺠﺎﺀﺕ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﻤﺘﺴﻘﺔ ﻤﻊ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺘﻲ‬
‫”‪Listed Companies in Nigeria‬‬ ‫ﺘﻌﻜﺱ ﺯﻴﺎﺩﺓ ﺍﻟﻁﻠﺏ ﻋﻠﻰ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﻘﻁﺎﻉ‬
‫"ﻤﻤﺎﺭﺴﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ‬ ‫ﺍﻟﻌﺎﻡ‪.‬ﻏﻴﺭ ﺃﻥ ﻫﺫﻩ ﺍﻟﻤﺴﺘﻭﻴﺎﺕ ﻤﻥ ﺍﻟﺠﻭﺩﺓ ﻗﺩ ﺘﻜﻭﻥ ﺒﻤﺴﺘﻭﻯ‬
‫ﻨﻴﺠﺭﻴﺎ"‪:‬‬ ‫ﺃﻗل ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺘﻲ ﺘﻜﻭﻥ ﻋﺭﻀﺔ ﻹﺩﺍﺭﺓ ﺍﻷﺭﺒﺎﺡ ﺃﻭ ﻓﻲ‬
‫ﻫﺩﻓﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺘﻁﺒﻴﻘﺎﺕ ﺍﻹﻓﺼﺎﺡ‬ ‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺘﻲ ﻤﻥ ﺍﻟﻤﺤﺘﻤل ﺃﻥ ﺘﻭﺍﺠﻪ ﺍﻨﺨﻔﺎﻀﺎﹰ ﻓﻲ ﺍﻟﻁﻠﺏ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ ﻓﻲ‬ ‫ﻋﻠﻰ ﻤﻌﻠﻭﻤﺎﺘﻬﺎ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﻨﻴﺠﻴﺭﻴﺎ‪ .‬ﻭﻗﺩ ﺍﻋﺘﻤﺩﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ‬ ‫ﺇﻀﺎﻓﺔ ﺇﻟﻰ ﺫﻟﻙ ﻓﺈﻥ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻻ ﺘﺴﻬﻡ ﻓﻘﻁ ﻓﻲ‬
‫ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻨﻴﺠﺭﻱ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺘﺸﻤل ﺒﻴﺎﻨﺎﺕ‬ ‫ﺍﻟﻤﻨﺎﻗﺸﺔ ﺍﻟﺠﺎﺭﻴﺔ ﺤﻭل ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﻘﻁﺎﻉ‬
‫)‪ (63‬ﺘﻘﺭﻴﺭﹰﺍ ﺴﻨﻭﻴﹰﺎ‪ (52) ،‬ﻤﻨﻬﺎ ﻟﺸﺭﻜﺔ ﻏﻴﺭ ﻤﺎﻟﻴﺔ‪ ،‬ﻭ)‪(11‬‬ ‫ﺃﻴﻀﺎ ﺘﻬﺩﻑ ﺇﻟﻰ ﺘﻭﺴﻴﻊ‬‫ﹰ‬ ‫ﺍﻟﺨﺎﺹ ﻤﻘﺎﺒل ﺍﻟﻘﻁﺎﻉ ﺍﻟﻌﺎﻡ؛ ﻭﻟﻜﻨﻬﺎ‬
‫ﻟﺸﺭﻜﺔ ﺘﺄﻤﻴﻥ‪ ،‬ﺘﻤﺜل ﻋﺎﻡ )‪ ،(2007‬ﻭﻗﺩ ﺍﺴﺘﺨﺩﻡ ﺍﻟﺒﺎﺤﺙ‬ ‫ﻨﻁﺎﻕ ﺍﻷﺩﺒﻴﺎﺕ ﻓﻲ ﻤﺤﺎﻭﻟﺔ ﻟﻔﻬﻡ ﺍﻟﻌﻭﺍﻤل ﺍﻟﺘﻲ ﺘﺘﺤﻜﻡ ﺒﺠﻭﺩﺓ‬
‫ﻨﻤﻭﺫﺝ ﺘﺤﻠﻴل ﺍﻨﺤﺩﺍﺭ ﻤﺘﻌﺩﺩ ﻟﺘﺤﻠﻴل ﺘﻠﻙ ﺍﻟﺒﻴﺎﻨﺎﺕ‪ .‬ﻭﻜﺎﻨﺕ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ‪.‬‬
‫ﺍﻟﻨﺘﺎﺌﺞ ﺘﺸﻴﺭ ﺇﻟىﻭﺠﻭﺩ ﻋﻼﻗﺔ ﺇﻴﺠﺎﺒﻴﺔ ﻫﺎﻤﺔ ﺒﻴﻥ ﺍﻹﻓﺼﺎﺡ‬ ‫‪ .3 .3‬ﺩﺭﺍﺴﺔ )‪ (2012 ،Ball, et al.‬ﺒﻌﻨﻭﺍﻥ‪:‬‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﺤﺠﻡ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻤﻘﺎﺴﺎﹰ ﺒﺎﻟﻠﻭﻏﺎﺭﻴﺘﻡ ﺍﻟﻁﺒﻴﻌﻲ‬ ‫‪“Audited Financial Reporting and‬‬
‫ﻹﺠﻤﺎﻟﻲ ﺃﺼﻭﻟﻬﺎ؛ ﻭﻭﺠﻭﺩ ﻋﻼﻗﺔ ﺠﻭﻫﺭﻴﺔ ﺇﻴﺠﺎﺒﻴﺔ ﺒﻴﻥ ﺃﺩﺍﺀ‬ ‫‪Voluntary Disclosure as Complements: A‬‬
‫ﺍﻟﺸﺭﻜﺔ ﺍﻟﺴﻭﻗﻲ ﻭﺒﻴﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻭﺫﻟﻙ ﺒﺎﻋﺘﺒﺎﺭ‬ ‫”‪Test of Confirmation Hypothesis‬‬
‫ﺍﻟﻤﻘﻴﺎﺱ ﺍﻟﺴﻭﻗﻲ ﻷﺩﺍﺀ ﺍﻟﻤﻨﺸﺄﺓ ﺃﺭﺒﺎﺡ ﺍﻟﺴﻬﻡ ﻭﺍﻷﺭﺒﺎﺡ‬ ‫"ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺩﻗﻘﺔ ﻭﺍﻹﻓﺼﺎﺤﺎﺕ ﺍﻻﺨﺘﻴﺎﺭﻴﺔ‬
‫ﺍﻟﻤﻭﺯﻋﺔ‪ ،‬ﻭﻜﺎﻥ ﻤﻘﻴﺎﺱ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻷﺼﻭل ﺫﻭ ﻋﻼﻗﺔ ﺴﻠﺒﻴﺔ‬ ‫ﻜﻤﺘﻤﻤﺔ‪ :‬ﺍﺨﺘﺒﺎﺭ ﻓﺭﻀﻴﺔ ﺍﻟﻤﺼﺎﺩﻗﺔ"‪:‬‬
‫ﻫﺎﻤﺔ ﺒﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻋﻠﻰ ﻋﻜﺱ ﺍﻟﻤﺘﻭﻗﻊ ﻤﻥ ﺍﻟﺒﺎﺤﺙ؛‬ ‫ﺍﺨﺘﺒﺭﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻤﺩﻯ ﺍﻋﺘﺒﺎﺭ ﺇﻓﺼﺎﺤﺎﺕ ﺍﻹﺩﺍﺭﺓ ﻋﻥ‬
‫ﻭﻭﺠﻭﺩ ﻋﻼﻗﺔ ﺴﻠﺒﻴﺔ ﺠﻭﻫﺭﻴﺔ ﺒﻴﻥ ﻭﺠﻭﺩ ﻜﺒﺎﺭ ﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ‬ ‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺨﺎﺼﺔ ﻤﺘﻤﻤﺎﹰ ﻟﻠﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺩﻗﻘﺔ‪ ،‬ﻭﻤﺩﻯ‬
‫ﻭﺤﻤﻠﺔ ﺃﺴﻬﻡ ﻤﻥ ﺍﻹﺩﺍﺭﺓ ﻤﻊ ﺇﻓﺼﺎﺡ ﺍﻟﺸﺭﻜﺔ‪.‬‬ ‫ﺍﺭﺘﺒﺎﻁ ﺘﺄﻜﻴﺩﺍﺕ ﺍﻟﻤﺩﻗﻕ ﺤﻭل ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺍﻟﻤﻌﺒﺭ ﻋﻨﻬﺎ‬
‫‪-679-‬‬
‫)‪ .(Ordinary Least Squares‬ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ‬ ‫‪ .5‬ﺩﺭﺍﺴﺔ )‪ (2010 ،Heitzman et al.‬ﺒﻌﻨﻭﺍﻥ‪:‬‬
‫ﺇﻟىﺄﻥ ﺍﻨﺨﻔﺎﺽ ﻨﺴﺒﺔ ﻤﻠﻜﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﻭﺠﻭﺩ ﻨﺴﺒﺔ ﻤﻠﻜﻴﺔ ﻜﺒﻴﺭﺓ‬ ‫‪“The Joint Effects of Materiality‬‬
‫ﻟﻠﺤﻜﻭﻤﺔ ﻤﺭﺘﺒﻁﺎﻥ ﺒﺎﺭﺘﻔﺎﻉ ﺒﻤﻌﺩل ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ؛ ﻭﺃﻨﻪ‬ ‫‪Thresholds and Voluntary Disclosure‬‬
‫ﻻ ﻴﻭﺠﺩ ﻋﻼﻗﺔ ﺒﻴﻥ ﺇﺠﻤﺎﻟﻲ ﻤﻠﻜﻴﺔ ﻜﺒﺎﺭ ﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ‬ ‫”‪Incentives on Firms' Disclosure Decisions‬‬
‫)‪ (Block holder‬ﻭﺍﻹﻓﺼﺎﺡ؛ ﻋﻼﻭﺓ ﻋﻠﻰ ﺍﺯﺩﻴﺎﺩ ﻤﺴﺘﻭﻯ‬ ‫"ﺍﻟﺘﺄﺜﻴﺭ ﺍﻟﻤﺸﺘﺭﻙ ﻟﻌﺘﺒﺎﺕ ﺍﻷﻫﻤﻴﺔ ﺍﻟﻨﺴﺒﻴﺔ ﻭﻤﺤﻔﺯﺍﺕ‬
‫ﺍﻹﺩﺍﺭﺓ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻴﺨﻔﺽ ﻤﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ؛ ﻭﺃﻥ‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﻨﺸﺄﺓ ﺍﻹﻓﺼﺎﺤﻴﺔ"‪:‬‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻜﺒﻴﺭﺓ ﺍﻟﺤﺠﻡ ﻟﺩﻴﻬﺎ ﻨﺴﺒﺔ ﺇﻓﺼﺎﺡ ﺃﻜﺜﺭ‪ ،‬ﻭﻜﺫﻟﻙ‬ ‫ﻫﺩﻓﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺘﻭﻀﻴﺢ ﺩﻭﺭ ﺍﻷﻫﻤﻴﺔ ﺍﻟﻨﺴﺒﻴﺔ ﻓﻲ ﺼﻨﻊ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺘﻲ ﻟﺩﻴﻬﺎ ﻨﺴﺒﺔ ﺩﻴﻭﻥ ﻤﻨﺨﻔﻀﺔ؛ ﻭﻭﺠﻭﺩ ﻋﻼﻗﺔ‬ ‫ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﻨﺸﺄﺓ ﺍﻹﻓﺼﺎﺤﻴﺔ‪ ،‬ﺒﻐﺽ ﺍﻟﻨﻅﺭ ﻋﻥ ﻨﻭﺍﻴﺎ ﺍﻹﻓﺼﺎﺡ‬
‫ﺇﻴﺠﺎﺒﻴﺔ ﺒﻴﻥ ﻤﻠﻜﻴﺔ ﺍﻟﺤﻜﻭﻤﺔ ﻭﺍﻹﻓﺼﺎﺡ‪.‬‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ‪ ،‬ﻭﺒﺸﻜل ﺨﺎﺹ ﻓﻲ ﺤﺎل ﻜﺎﻨﺕ ﺍﻹﺩﺍﺭﺓ ﻤﺠﺒﻭﺭﺓ ﺃﻭ‬
‫ﻤﺎ ﻴﻤﻴﺯ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻥ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ‪:‬‬ ‫ﻤﻀﻁﺭﺓ ﻟﻺﻓﺼﺎﺡ ﻋﻥ ﻤﻌﻠﻭﻤﺔ ﻤﻌﻴﻨﺔ ﻷﻫﻤﻴﺘﻬﺎ‪ ،‬ﻓﺈﻥ ﺘﺄﺜﻴﺭ‬
‫ﺍﻤﺘﺩﺍﺩﺍ ﻟﻠﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ﺍﻟﺘﻲ ﺘﻨﺎﻭﻟﺕ‬
‫ﹰ‬ ‫ﺠﺎﺀﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‬ ‫ﻤﺤﻔﺯﺍﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻹﻓﺼﺎﺡ ﻴﺠﺏ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﺩﺭﺍﺴﺔ ﺍﻵﺜﺎﺭ ﺍﻟﻤﺘﺄﺘﻴﺔ ﻤﻥ ﻗﻴﺎﻡ ﺍﻟﺸﺭﻜﺎﺕ‬ ‫ﺃﻥ ﺘﻜﻭﻥ ﺃﻀﻌﻑ‪ .‬ﻭﺸﻤﻠﺕ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ 1478‬ﻤﻨﺸﺄﺓ ﻤﻨﻬﺎ‬
‫ﺒﺯﻴﺎﺩﺓ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﻓﻲ ﻗﻭﺍﺌﻤﻬﺎ ﻭﺘﻘﺎﺭﻴﺭﻫﺎ ﺍﻟﻤﻨﺸﻭﺭﺓ‬ ‫ﻓﻘﻁ ‪ 1184‬ﻤﻨﺸﺄﺓ ﺘﺤﻘﻕ ﻓﻴﻬﺎ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﻁﻠﻭﺏ‪ ،‬ﻭﺘﻡ‬
‫ﺴﻭﺍﺀ ﺒﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺼﺩﺭﺓ ﻟﺘﻠﻙ ﺍﻟﻘﻭﺍﺌﻡ ﺃﻭ ﺒﺎﻟﻨﺴﺒﺔ‬ ‫ﺍﺴﺘﺨﺩﺍﻡ ﺃﺤﺩ ﻨﻤﺎﺫﺝ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻓﻲ ﺘﺤﻠﻴل ﺘﻠﻙ ﺍﻟﺒﻴﺎﻨﺎﺕ‪.‬‬
‫ﻟﻤﺴﺘﺨﺩﻤﻲ ﺘﻠﻙ ﺍﻟﻘﻭﺍﺌﻡ ﻭﺍﻨﻌﻜﺎﺴﺎﺕ ﺫﻟﻙ ﻋﻠﻰ ﺃﺩﺍﺀ ﺘﻠﻙ‬ ‫ﻭﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺘﺄﺜﻴﺭ ﻤﺤﻔﺯﺍﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺨﺘﻠﻔﺔ‪.‬ﻟﻜﻥ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‬ ‫ﻜﺎﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻷﺭﺒﺎﺡ ﺃﻭ ﺍﻹﻴﺭﺍﺩ‪ ،‬ﻭﻤﺴﺄﻟﺔ ﺍﻟﻤﺩﻴﻭﻨﻴﺔ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ‪،‬‬
‫ﺘﺘﻤﻴﺯ ﻋﻥ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻜﻭﻨﻬﺎ ﺘﻨﺎﻭﻟﺕ ﺩﺭﺍﺴﺔ ﺃﺜﺭ ﻜﺎﻓﺔ‬ ‫ﻭﺘﺭﻜﺯ ﺍﻟﺼﻨﺎﻋﺔ‪ ،‬ﻭﺨﻁﺭ ﺍﻟﺘﻘﺎﻀﻲ ﻴﻜﻭﻥ ﻟﻬﺎ ﺘﺄﺜﻴﺭﹰﺍ ﺃﻀﻌﻑ‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪،‬‬ ‫ﺤﻴﻨﻤﺎ ﻴﻜﻭﻥ ﻤﻥ ﺍﻟﻭﺍﺠﺏ ﻋﻠﻰ ﺍﻟﻤﻨﺸﺄﺓ ﺍﻹﻓﺼﺎﺡ ﻋﻥ ﻋﻨﺼﺭ‬
‫ﺇﻀﺎﻓﺔ ﺇﻟﻰ ﺫﻟﻙ ﻜﻭﻨﻬﺎ ﺘﻨﺎﻭﻟﺕ ﺒﻴﺌﺔ ﺍﻷﻋﻤﺎل ﺍﻷﺭﺩﻨﻴﺔ؛ ﺤﻴﺙ‬ ‫ﻤﺎ ﺒﺴﺒﺏ ﺃﻫﻤﻴﺘﻪ‪.‬‬
‫ﺍﺴﺘﻬﺩﻓﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺁﺭﺍﺀ ﺍﻟﻤﺤﻠﻠﻴﻥ ﺍﻟﻤﺎﻟﻴﻴﻥ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ‬ ‫‪ .6‬ﺩﺭﺍﺴﺔ )‪ (2003 ،Eng, et al.‬ﺒﻌﻨﻭﺍﻥ‪:‬‬
‫ﻟﺘﻌﺭﻑ ﺁﺭﺍﺀﻫﻡ ﺤﻭل ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ‬ ‫‪“Corporate Governance and Voluntary‬‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫”‪Disclosure‬‬
‫ﻓﺭﻀﻴﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ ‪:‬‬ ‫"ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ ﻭﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ"‪:‬‬
‫ﻭﺘﺤﻘﻴﻘﺎ ﻷﻫﺩﺍﻑ ﺍﻟﺩﺭﺍﺴﺔ ﻭﻀﻊ‬ ‫ﹰ‬ ‫ﺍﺴﺘﻨﺎﺩﺍ ﺇﻟﻰ ﻤﺎ ﺴﺒﻕ‬
‫ﹰ‬ ‫ﺍﺨﺘﺒﺭﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ‬
‫ﺍﻟﺒﺎﺤﺙ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺌﻴﺴﺔ ﺍﻟﺘﺎﻟﻴﺔ‪" :‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ‬ ‫ﻭﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ"‪ .‬ﻭﻴﺘﻔﺭﻉ ﻋﻨﻬﺎ ﺘﺴﻊ‬ ‫ﻭﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻟﺩﻯ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻭﻗﺩ ﺍﺨﺘﺎﺭﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻫﻴﻜﻠﻴﺔ‬
‫ﻓﺭﻀﻴﺎﺕ ﻓﺭﻋﻴﺔ ﻫﻲ ﺍﻵﺘﻴﺔ‪:‬‬ ‫ﺍﻟﻤﻠﻜﻴﺔ ﻭﺘﺭﻜﻴﺒﺔ ﻤﺠﻠﺱ ﺍﻹﺩﺍﺭﺓ ﻟﻠﺘﻌﺒﻴﺭ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ‪ ،‬ﻭﻜﺎﻨﺕ‬
‫‪ .1‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ‬ ‫ﺃﻨﻭﺍﻉ ﺍﻟﻤﻠﻜﻴﺔ ﻫﻲ ﺇﻤﺎ ﻤﻠﻜﻴﺔ ﺇﺩﺍﺭﺓ ﺃﻭ ﺤﻜﻭﻤﺔ ﺃﻭ ﻜﺒﺎﺭ ﺤﻤﻠﺔ‬
‫ﻟﻠﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻷﺴﻬﻡ‪ ،‬ﻭﺘﻀﻤﻨﺕ ﺘﺭﻜﻴﺒﺔ ﺍﻟﻤﺠﻠﺱ ﻭﺠﻭﺩ ﺇﺩﺍﺭﺓ ﺨﺎﺭﺠﻴﺔ‪.‬‬
‫‪ .2‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ‬ ‫ﻭﻻﺨﺘﺒﺎﺭ ﻫﺫﻩ ﺍﻟﻌﻼﻗﺔ ﻗﺎﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺒﺄﺨﺫ ﻋﻴﻨﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ‬
‫ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﺴﻨﻐﺎﻓﻭﺭﺓ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ‪Singapore‬‬
‫‪ .3‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ‬ ‫)‪ ،Stock Exchange (SES‬ﻓﻲ ﻨﻬﺎﻴﺔ ﻋﺎﻡ )‪(1995‬‬
‫ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻭﺒﻠﻐﺕ )‪ (158‬ﺸﺭﻜﺔ ﻤﺩﺭﺠﺔ‪ ،‬ﺤﻴﺙ ﺘﻀﻤﻨﺕ ﺍﻟﻌﻴﻨﺔ ﺸﺭﻜﺎﺕ‬
‫‪ .4‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬ ‫ﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﻤﺎﻟﻴﺔ‪ ،‬ﻭﺘﻡ ﺍﺴﺘﺨﺩﺍﻡ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻠﺒﻴﺎﻨﺎﺕ‬
‫ﺍﻹﺩﺍﺭﺓ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻟﻤﺠﻤﻌﺔ ﻤﻥ ﺨﻼل ﻁﺭﻴﻘﺔ ﺍﻟﻤﺭﺒﻌﺎﺕ ﺍﻟﺼﻐﺭﻯ ﺍﻟﻌﺎﺩﻴﺔ‬
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‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﺍﻟﺴﻨﻭﻴﺔ ﻟﻠﺸﺭﻜﺔ ﺘﺒﺩﻭ ﻤﻼﺌﻡ ﻻﺤﺘﻴﺎﺠﺎﺕ ﺍﻟﻘﺭﺍﺭ ﻟﻠﻤﺴﺘﺨﺩﻤﻴﻥ‪،‬‬ ‫‪ .5‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬
‫ﺤﻴﺙ ﺘﻘﺭﺭ ﺍﻹﺩﺍﺭﺓ ﺃﻱ ﺍﺤﺘﻴﺎﺠﺎﺕ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﻟﻴﺘﻡ ﺍﻹﻓﺼﺎﺡ‬ ‫ﻭﺍﻟﺒﻴﺌﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﻭﺃﻴﻀﺎ ﺘﺤﺩﺩ ﻤﻼﺌﻤﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻟﻠﻁﺭﻑ ﺍﻟﺫﻱ ﺴﻭﻑ‬ ‫ﹰ‬ ‫ﻋﻨﻬﺎ‬ ‫‪ .6‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ‬
‫ﻴﺴﺘﺨﺩﻤﻬﺎ ﻓﻲ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ‪ .‬ﺒﻴﻨﻤﺎ ﻴﺭﻯ )ﻤﺎﺭﻕ‪ (2009 ،‬ﺃﻥ‬ ‫ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﺍﻟﻤﻘﺼﻭﺩ ﻤﻨﻪ ﺘﻘﺩﻴﻡ ﻤﻌﻠﻭﻤﺎﺕ ﺇﻀﺎﻓﻴﺔ ﺃﻜﺜﺭ ﻤﻥ ﺍﻟﻤﺘﻁﻠﺒﺎﺕ‬ ‫‪ .7‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ‬
‫ﺍﻟﻘﺎﻨﻭﻨﻴﺔ‪ .‬ﻭﻴﺘﻡ ﺒﻤﺒﺎﺩﺭﺓ ﻤﻥ ﺍﻟﺸﺭﻜﺔ ﻟﺘﻘﺩﻴﻡ ﻤﻌﻠﻭﻤﺎﺕ ﺇﻀﺎﻓﻴﺔ‬ ‫ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﻟﻤﻘﺎﺒﻠﺔ ﺍﺤﺘﻴﺎﺠﺎﺕ ﺒﻌﺽ ﺍﻷﻁﺭﺍﻑ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ ﻟﻠﺘﻘﺭﻴﺭ ﺍﻟﻤﺎﻟﻲ‪.‬‬ ‫‪ .8‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬
‫ﻴﻤﻜﻥ ﺘﺼﻨﻴﻑ ﻤﻜﻭﻨﺎﺕ ﻓﻲ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻀﻤﻥ‬ ‫ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺘﺴﻊ ﻤﺠﻤﻭﻋﺎﺕ ﺭﺌﻴﺴﺔ؛ ﻜل ﻤﺠﻤﻭﻋﺔ ﺘﺤﻭﻱ ﻋﻠﻰ ﻤﺠﻤﻭﻋﺔ‬ ‫‪ .9‬ﻻ ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬
‫ﻤﻥ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺍﻟﻔﺭﻋﻴﺔ ﻋﻠﻰ ﺍﻟﺸﻜل ﺍﻟﺘﺎﻟﻲ )ﻤﺘﻭﻟﻲ‪:1(2007 ،‬‬ ‫ﺍﻟﺤﻭﻜﻤﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫‪ .1‬ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ‪) :‬ﻤﻌﻠﻭﻤﺎﺕ ﺘﺎﺭﻴﺨﻴﺔ ﻋﻥ‬ ‫ﻤﻨﻬﺠﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬
‫ﺍﻟﺸﺭﻜﺔ‪ ،‬ﺍﻟﻬﻴﻜل ﺍﻟﺘﻨﻅﻴﻤﻲ ﻟﻠﺸﺭﻜﺔ‪ ،‬ﺘﺄﺜﻴﺭ ﺍﻟﻭﻀﻊ‬ ‫ﻴﺤﺎﻭل ﺍﻟﺒﺎﺤﺙ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺍﺨﺘﺒﺎﺭ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻟﺴﻴﺎﺴﻲ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺃﻋﻤﺎل ﺍﻟﺸﺭﻜﺔ‪ ،‬ﺘﺄﺜﻴﺭ ﺍﻟﻭﻀﻊ‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﻟﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻑ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻱ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺃﻋﻤﺎل ﺍﻟﺸﺭﻜﺔ‪.(....،‬‬ ‫ﺍﻟﺩﺭﺍﺴﺔ ﻭﺍﺨﺘﺒﺎﺭ ﻓﺭﻀﻴﺎﺘﻬﺎ‪ ،‬ﺍﻋﺘﻤﺩ ﺍﻟﺒﺎﺤﺙ ﻋﻠﻰ ﺍﻟﻤﻨﻬﺞ‬
‫‪ .2‬ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ‪) :‬ﺒﻴﺎﻥ ﺒﺎﻻﺴﺘﺭﺍﺘﻴﺠﻴﺔ‬ ‫ﺍﻻﺴﺘﻨﺒﺎﻁﻲ ﻓﻲ ﺍﻟﺤﺼﻭل ﻋﻠﻰ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺜﺎﻨﻭﻴﺔ ﺍﻟﻤﺘﻌﻠﻘﺔ‬
‫ﻭﺍﻷﻫﺩﺍﻑ ﺍﻟﻌﺎﻤﺔ‪ ،‬ﺒﻴﺎﻥ ﺒﺎﻻﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻭﺍﻷﻫﺩﺍﻑ‬ ‫ﺒﺎﻹﻁﺎﺭ ﺍﻟﻨﻅﺭﻱ ﺍﻟﻤﺘﺎﺤﺔ ﻓﻲ ﺍﻟﻜﺘﺏ ﻭﺍﻟﺭﺴﺎﺌل ﺍﻟﺠﺎﻤﻌﻴﺔ‬
‫ﻭﺍﻷﻫﺩﺍﻑ‬ ‫ﺒﺎﻻﺴﺘﺭﺍﺘﻴﺠﻴﺔ‬ ‫ﺒﻴﺎﻥ‬ ‫ﺍﻟﺘﺴﻭﻴﻘﻴﺔ‪،‬‬ ‫ﻭﺍﻟﺩﻭﺭﻴﺎﺕ؛ﺒﻬﺩﻑ ﺒﻨﺎﺀ ﺍﻹﻁﺎﺭ ﺍﻟﻨﻅﺭﻱ ﻟﻠﺩﺭﺍﺴﺔ‪ ،‬ﻭﻋﻠﻰ‬
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‪.(...،‬‬ ‫ﺍﻟﻤﻨﻬﺞ ﺍﻻﺴﺘﻘﺭﺍﺌﻲ ﺍﻟﺫﻱ ﻴﻘﻭﻡ ﻋﻠﻰ ﺘﺼﻤﻴﻡ ﺍﺴﺘﺒﺎﻨﺔ ﻟﺠﻤﻊ‬
‫‪ .3‬ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ‪) :‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬ ‫ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻷﻭﻟﻴﺔ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺒﺎﻟﺩﺭﺍﺴﺔ ﺍﻟﺘﻲ ﺘﻀﻤﻨﺕ ﻋﻭﺍﻤل‬
‫ﻓﻲ ﻨﻬﺎﻴﺔ ﺍﻟﺴﻨﺔ‪ ،‬ﺍﺘﺠﺎﻫﺎﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‪ ،‬ﺍﻟﻘﻴﻤﺔ‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ؛ ﻤﻥ ﺤﻴﺙ ﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺸﺭﻜﺔ ﻓﻲ ﻨﻬﺎﻴﺔ ﺍﻟﺴﻨﺔ‪ ،‬ﻋﺩﺩ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ ﻭﺫﻟﻙ ﺒﻌﺩ ﺍﻟﺭﺠﻭﻉ ﺇﻟﻰ ﺍﻹﻁﺎﺭ ﺍﻟﻨﻅﺭﻱ ﻭﻨﺘﺎﺌﺞ‬
‫ﺍﻟﻜﻠﻲ‪.(...،‬‬ ‫ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ﺍﻟﻘﺭﻴﺒﺔ ﻤﻥ ﻤﻭﻀﻭﻉ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬
‫‪ .4‬ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻹﺩﺍﺭﺓ‪) :‬ﺃﻋﻤﺎﺭ ﺍﻟﻤﺩﺭﺍﺀ‪ ،‬ﺍﻟﺸﻬﺎﺩﺍﺕ‬ ‫ﺍﻹﻁﺎﺭ ﺍﻟﻨﻅﺭﻱ ﻟﻠﺩﺭﺍﺴﺔ‪:‬‬
‫ﺍﻟﻌﻠﻤﻴﺔ ﻟﻠﻤﺩﺭﺍﺀ‪ ،‬ﺍﻟﺨﺒﺭﺍﺕ ﺍﻟﻌﻤﻠﻴﺔ ﻟﻠﻤﺩﺭﺍﺀ‪ ،‬ﺘﻘﺴﻴﻡ‬ ‫ﻴﺘﻨﺎﻭل ﺍﻹﻁﺎﺭ ﺍﻟﻨﻅﺭﻱ ﻟﻠﺩﺭﺍﺴﺔ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﻤﻔﻬﻭﻡ‬
‫ﺍﻟﻤﺩﺭﺍﺀ ﺇﻟﻰ ﺘﻨﻔﻴﺫﻴﻴﻥ ﻭﻏﻴﺭ ﺘﻨﻔﻴﺫﻴﻴﻥ‪ ،‬ﺍﻟﻭﻅﺎﺌﻑ ﺍﻟﺘﻲ‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﻤﻜﻭﻨﺎﺘﻪ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﻤﻔﻬﻭﻡ‬
‫ﻴﺸﻐﻠﻬﺎ ﺍﻟﻤﺩﺭﺍﺀ ﺍﻟﺘﻨﻔﻴﺫﻴﻭﻥ‪.(...،‬‬ ‫ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؛ ﻭﺫﻟﻙ ﻤﻥ ﺨﻼل ﺍﻟﻨﻘﻁﺘﻴﻥ ﺍﻵﺘﻴﺘﻴﻥ‪:‬‬
‫‪ .5‬ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ‪) :‬ﺴﻼﻤﺔ ﺍﻟﻤﻨﺘﺠﺎﺕ ﻭﻋﺩﻡ‬ ‫ﻤﻔﻬﻭﻡ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﻤﻜﻭﻨﺎﺘﻪ‪:‬‬
‫ﺘﺄﺜﻴﺭﻫﺎ ﻓﻲ ﺍﻟﺒﻴﺌﺔ‪ ،‬ﺒﺭﻨﺎﻤﺞ ﺤﻤﺎﻴﺔ ﺍﻟﺒﻴﺌﺔ ﻜﻴﻔﻴﺔ‪ ،‬ﺒﺭﻨﺎﻤﺞ‬ ‫ﺘﻌﺩﺩﺕ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺘﻲ ﺘﻨﺎﻭﻟﺕ ﻤﻔﻬﻭﻡ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﺤﻤﺎﻴﺔ ﺍﻟﺒﻴﺌﺔ ﻜﻤﻴﺔ‪ ،‬ﺍﻹﻋﺎﻨﺎﺕ ﺍﻟﻤﻘﺩﻤﺔ ﻟﻠﻐﻴﺭ‪ ،‬ﺍﻟﻬﺒﺎﺕ‬ ‫ﺇﻻ ﺃﻨﻬﺎ ﻜﻠﻬﺎ ﺃﺠﻤﻌﺕ ﻋﻠﻰ ﺃﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻴﺘﻤﺜل ﻓﻲ‬
‫ﻭﺍﻟﻤﻨﺢ‪ ،‬ﺍﻟﺘﺒﺭﻋﺎﺕ ﺍﻟﺨﻴﺭﻴﺔ‪.(...،‬‬ ‫ﺇﻀﺎﻓﺔ ﻤﻌﻠﻭﻤﺎﺕ ﻭﺒﻴﺎﻨﺎﺕ ﺒﻭﺍﺴﻁﺔ ﺍﻟﺸﺭﻜﺎﺕ ﻹﻋﻼﻡ ﻤﺘﺨﺫﻱ‬
‫‪ .6‬ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪) :‬ﺴﻴﺎﺴﻴﺔ‬ ‫ﺍﻟﻘﺭﺍﺭﺍﺕ ﻋﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺯﻴﺎﺩﺓ ﻋﻠﻰ‬
‫ﺘﻭﺯﻴﻊ ﺍﻷﺭﺒﺎﺡ‪ -‬ﺫﻜﺭ ﻨﺴﺒﺔ ﺍﻟﺭﺒﺢ ﺍﻟﻤﻭﺯﻉ‪-‬ﻟﻠﻌﺎﻡ ﺍﻟﺤﺎﻟﻲ‪،‬‬ ‫ﻤﺘﻁﻠﺒﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻹﺠﺒﺎﺭﻱ‪ .‬ﻭﻤﻥ ﻫﺫﻩ ﺍﻟﺘﻌﺎﺭﻴﻑ ﻋﻠﻰ ﺴﺒﻴل‬
‫ﺍﻟﻤﺜﺎل ﻤﺎ ﺠﺎﺀ ﻓﻲ ﺩﺭﺍﺴﺔ )ﻋﻔﻴﻔﻲ‪ (2008 ،‬ﺇﺫ ﻴﻤﺜل ﺍﻹﻓﺼﺎﺡ‬
‫ﻗﺎﻡ ﺍﻟﺒﺎﺤﺙ ﺒﺘﺼﻨﻴﻑ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﻀﻤﻥ ﺘﺴﻌﺔ ﻤﺠﻤﻭﻋﺎﺕ ﺭﺌﻴﺴﻴﺔ ﺒﻤﺎ‬
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‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﺨﻴﺎﺭﺍﺕ ﺤﺭﺓ ﻤﻥ ﻗﺒل ﺇﺩﺍﺭﺓ ﺍﻟﺸﺭﻜﺔ ﻟﺘﻭﻓﻴﺭ‬
‫ﻴﺘﻨﺎﺴﺏ ﻤﻊ ﻁﺒﻴﻌﺔ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ‪.‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﻤﺤﺎﺴﺒﻴﺔ ﻭﻤﻌﻠﻭﻤﺎﺕ ﺃﺨﺭﻯ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
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‫ﺍﻟﻤﻔﺎﻫﻴﻡ ﻫﻭ ﻗﺩﺭﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻔﺼﺢ ﻋﻨﻬﺎ ﻓﻴﺘﻭﺠﻴﻪ ﻗﺭﺍﺭﺍﺕ‬ ‫ﺘﺼﻨﻴﻑ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺠﻐﺭﺍﻓﻴﺎﹰ – ﻭﻓﻘﺎﹰ ﻟﻠﻌﻤﻼﺀ‪ ،‬ﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺃﻱ ﺃﻥ ﺍﻟﺠﻭﺩﺓ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺘﺭﺘﺒﻁ ﺒﺸﻜل‬ ‫ﻤﺎﻟﻴﺔ ﺘﺎﺭﻴﺨﻴﺔ‪.(...،‬‬
‫ﺭﺌﻴﺱ ﺒﻤﺩﻯ ﻗﺩﺭﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻔﺼﺢ ﻋﻨﻬﺎ ﻋﻠﻰ ﺇﺤﺩﺍﺙ ﻓﺭﻕ‬ ‫‪ .7‬ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‪) :‬ﺴﻴﺎﺴﺔ ﺍﻷﺒﺤﺎﺙ‬
‫ﻓﻲ ﻗﺭﺍﺭﺍﺕ ﻤﺴﺘﺨﺩﻤﻲ ﺘﻠﻙ ﺍﻟﺘﻘﺎﺭﻴﺭ؛ ﺤﻴﺙ ﺍﻋﺘﻤﺩ ﺍﻟﺒﺎﺤﺙ‬ ‫ﻭﺍﻟﺘﻁﻭﻴﺭ‪ ،‬ﻤﻭﺍﻗﻊ ﺃﻨﺸﻁﺔ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‪ ،‬ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ‬
‫ﻋﻠﻰ ﻫﺫﺍ ﺍﻟﻤﻔﻬﻭﻡ ﻋﻨﺩ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﻓﻲ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‪ ،‬ﺍﻟﻤﻴﺯﺍﻨﻴﺔ ﺍﻟﻤﺨﺼﺼﺔ ﻟﻠﺒﺤﺙ‬
‫ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻭﺍﻟﺘﻁﻭﻴﺭ‪ ،‬ﻤﺸﺎﺭﻴﻊ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‪.(...،‬‬
‫ﺃﻤﺎ ﺒﺎﻟﻨﺴﺒﺔ ﻟﻁﺒﻴﻌﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻭﺍﺠﺏ ﺘﻭﺼﻴﻠﻬﺎ ﺇﻟﻰ‬ ‫‪ .8‬ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‪) :‬ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬
‫ﺍﻟﻤﺴﺘﺨﺩﻤﻴﻥ ﻋﻥ ﻁﺭﻴﻕ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻬﻲ ﺘﺘﺨﺫ ﺃﺸﻜﺎﻻﹰ‬ ‫ﺍﻟﻌﺎﻤﻠﻴﻥ ﻭﺘﺼﻨﻴﻔﻬﻡ ﻭﻓﻘﺎﹰ ﻟﻠﺠﻨﺱ ﻭﻤﺴﺘﻭﻯ ﺍﻟﺘﻌﻠﻴﻡ‪ ،‬ﺘﻭﺯﻴﻊ‬
‫ﻤﺨﺘﻠﻔﺔ ﻭﺘﺘﻌﻠﻕ ﺒﻤﻭﺍﻀﻴﻊ ﻋﺩﻴﺩﺓ؛ ﻓﻘﺩ ﺘﻜﻭﻥ ﻤﻌﻠﻭﻤﺎﺕ ﻤﺎﻟﻴﺔ‬ ‫ﺍﻟﻌﺎﻤﻠﻴﻥ ﺩﺍﺨل ﺇﺩﺍﺭﺍﺕ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻟﻠﻌﺎﻤﻴﻥ‬
‫ﻭﻏﻴﺭ ﻤﺎﻟﻴﺔ ﻭﻨﺸﺭﺍﺕ ﺃﻭ ﺘﻘﺎﺭﻴﺭ ﻤﺠﻠﺱ ﺍﻹﺩﺍﺭﺓ ﺇﻀﺎﻓﺔ ﺇﻟﻰ‬ ‫ﺍﻟﻤﺎﻀﻴﻴﻥ ﺃﻭ ﻟﺴﻨﻭﺍﺕ ﺃﻜﺜﺭ‪.(...،‬‬
‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻷﺨﺒﺎﺭ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺒﺎﻟﻤﺅﺴﺴﺔ ﻭﻭﺼﻑ‬ ‫‪ .9‬ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ‪) :‬ﻭﺠﻭﺩ ﻟﺠﻨﺔ ﺤﻭﻜﻤﺔ ﻓﻲ‬
‫ﻟﻠﺨﻁﻁ ﻭﺍﻟﺘﻭﻗﻌﺎﺕ‪ ،‬ﻭﻜﺫﻟﻙ ﺍﻟﺘﺄﺜﻴﺭ ﺍﻟﺒﻴﺌﻲ ﻭﺍﻻﺠﺘﻤﺎﻋﻲ‬ ‫ﺍﻟﺸﺭﻜﺔ‪ ،‬ﺘﻔﺎﺼﻴل ﺃﺴﻤﺎﺀ ﻭﻤﺅﻫﻼﺕ ﺃﻋﻀﺎﺀ ﻟﺠﻨﺔ‬
‫ﻟﻤﺸﺎﺭﻴﻊ ﺍﻟﻤﺅﺴﺴﺔ ﻓﻲ ﻨﻁﺎﻕ ﺍﻟﻤﺤﻴﻁ ﺍﻟﺫﻱ ﺘﻨﺸﻁ ﻓﻴﻪ‬ ‫ﺍﻟﺤﻭﻜﻤﺔ‪ ،‬ﻤﻬﺎﻡ ﻟﺠﻨﺔ ﺍﻟﺤﻭﻜﻤﺔ‪ ،‬ﻋﺩﺩ ﺍﺠﺘﻤﺎﻋﺎﺕ ﻟﺠﻨﺔ‬
‫)ﺍﻟﺯﻴﻥ‪.(2011،‬‬ ‫ﺍﻟﺤﻭﻜﻤﺔ‪.(...،‬‬
‫ﺍﻹﻁﺎﺭ ﺍﻟﻌﻤﻠﻲ ﻟﻠﺩﺭﺍﺴﺔ‪:‬‬ ‫ﻤﻔﻬﻭﻡ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪:‬‬
‫ﻤﺠﺘﻤﻊ ﺍﻟﺩﺭﺍﺴﺔ ﻭﻋﻴﻨﺘﻬﺎ‪:‬‬ ‫ﺘﻌﺩﺩﺕ ﻤﻔﺎﻫﻴﻡ ﺍﻟﺠﻭﺩﺓ ﻓﻲ ﻤﺠﺎل ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻤﻥ ﻭﺠﻬﺔ‬
‫ﻴﺘﻤﺜل ﻤﺠﺘﻤﻊ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻜﺎﻓﺔ ﺸﺭﻜﺎﺕ ﺍﻟﻭﺴﺎﻁﺔ ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﻨﻅﺭ ﺍﻟﻤﻨﻅﻤﺎﺕ ﺍﻟﻤﻬﻨﻴﺔ ﻭﺍﻟﺒﺎﺤﺜﻴﻥ ﺍﻟﻤﺨﺘﺼﻴﻥ ﻓﻘﺩ ﻋﺭﻓﻬﺎ‬
‫ﻭﺍﻟﺒﻨﻭﻙ ﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ ﻭﺍﻟﺒﺎﻟﻎ ﻋﺩﺩﻫﺎ‬ ‫ﺍﻻﺘﺤﺎﺩ ﺍﻟﺩﻭﻟﻲ ﻟﻠﻤﺤﻠﻠﻴﻥ ﺍﻟﻤﺎﻟﻴﻴﻥ ) ‪Financial Analysts‬‬
‫)‪ (69‬ﺸﺭﻜﺔ ﻭﺫﻟﻙ ﺍﺴﺘﻨﺎﺩﺍﹰ ﺇﻟﻰ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺭﺴﻤﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻓﻲ‬ ‫‪Federation (FAF‬ﻋﻠﻰ ﺃﻨﻬﺎﺘﻌﻨﻲ ﺍﻟﻭﻀﻭﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ‬
‫ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ ﻟﻌﺎﻡ ‪ .22014‬ﺃﻤﺎ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﻓﻘﺩ ﺘﻡ ﺍﺨﺘﻴﺎﺭ‬ ‫ﻭﺘﻭﺍﻓﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻓﻲ ﺍﻟﺘﻭﻗﻴﺕ ﺍﻟﻤﻨﺎﺴﺏ‪ ،‬ﻓﻲ ﺤﻴﻥ ﺘﺭﻯ‬
‫ﻋﻴﻨﺔ ﻋﺸﻭﺍﺌﻴﺔ ﻟﺘﻤﺜﻴل ﺍﻟﻤﺠﺘﻤﻊ ﺍﻟﻤﺩﺭﻭﺱ ﺤﻴﺙ ﺒﻠﻎ ﻋﺩﺩﻫﺎ‬ ‫ﺍﻟﻠﺠﻨﺔ ﺍﻟﺨﺎﺼﺔ ﺒﺎﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺒﺜﻘﺔ ﻋﻥ ﺍﻟﻤﺠﻤﻊ‬
‫ﺘﻘﺭﻴﺒﺎ ﻤﻥ ﺤﺠﻡ ﺍﻟﻤﺠﺘﻤﻊ‬
‫ﹰ‬ ‫)‪ (42‬ﺸﺭﻜﺔ )ﺃﻱ ﻤﺎ ﻴﻌﺎﺩل‪%60‬‬ ‫ﺍﻷﻤﺭﻴﻜﻲ ﻟﻠﻤﺤﺎﺴﺒﻴﻥ ﺍﻟﻘﺎﻨﻭﻨﻴﻴﻥ ‪American Institute Of‬‬
‫ﺍﻟﻤﺩﺭﻭﺱ(؛ ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ ﻓﻘﺩ ﺘﻡ ﺘﻭﺯﻴﻊ )‪ (67‬ﺍﺴﺘﺒﺎﻨﺔ ﻋﻠﻰ‬ ‫)‪Certified Public Accountants (AICPA‬ﺒﺄﻥ ﺍﻟﺠﻭﺩﺓ‬
‫ﺍﻟﻤﺤﻠﻠﻴﻥ ﺍﻟﻤﺎﻟﻴﻴﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺘﻠﻙ ﺍﻟﺸﺭﻜﺎﺕ ﻭﺍﻟﺒﻨﻭﻙ‬ ‫ﺘﻌﻨﻲ ﻤﺩﻯ ﺍﻟﻘﺩﺭﺓ ﻋﻠﻰ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻓﻲ ﻤﺠﺎل ﺍﻟﺘﻨﺒﺅ‪،‬‬
‫ﺍﻟﺘﺠﺎﺭﻴﺔ‪ ،‬ﻭﻜﺎﻥ ﻋﺩﺩ ﺍﻻﺴﺘﺒﺎﻨﺎﺕ ﺍﻟﺘﻲ ﺤﺼﻠﻨﺎ ﻋﻠﻴﻬﺎ )‪(39‬‬ ‫ﻭﻤﺩﻯ ﻤﻼﺌﻤﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻟﻠﻬﺩﻑ ﻤﻥ ﺍﻟﺤﺼﻭل ﻋﻠﻴﻬﺎ )ﺴﺎﻤﻲ‪،‬‬
‫ﻌﺩل ﺍﺴﺘﺠﺎﺒﺔ‬‫ﺒﻤ ‪‬‬
‫ﺍﺴﺘﺒﺎﻨﺔ ﻤﻨﻬﺎ)‪ (36‬ﺍﺴﺘﺒﺎﻨﺔ ﺼﺎﻟﺤﺔ ﻟﻠﺩﺭﺍﺴﺔ؛ ‪‬‬ ‫‪ ،(2009‬ﻓﻲ ﺤﻴﻥ ﻴﺭﻯ ﺍﻟﺸﻴﺭﺍﺯﻱ ﺃﻥ ﺍﻟﺠﻭﺩﺓ ﻫﻲ ﻤﺠﻤﻭﻋﺔ‬
‫ﺒﻠﻎ )‪.(%58.20‬‬ ‫ﺍﻟﺨﺼﺎﺌﺹ ﺍﻟﺘﻲ ﻴﺠﺏ ﺃﻥ ﺘﺘﺴﻡ ﺒﻬﺎ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻜﻲ‬
‫ﺃﺩﺍﺓ ﺠﻤﻊ ﺍﻟﺒﻴﺎﻨﺎﺕ‪:‬‬ ‫ﺘﻜﻭﻥ ﻤﻔﻴﺩﺓ ﻟﺘﻠﺒﻴﺔ ﺍﻻﺤﺘﻴﺎﺠﺎﺕ ﺍﻟﻀﺭﻭﺭﻴﺔ ﻟﻤﺴﺘﺨﺩﻤﻴﻬﺎ‬
‫ﺍﺴﺘﺨﺩﻤﺕ ﺍﺴﺘﺒﺎﻨﺔ ﺼﻤﻤﺕ ﺒﺎﻟﺭﺠﻭﻉ ﺇﻟﻰ ﺍﻟﺩﺭﺍﺴﺎﺕ‬ ‫)ﺍﻟﺸﻴﺭﺍﺯﻱ‪ ،(1990 ،‬ﺃﻤﺎ‪ Nashwa‬ﻓﻘﺩ ﻋﺭﻑ ﺍﻟﺠﻭﺩﺓ ﻋﻠﻰ‬
‫ﻭﺍﻟﻤﺭﺍﺠﻊ ﺍﻟﻌﻠﻤﻴﺔ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺒﻤﻭﻀﻭﻉ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻭﺼﻔﻬﺎ ﺃﺩﺍﺓ‬ ‫ﺃﻨﻬﺎ ﺍﻟﻭﺠﻪ ﺍﻟﺸﻔﺎﻑ ﻟﻠﺘﻘﺎﺭﻴﺭ ﻭﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﺫﻱ ﻴﻌﻜﺱ‬
‫ﻟﺠﻤﻊ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺨﺎﺼﺔ ﺒﻬﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻗﺩ ﺍﺨﺘﺒﺭﺕ ﻤﻥ ﻗﺒل‬ ‫ﻁﺒﻴﻌﺔ ﺍﻟﻤﻨﻅﻤﺔ‪ ،‬ﻤﻤﺎ ﻴﻤﻜﻥ ﺍﻟﻤﺴﺘﺜﻤﺭﻭﻥ ﻤﻥ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ‬
‫ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻟﻤﺤﻠﻠﻴﻥ ﺍﻟﻤﺎﻟﻴﻴﻥ ﺤﻴﺙ ﻁﻠﺏ ﻤﻨﻬﻡ ﺍﻹﺠﺎﺒﺔ ﻋﻠﻰ‬ ‫ﺍﻟﺭﺸﻴﺩﺓ )‪ ،(Nashwa, 2003‬ﻓﻲ ﺤﻴﻥ ﻴﺭﻯ ﺨﻠﻴل ﺃﻥ ﺍﻟﺠﻭﺩﺓ‬
‫ﻫﻲ ﻤﺼﺩﺍﻗﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺘﻲ ﺘﺘﻀﻤﻨﻬﺎ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫‪2‬‬ ‫ﺍﻟﻤﺎﻟﻴﺔ ﻭﻤﺎ ﺘﺤﻘﻘﻪ ﻤﻥ ﻤﻨﻔﻌﺔ ﻟﻠﻤﺴﺘﺨﺩﻤﻴﻥ )ﺨﻠﻴل‪.(2003 ،‬‬
‫‪http://‬‬ ‫‪stocksexperts.net/showthread.php?t=12136,‬‬
‫‪Accessed in 28/2/2014.‬‬ ‫ﻭﻴﺭﻯ ﺍﻟﺒﺎﺤﺙ ﺃﻥ ﺍﻟﻌﺎﻤل ﺍﻟﻤﺸﺘﺭﻙ ﺍﻟﺭﺌﻴﺱ ﺒﻴﻥ ﺘﻠﻙ‬
‫‪-682-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﺒﻴﺎﻨﺎﺕ ﺨﺎﺼﺔ ﺒﺄﻓﺭﺍﺩ ﺍﻟﻌﻴﻨﺔ )ﻜﺎﻟﺠﻨﺱ‪ ،‬ﻭﺍﻟﻤﺅﻫل ﺍﻟﻌﻠﻤﻲ‪،‬‬ ‫ﺍﻷﺴﺌﻠﺔ ﻭﺍﻟﺘﻌﻠﻴﻕ ﻋﻠﻰ ﻤﺩﻯ ﺸﻤﻭﻟﻴﺘﻬﺎ ﻟﻤﻌﺭﻓﺔ ﺃﺜﺭ ﻤﻜﻭﻨﺎﺕ‬
‫ﻭﺴﻨﻭﺍﺕ ﺍﻟﺨﺒﺭﺓ‪ ،‬ﻭﺍﻟﺘﺨﺼﺹ(‪ ،‬ﺍﻨﻅﺭ ﺠﺩﻭل ﺭﻗﻡ )‪.(1‬‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ) ﻗﺩﺭﺓ‬
‫ﺍﻟﻘﺴﻡ ﺍﻟﺜﺎﻨﻲ‪ :‬ﺍﺸﺘﻤل ﻋﻠﻰ ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻔﺼﺢ ﻋﻨﻬﺎ ﻓﻲ ﺇﺤﺩﺍﺙ ﻓﺭﻕ ﻓﻲ ﻗﺭﺍﺭﺍﺕ‬
‫ﺍﻟﺘﺴﻊ ﻟﺘﻌﺭﻑ ﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ؛ ﺤﻴﺙ ﻗﺴﻤﺕ ﺇﻟﻰ‬ ‫ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ(‪ ،‬ﻭﻗﺩ ﺃﺠﺭﻯ ﺍﻟﺒﺎﺤﺙ ﻤﻘﺎﺒﻠﺔ‬
‫ﺘﺴﻌﺔ ﻤﺤﺎﻭﺭ ﻭﺫﻟﻙ ﺒﻤﺎ ﻴﻤﻜﻥ ﻤﻥ ﻗﻴﺎﺱ ﻓﺭﻀﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﺭﺌﻴﺴﺔ‬ ‫ﺸﺨﺼﻴﺔ ﻤﻊ ﻜل ﻤﻨﻬﻡ ﻭﺃﺨﺫ ﻤﻼﺤﻅﺎﺘﻬﻡ ﻜﻠﻬﺎ ﻓﻲ ﺍﻟﺤﺴﺒﺎﻥ ﻋﻨﺩ‬
‫ﻭﺍﻟﻔﺭﻀﻴﺎﺕ ﺍﻟﻔﺭﻋﻴﺔ ﻟﻬﺎ؛ ﻭﻗﺩ ﻗﺴﻤﺕ ﺇﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﺍﻟﻌﻴﻨﺔ ﻭﻓﻘﺎﹰ‬ ‫ﺇﻋﺩﺍﺩ ﻗﺎﺌﻤﺔ ﺍﻻﺴﺘﺒﻴﺎﻥ‪ ،‬ﻜﻤﺎ ﺘﻡ ﺘﺤﻜﻴﻡ ﺍﻻﺴﺘﺒﻴﺎﻥ ﻤﻥ ﻗﺒل ﺒﻌﺽ‬
‫ﻟﻤﻘﻴﺎﺱ ﻟﻴﻜﺭﺕ ﺍﻟﺨﻤﺎﺴﻲ‪ .‬ﺍﻨﻅﺭ ﺍﻟﺠﺩﺍﻭل ﺫﻭﺍﺕ ﺍﻷﺭﻗﺎﻡ )‪،(2‬‬ ‫ﺃﺴﺎﺘﺫﺓ ﺍﻟﺘﺤﻠﻴل ﺍﻟﻤﺎﻟﻲ ﻭﺍﻟﻤﺤﺎﺴﺒﺔ ﻓﻲ ﻜﻠﻴﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻷﻋﻤﺎل‬
‫)‪ ،(10) ،(9) ،(8) ،(7) ،(6) ،(5) ،(4) ،(3‬ﻭ)‪.(11‬‬ ‫ﻓﻲ ﺠﺎﻤﻌﺔ ﺍﻟﺯﺭﻗﺎﺀ ﻟﻠﺘﺄﻜﺩ ﻤﻥ ﻗﺩﺭﺘﻬﺎ ﻋﻠﻰ ﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻑ‬
‫ﻭﻟﻠﺘﺤﻘﻕ ﻤﻥ ﻤﻘﺩﺍﺭ ﺍﻻﺘﺴﺎﻕ ﺍﻟﺩﺍﺨﻠﻲ ﻷﺩﺍﺓ ﺍﻟﺩﺭﺍﺴﺔ ﺍﺴﺘﺨﺩﻡ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻗﺩ ﺘﺒﻴﻥ ﻟﻠﺒﺎﺤﺙ ﻤﻥ ﺨﻼل ﺍﻟﻤﻘﺎﺒﻼﺕ ﻭﺍﻟﺘﺤﻜﻴﻡ ﻗﺩﺭﺓ‬
‫ﻤﻌﺎﻤل ﻜﺭﻭﻨﺒﺎﺥ ﺃﻟﻔﺎ ﻹﺠﺎﺒﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﺘﻲ ﺘﻡ ﺍﻟﺤﺼﻭل‬ ‫ﺍﻻﺴﺘﺒﺎﻨﺔ ﻋﻠﻰ ﺘﻌﺭﻑ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ‬
‫ﻋﻠﻴﻬﺎ ﺒﻌﺩ ﺘﻭﺯﻴﻊ ﺍﻻﺴﺘﺒﺎﻨﺔ ﻋﻠﻴﻬﻡ؛ ﺇﺫ ﺒﻠﻎ ﻫﺫﺍ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﻗﺩ ﺘﻜﻭﻨﺕ ﺍﻻﺴﺘﺒﺎﻨﺔ ﻤﻥ ﻗﺴﻤﻴﻥ ﻫﻤﺎ‪:‬‬
‫ﺍﻟﻤﻌﺎﻤل‪%96.8‬ﻭﻫﺫﻩ ﺍﻟﻨﺴﺒﺔ ﺠﻴﺩﺓ ﺠﺩﺍﹰ‪.‬‬ ‫ﺍﻟﻘﺴﻡ ﺍﻷﻭل‪ :‬ﺨﻁﺎﺏ ﻤﻭﺠﻪ ﻤﻥ ﺍﻟﺒﺎﺤﺙ ﺇﻟﻰ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﻴﻭﻀﺢ ﻓﻴﻪ ﺃﻫﺩﺍﻑ ﺍﻟﺩﺭﺍﺴﺔ ﻭﻨﻁﺎﻗﻬﺎ‪ ،‬ﻓﻀﻼﹰ ﻋﻥ‬
‫ﺠﺩﻭل )‪(1‬‬
‫ﺘﻭﺯﻴﻊ ﺍﻟﺨﺎﺼﻴﺔ ﻟﻌﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ‬
‫ﺘﻭﺯﻴﻊ ﺍﻟﺨﺎﺼﻴﺔ‬ ‫ﺍﻟﺨﺎﺼﻴﺔ‬
‫‪ 28‬ﺫﻜﺭ ‪ 8‬ﺃﻨﺜﻰ‬ ‫ﺍﻟﺠﻨﺱ‬
‫‪ 1‬ﺩﺒﻠﻭﻡ ﻋﺎل‬ ‫‪ 14‬ﻤﺎﺠﺴﺘﻴﺭ‬ ‫‪ 4‬ﺩﻜﺘﻭﺭﺍﻩ‬

‫ﺍﻟﻤﺅﻫل ﺍﻟﻌﻠﻤﻲ‬
‫‪ -‬ﻤﻌﻬﺩ ﻤﺘﻭﺴﻁ‬ ‫‪ 17‬ﺇﺠﺎﺯﺓ‬
‫‪ 19‬ﻤﻥ ‪ 10-5‬ﺴﻨﻭﺍﺕ‬ ‫‪ 8‬ﺃﻗل ﻤﻥ ‪ 5‬ﺴﻨﻭﺍﺕ‬

‫ﺴﻨﻭﺍﺕ ﺍﻟﺨﺒﺭﺓ‬
‫‪ 15 5‬ﺴﻨﺔ ﻓﻤﺎ ﻓﻭﻕ‬ ‫‪ 4‬ﻤﻥ ‪ 15-10‬ﺴﻨﺔ‬
‫‪ 20‬ﻤﺤﺎﺴﺒﺔ‬ ‫‪ 12‬ﻤﺎﻟﻴﺔ ﻭﻤﺼﺭﻓﻴﺔ‬

‫ﺍﻟﺘﺨﺼﺹ‬
‫‪ 1‬ﺃﺨﺭﻯ‬ ‫‪ 3‬ﺇﺩﺍﺭﺓ ﺃﻋﻤﺎل‬
‫ﺍﻹﺤﺼﺎﺌﻲ ﺍﻟﻤﻌﺭﻭﻑ ﺒـ )‪ (SPSS‬ﺍﺨﺘﺼﺎﺭﺍﹰ ﻟـ " ﻟﺤﺯﻤﺔ‬ ‫ﺍﻷﺴﻠﻭﺏ ﻭﺍﻷﺩﻭﺍﺕ ﺍﻹﺤﺼﺎﺌﻴﺔ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﺘﺤﻠﻴل‬
‫ﺍﻹﺤﺼﺎﺌﻴﺔ ﻟﻠﻌﻠﻭﻡ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ‪Statistical Package for‬‬ ‫ﺍﻟﺒﻴﺎﻨﺎﺕ‪:‬‬
‫‪ ،"Social Sciences‬ﻭﺘﺘﻤﺜل ﺘﻠﻙ ﺍﻷﺴﺎﻟﻴﺏ ﻓﻲ‪:‬‬ ‫ﺒﻬﺩﻑ ﻋﺭﺽ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﻭﻭﺼﻑ ﺇﺠﺎﺒﺎﺕ ﻭﺁﺭﺍﺀ‬
‫ﺃ‪ .‬ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ )‪ :(Arithmetic Mean‬ﻜﺄﺤﺩ‬ ‫ﺍﻟﻤﺴﺘﺠﻴﺒﻴﻥ ﺍﻟﺘﻲ ﺍﻨﺒﺜﻘﺕ ﻋﻥ ﺃﺴﺌﻠﺔ ﺍﻻﺴﺘﺒﺎﻨﺔ‪ ،‬ﺘﻡ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ‬
‫ﺃﺒﺭﺯ ﻤﻘﺎﻴﻴﺱ ﺍﻟﻨﺯﻋﺔ ﺍﻟﻤﺭﻜﺯﻴﺔ ﻟﻘﻴﺎﺱ ﻤﺘﻭﺴﻁ‬ ‫ﻋﺩﺩ ﻤﻥ ﺍﻷﺴﺎﻟﻴﺏ ﺍﻹﺤﺼﺎﺌﻴﺔ ﺍﻟﻤﺘﻤﺜﻠﺔ ﻓﻲ ﺒﻌﺽ ﻤﻘﺎﻴﻴﺱ ﺍﻟﻨﺯﻋﺔ‬
‫ﺇﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﺍﻟﻌﻴﻨﺔ ﻋﻥ ﻓﻘﺭﺍﺕ ﺍﻻﺴﺘﺒﺎﻨﺔ‪.‬‬ ‫ﺍﻟﻤﺭﻜﺯﻴﺔ ﻭﻤﻘﺎﻴﻴﺱ ﺍﻟﺘﺸﺘﺕ‪ ،‬ﻓﻀﻼﹰ ﻋﻥ ﺍﻻﺴﺘﻌﺎﻨﺔ ﺒﺎﻟﺒﺭﻨﺎﻤﺞ‬
‫‪-683-‬‬
‫ﻤﻭﺍﻓﻕ‪ ،‬ﺃﻤﺎ ﺭﻗﻡ )‪ (3‬ﻓﻴﺸﻴﺭ ﺇﻟﻰ ﺤﻴﺎﺩﻱ‪ ،‬ﺃﻤﺎ ﺭﻗﻡ )‪ (2‬ﻓﻴﺸﻴﺭ‬ ‫ﺏ‪ .‬ﺍﻻﻨﺤﺭﺍﻑ ﺍﻟﻤﻌﻴﺎﺭﻱ )‪:(Standard Deviation‬‬
‫ﺇﻟﻰ ﻏﻴﺭ ﻤﻭﺍﻓﻕ‪ ،‬ﺃﻤﺎ ﺍﻟﺭﻗﻡ )‪ (1‬ﻓﻴﺸﻴﺭ ﺇﻟﻰ ﻏﻴﺭ ﻤﻭﺍﻓﻕ ﺒﺸﺩﺓ‪،‬‬ ‫ﻜﺄﺤﺩ ﺃﺒﺭﺯ ﻤﻘﺎﻴﻴﺱ ﺍﻟﺘﺸﺘﺕ ﻟﻘﻴﺎﺱ ﺍﻻﻨﺤﺭﺍﻑ ﻓﻲ‬
‫ﻭﻤﻥ ﺃﺠل ﺘﺤﻠﻴل ﺇﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﻗﺎﻡ ﺍﻟﺒﺎﺤﺙ‬ ‫ﺇﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﺍﻟﻌﻴﻨﺔ ﻋﻥ ﻭﺴﻁﻬﺎ ﺍﻟﺤﺴﺎﺒﻲ‪.‬‬
‫ﺒﻭﻀﻊ ﺜﻼﺜﺔ ﻤﺴﺘﻭﻴﺎﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻵﺘﻲ‪ :‬ﺃﺜﺭ ﻜﺒﻴﺭ ﺇﺫﺍ ﻜﺎﻥ‬ ‫ﺝ‪ .‬ﺍﺨﺘﺒﺎﺭ ‪ T‬ﻟﻠﻌﻴﻨﺔ ﺍﻟﻭﺍﺤﺩﺓ ) ‪One Sample - T‬‬
‫ﺍﻟﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﻴﻘﻊ ﺒﻴﻥ )‪ ،(5-4‬ﻭﺃﺜﺭ ﻤﺘﻭﺴﻁ ﺇﺫﺍ ﻜﺎﻥ‬ ‫‪ :(Student Test‬ﻭﺫﻟﻙ ﻻﺨﺘﺒﺎﺭ ﻓﺭﻀﻴﺔ ﺍﻟﺩﺭﺍﺴﺔ‬
‫ﺍﻟﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﻴﻘﻊ ﺒﻴﻥ )‪ ،(3.99 -3‬ﻭﺃﺜﺭ ﻀﻌﻴﻑ ﺇﺫﺍ ﻜﺎﻥ‬ ‫ﺍﻟﺭﺌﻴﺴﺔ ﻭﺍﻟﻔﺭﻀﻴﺎﺕ ﺍﻟﻔﺭﻋﻴﺔ ﻟﻬﺎ ﺍﻟﺘﻲ ﻗﻴﺴﺕ‬
‫ﺍﻟﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﻴﻘﻊ ﺒﻴﻥ )‪.(2.99 -1‬‬ ‫ﻤﺘﻐﻴﺭﺍﺘﻬﺎ ﻭﻓﻘﺎﹰ ﻟﻤﻘﻴﺎﺱ ﻟﻴﻜﺭﺕ ﺍﻟﺨﻤﺎﺴﻲ ﻋﻨﺩ ﻤﺴﺘﻭﻯ‬
‫ﺘﺤﻠﻴل ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﻭﻤﻨﺎﻗﺸﺘﻬﺎ ‪:‬‬ ‫ﺜﻘﺔ ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪.%95‬‬
‫ﺘﺒﻴﻥ ﺍﻟﺠﺩﺍﻭل ﺫﻭﺍﺕ ﺍﻷﺭﻗﺎﻡ )‪،(6) ،(5) ،(4) ،(3) ،(2‬‬ ‫ﺇﺠﺭﺍﺀﺍﺕ ﻤﻌﺎﻟﺠﺔ ﺍﻻﺴﺘﺒﺎﻨﺔ ‪:‬‬
‫)‪ ،(10) ،(9) ،(8) ،(7‬ﻭ)‪ (11‬ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺘﻲ ﺘﻡ ﺍﻟﺘﻭﺼل ﺇﻟﻴﻬﺎ‬ ‫ﻓﻲ ﺇﻁﺎﺭ ﻤﻌﺎﻟﺠﺔ ﺍﻻﺴﺘﺒﺎﻨﺔ ﺘﻡ ﺘﺤﺩﻴﺩ ﻤﻘﺎﻴﻴﺱ ﻟﻺﺠﺎﺒﺔ ﻋﻠﻰ‬
‫ﻤﻥ ﻭﺠﻬﺔ ﻨﻅﺭ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﺍﻟﺸﻜل ﺍﻵﺘﻲ‪:‬‬ ‫ﺍﻷﺴﺌﻠﺔ ﺍﻟﻭﺍﺭﺩﺓ ﻓﻴﻬﺎ ﺒﺎﺴﺘﺨﺩﺍﻡ ﻤﻘﻴﺎﺱ ﻟﻴﻜﺭﺕ ﺍﻟﺨﻤﺎﺴﻲ ﺇﺫ‬
‫ﻴﺸﻴﺭ ﺍﻟﺭﻗﻡ )‪ (5‬ﺇﻟﻰ ﻤﻭﺍﻓﻕ ﺒﺸﺩﺓ‪ ،‬ﺃﻤﺎ ﺭﻗﻡ )‪ (4‬ﻓﻴﺸﻴﺭ ﺇﻟﻰ‬
‫ﺠﺩﻭل )‪(2‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻤﺴﺘﻭﻯ‬ ‫ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ ‪t‬‬ ‫ﺍﻻﻨﺤﺭﺍﻑ‬ ‫ﺍﻟﻤﺘﻭﺴﻁ‬
‫ﺍﻟﺒﻴﺎﻥ‬ ‫ﺍﻟﺭﻗﻡ‬
‫ﺍﻟﺩﻻﻟﺔ‬ ‫ﺍﻟﻤﺤﺴﻭﺒﺔ ﺍﻟﺤﺭﻴﺔ‬ ‫ﺍﻟﻤﻌﻴﺎﺭﻱ‬ ‫ﺍﻟﺤﺴﺎﺒﻲ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.661‬‬ ‫‪0.828‬‬ ‫‪4.333‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﺘﺎﺭﻴﺨﻴﺔ ﻋﻥ ﺍﻟﺸﺭﻜﺔ‬ ‫‪1‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.800‬‬ ‫‪0.833‬‬ ‫‪4.361‬‬ ‫ﺍﻟﻬﻴﻜل ﺍﻟﺘﻨﻅﻴﻤﻲ ﻟﻠﺸﺭﻜﺔ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.506‬‬ ‫‪0.654‬‬ ‫‪4.472‬‬ ‫ﺘﺄﺜﻴﺭ ﺍﻟﻭﻀﻊ ﺍﻟﺴﻴﺎﺴﻲ ﻋﻠﻰ ﻨﺘﺎﺌﺞ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪16.372‬‬ ‫‪0.560‬‬ ‫‪4.528‬‬ ‫ﺍﻟﺸﺭﻜﺔﺍﻻﻗﺘﺼﺎﺩﻱ ﻋﻠﻰ ﻨﺘﺎﺌﺞ‬
‫ﺃﻋﻤﺎلﺍﻟﻭﻀﻊ‬
‫ﺘﺄﺜﻴﺭ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪14.509‬‬ ‫‪0.609‬‬ ‫‪4.472‬‬ ‫ﻟﺸﺭﻜﺔﺘﺄﺜﻴﺭ ﺍﻟﺘﻁﻭﺭﺍﺕ ﺍﻹﻗﻠﻴﻤﻴﺔ‬ ‫ﺃﻋﻤﺎل ﺍ‬
‫ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪16.054‬‬ ‫‪0.561‬‬ ‫‪4.500‬‬ ‫ﺍﻟﺸﺭﻜﺔﺍﻟﻘﺎﻨﻭﻨﻴﺔ ﻋﻠﻰ ﺍﻟﺸﺭﻜﺔ‬ ‫ﻋﻠﻰ‬
‫ﺘﺄﺜﻴﺭ ﺍﻟﺒﻴﺌﺔ‬ ‫‪6‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.583‬‬ ‫‪0.756‬‬ ‫‪4.333‬‬ ‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻘﻁﺎﻋﻴﺔ‬ ‫‪7‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.381‬‬ ‫‪0.803‬‬ ‫‪4.389‬‬ ‫ﺘﺤﻠﻴل ﺍﻟﻤﻨﺎﻓﺴﻴﻥ‬ ‫‪8‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪7.612‬‬ ‫‪0.810‬‬ ‫‪4.028‬‬ ‫ﺤﺼﺔ ﺍﻟﺸﺭﻜﺔ ﻤﻥ ﺍﻟﺴﻭﻕ‬ ‫‪9‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.148‬‬ ‫‪0.732‬‬ ‫‪3.750‬‬ ‫ﺍﻟﻤﻴﺯﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻟﻠﺸﺭﻜﺔ‬ ‫‪10‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.600‬‬ ‫‪0.833‬‬ ‫‪3.639‬‬ ‫ﺍﻟﺒﺭﺍﻤﺞ ﺍﻟﺘﺄﻤﻴﻨﻴﺔ ﻟﻠﺸﺭﻜﺔ‬ ‫‪11‬‬
‫‪0.030‬‬ ‫‪35‬‬ ‫‪2.262‬‬ ‫‪1.105‬‬ ‫‪3.417‬‬ ‫ﺠﻭﺩﺓ ﺍﻟﻤﻨﺘﺠﺎﺕ ﻭﺍﻟﺨﺩﻤﺎﺕ‬ ‫‪12‬‬
‫‪0.041‬‬ ‫‪35‬‬ ‫‪2.118‬‬ ‫‪1.180‬‬ ‫‪3.417‬‬ ‫ﻭﺼﻑ ﻟﻤﺩﻯ ﺍﻻﻟﺘﺯﺍﻡ ﺒﺎﻟﺨﻁﻁ‬ ‫‪13‬‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔﻋﻥ ﺍﻟﺤﻤﻼﺕ ﺍﻹﻋﻼﻨﻴﺔ‬
‫ﻤﻌﻠﻭﻤﺎﺕ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.808‬‬ ‫‪1.028‬‬ ‫‪4.167‬‬ ‫‪14‬‬
‫ﻋﻠﻰ ﺍﻟﻤﺩﻯ ﺍﻟﻘﺼﻴﺭ‬
‫‪-684-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬

‫ﺍﻟﺩﻻﻟﺔ‬ ‫ﺍﻟﺤﺭﻴﺔ‬ ‫ﺍﻟﻤﺤﺴﻭﺒﺔ‬ ‫ﺍﻟﻤﻌﻴﺎﺭﻱ‬ ‫ﺍﻟﺤﺴﺎﺒﻲ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪7.095‬‬ ‫‪0.893‬‬ ‫‪4.056‬‬ ‫ﺍﻟﻁﺎﻗﺔ ﺍﻹﻨﺘﺎﺠﻴﺔ ﻟﻠﺸﺭﻜﺔ‬ ‫‪15‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.348‬‬ ‫‪0.893‬‬ ‫‪3.944‬‬ ‫ﺘﺤﻠﻴﻼﺕ ﻟﻠﻤﺸﺎﺭﻴﻊ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫‪16‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.277‬‬ ‫‪1.052‬‬ ‫‪3.750‬‬ ‫ﻭﺼﻑ ﻟﺸﺒﻜﺎﺕ ﺍﻟﺘﺴﻭﻴﻕ ﻟﻠﺴﻠﻊ‬ ‫‪17‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.587‬‬ ‫‪1.017‬‬ ‫‪3.778‬‬ ‫ﻭﺍﻟﺨﺩﻤﺎﺕﻋﻥ ﺒﺭﺍﻤﺞ ﺍﻟﺘﻭﺴﻊ ﻭﺍﻟﺘﻤﻠﻙ‬
‫ﻤﻌﻠﻭﻤﺎﺕ‬ ‫‪18‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.219‬‬ ‫‪0.990‬‬ ‫‪3.861‬‬ ‫ﺍﻹﻓﺼﺎﺡ ﺒﺸﻜل ﺠﺩﺍﻭل ﻭﺭﺴﻭﻡ ﺒﻴﺎﻨﻴﺔ‬ ‫‪19‬‬
‫‪0.001‬‬ ‫‪35‬‬ ‫‪3.571‬‬ ‫‪1.167‬‬ ‫‪3.694‬‬ ‫ﺍﻹﻓﺼﺎﺡ ﻋﻥ ﺍﻟﺘﻜﻠﻔﺔ ﻓﻲ ﺍﻟﺼﻨﺎﻋﺔ‬ ‫‪20‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.122‬‬ ‫‪0.809‬‬ ‫‪3.556‬‬ ‫ﺒﻴﺎﻥ ﺒﺎﻟﻌﻤﻼﺀ ﺃﻭ ﺍﻟﻤﻭﺭﺩﻴﻥ ﺍﻟﺭﺌﻴﺴﻴﻥ‬ ‫‪21‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.120‬‬ ‫‪0.931‬‬ ‫‪3.639‬‬ ‫ﻟﻠﺸﺭﻜﺔﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻟﻠﺸﺭﻜﺔ‬
‫ﺍﻟﻘﺩﺭﺓ‬ ‫‪22‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.472‬‬ ‫‪0.798‬‬ ‫‪3.861‬‬ ‫ﺍﻟﻤﺼﺎﻋﺏ ﺍﻟﺘﻲ ﺘﻭﺍﺠﻬﻬﺎ ﺍﻟﺸﺭﻜﺔ‬ ‫‪23‬‬
‫ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻤﻼﺕ ﺍﻹﻋﻼﻨﻴﺔ‬
‫‪0.017‬‬ ‫‪35‬‬ ‫‪2.499‬‬ ‫‪0.867‬‬ ‫‪3.361‬‬ ‫‪24‬‬
‫ﻋﻠﻰ ﺍﻟﻤﺩﻯ ﺍﻟﻁﻭﻴل‬
‫ﺘﺤﻠﻴﻼﺕ ﻟﻠﻔﺭﻭﻉ )ﻨﻅﺭﺓ ﻋﺎﻤﺔ‪ ،‬ﻨﻅﺭﺓ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.376‬‬ ‫‪0.736‬‬ ‫‪4.028‬‬ ‫‪25‬‬
‫ﺘﺎﺭﻴﺨﻴﺔ ﻤﺨﺘﺼﺭﺓ‪ ،‬ﺍﻟﻌﻤﻠﻴﺎﺕ‪،‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.070‬‬ ‫‪0.822‬‬ ‫‪3.694‬‬ ‫ﺍﻟﻤﺴﺎﻫﻤﺔ(ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻘﻭﻤﻲ‬
‫ﻤﺴﺎﻫﻤﺔ‬ ‫‪26‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.197‬‬ ‫‪0.898‬‬ ‫‪3.778‬‬ ‫ﺃﺜﺭ ﺍﻟﺘﻜﻨﻭﻟﻭﺠﻴﺎ ﻋﻠﻰ ﺍﻟﺸﺭﻜﺔ‬ ‫‪27‬‬
‫‪0.003‬‬ ‫‪35‬‬ ‫‪7.310‬‬ ‫‪0.858‬‬ ‫‪3.956‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﺠﺩﻭل )‪(3‬‬
‫ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪15.050‬‬ ‫‪0.543‬‬ ‫‪4.361‬‬ ‫ﺒﻴﺎﻥ ﺒﺎﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻭﺍﻷﻫﺩﺍﻑ ﺍﻟﻌﺎﻤﺔ‬ ‫‪1‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪15.777‬‬ ‫‪0.560‬‬ ‫‪4.472‬‬ ‫ﺒﻴﺎﻥ ﺒﺎﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻭﺍﻷﻫﺩﺍﻑ ﺍﻟﻤﺎﻟﻴﺔ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪16.733‬‬ ‫‪0.558‬‬ ‫‪4.556‬‬ ‫ﺒﻴﺎﻥ ﺒﺎﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻭﺍﻷﻫﺩﺍﻑ ﺍﻟﺘﺴﻭﻴﻘﻴﺔ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.449‬‬ ‫‪0.723‬‬ ‫‪4.139‬‬ ‫ﺒﻴﺎﻥ ﺒﺎﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻭﺍﻷﻫﺩﺍﻑ‬ ‫‪4‬‬
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬
‫ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺍﻟﺸﺭﻜﺔ‬ ‫ﺘﺄﺜﻴﺭ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.602‬‬ ‫‪0.575‬‬ ‫‪4.111‬‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.867‬‬ ‫‪0.583‬‬ ‫‪4.056‬‬ ‫ﺍﻟﺤﺎﻟﻴﺔﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺍﻟﺸﺭﻜﺔ‬
‫ﺘﺄﺜﻴﺭ‬ ‫‪6‬‬
‫ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.402‬‬ ‫‪0.754‬‬ ‫‪4.056‬‬ ‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻨﻭﻋﻴﺔ ﺒﺎﻟﻤﺒﻴﻌﺎﺕ‬ ‫‪7‬‬
‫‪-685-‬‬

‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.881‬‬ ‫‪0.732‬‬ ‫‪4.083‬‬ ‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻜﻤﻴﺔ ﻟﻠﻤﺒﻴﻌﺎﺕ‬ ‫‪8‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.402‬‬ ‫‪0.754‬‬ ‫‪4.056‬‬ ‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻨﻭﻋﻴﺔ ﺒﺎﻟﺭﺒﺢ‬ ‫‪9‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.504‬‬ ‫‪0.637‬‬ ‫‪4.222‬‬ ‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻜﻤﻴﺔ ﺒﺎﻟﺭﺒﺢ‬ ‫‪10‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.225‬‬ ‫‪0.535‬‬ ‫‪4.000‬‬ ‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻨﻭﻋﻴﺔ ﻟﻠﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪11‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.602‬‬ ‫‪0.575‬‬ ‫‪4.111‬‬ ‫ﺍﻟﺘﻨﺒﺅﺍﺕ ﺍﻟﻜﻤﻴﺔ ﻟﻠﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ‬ ‫‪12‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.410‬‬ ‫‪0.591‬‬ ‫‪4.222‬‬ ‫ﺍﻻﻓﺘﺭﺍﻀﺎﺕ ﺍﻟﺘﻲ ﺒﻨﻴﺕ ﻋﻠﻴﻬﺎ ﺍﻟﺘﻨﺒﺅﺍﺕ‬ ‫‪13‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.688‬‬ ‫‪0.639‬‬ ‫‪4.139‬‬ ‫ﻨﺘﺎﺌﺞ ﻤﻘﺎﺭﻨﺔ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻔﻌﻠﻴﺔ ﻤﻊ‬ ‫‪14‬‬
‫ﺍﻟﻤﺨﻁﻁﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.859‬‬ ‫‪0.715‬‬ ‫‪4.056‬‬ ‫ﺍﻟﻌﻭﺍﻤل ﺍﻟﻤﺅﺜﺭﺓ ﻋﻠﻰ ﺍﻷﺩﺍﺀ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ‬ ‫‪15‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.095‬‬ ‫‪0.710‬‬ ‫‪4.194‬‬ ‫ﺍﻟﻤﺸﺭﻭﻋﺎﺕ ﻭﺍﻷﻨﺸﻁﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫‪16‬‬

‫ﻭﺍﻟﺒﻴﺌﻴﺔ ﺍﻟﻤﺨﻁﻁﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.347‬‬ ‫‪0.636‬‬ ‫‪4.177‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﺠﺩﻭل )‪(4‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻤﺴﺘﻭﻯ‬ ‫ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ ‪t‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻻﻨﺤﺭﺍﻑ‬
‫ﺍﻟﺩﻻﻟﺔ‬ ‫ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻤﻌﻴﺎﺭﻱ ﺍﻟﻤﺤﺴﻭﺒﺔ ﺍﻟﺤﺭﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪16.140‬‬ ‫‪0.599‬‬ ‫‪4.611‬‬ ‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻲ ﻨﻬﺎﻴﺔ ﺍﻟﺴﻨﺔ‬ ‫‪1‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.913‬‬ ‫‪0.599‬‬ ‫‪4.389‬‬ ‫ﺍﺘﺠﺎﻫﺎﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.914‬‬ ‫‪0.697‬‬ ‫‪4.500‬‬ ‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺸﺭﻜﺔ ﻓﻲ ﻨﻬﺎﻴﺔ ﺍﻟﺴﻨﺔ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.039‬‬ ‫‪0.770‬‬ ‫‪4.417‬‬ ‫ﻋﺩﺩ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﺍﻟﻜﻠﻲ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪7.730‬‬ ‫‪0.841‬‬ ‫‪4.083‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﻭﺤﺼﺼﻬﻡ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.292‬‬ ‫‪0.723‬‬ ‫‪4.361‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﻜﺒﺎﺭ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‬ ‫‪6‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.593‬‬ ‫‪0.543‬‬ ‫‪4.139‬‬ ‫ﺘﺤﻠﻴل ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻲ ﺸﻜل ﻤﻌﻠﻭﻤﺎﺕ ﻭﺼﻔﻴﺔ ﻜﺘﺎﺒﻴﺔ‬ ‫‪7‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.693‬‬ ‫‪0.655‬‬ ‫‪4.167‬‬ ‫ﺘﺤﻠﻴل ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻲ ﺸﻜل ﻤﻌﻠﻭﻤﺎﺕ ﺭﻗﻤﻴﺔ ﺠﺩﻭﻟﻴﻪ‬ ‫‪8‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.039‬‬ ‫‪0.678‬‬ ‫‪4.333‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫‪-686-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﺠﺩﻭل )‪(5‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻹﺩﺍﺭﺓ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.393‬‬ ‫‪0.422‬‬ ‫‪4.222‬‬ ‫ﺃﻋﻤﺎﺭ ﺍﻟﻤﺩﺭﺍﺀ‬ ‫‪1‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.000‬‬ ‫‪0.500‬‬ ‫‪4.417‬‬ ‫ﺍﻟﺸﻬﺎﺩﺍﺕ ﺍﻟﻌﻠﻤﻴﺔ ﻟﻠﻤﺩﺭﺍﺀ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.748‬‬ ‫‪0.507‬‬ ‫‪4.500‬‬ ‫ﺍﻟﺨﺒﺭﺍﺕ ﺍﻟﻌﻤﻠﻴﺔ ﻟﻠﻤﺩﺭﺍﺀ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪18.520‬‬ ‫‪0.504‬‬ ‫‪4.556‬‬ ‫ﺘﻘﺴﻴﻡ ﺍﻟﻤﺩﺭﺍﺀ ﺇﻟﻰ ﺘﻨﻔﻴﺫﻴﻴﻥ ﻭﻏﻴﺭ ﺘﻨﻔﻴﺫﻴﻴﻥ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪16.733‬‬ ‫‪0.478‬‬ ‫‪4.333‬‬ ‫ﺍﻟﻭﻅﺎﺌﻑ ﺍﻟﺘﻲ ﻴﺸﻐﻠﻬﺎ ﺍﻟﻤﺩﺭﺍﺀ ﺍﻟﺘﻨﻔﻴﺫﻴﻭﻥ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.000‬‬ ‫‪0.500‬‬ ‫‪4.417‬‬ ‫ﺨﺒﺭﺍﺕ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ ﻭﻤﺴﺅﻭﻟﻴﺎﺘﻬﺎ‬ ‫‪6‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪16.855‬‬ ‫‪0.494‬‬ ‫‪4.389‬‬ ‫ﻤﻭﺍﻗﻊ ﻗﻴﺎﺩﻴﺔ ﺴﺒﻕ ﻟﻠﻤﺩﺭﺍﺀ ﺍﻟﻌﻤل ﺒﻬﺎ‬ ‫‪7‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪14.967‬‬ ‫‪0.535‬‬ ‫‪4.333‬‬ ‫ﺘﻘﺭﻴﺭ ﻋﻥ ﻤﺴﺅﻭﻟﻴﺔ ﺍﻟﻤﺩﺭﺍﺀ ﻓﻲ ﺇﻋﺩﺍﺩ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬ ‫‪8‬‬
‫ﻤﻥ ﻫﻭ ﺼﺎﺤﺏ ﺍﻟﺼﻼﺤﻴﺔ ﻓﻲ ﺘﺤﺩﻴﺩ ﺍﻟﺘﻌﻭﻴﻀﺎﺕ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.447‬‬ ‫‪0.506‬‬ ‫‪4.472‬‬ ‫‪9‬‬
‫ﻟﻠﻤﺩﺭﺍﺀ ﻭﻜﻴﻑ ﻴﺘﻡ ﺘﺤﺩﻴﺩﻫﺎ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.197‬‬ ‫‪0.504‬‬ ‫‪4.444‬‬ ‫ﺃﺴﻤﺎﺀ ﺃﻋﻀﺎﺀ ﻟﺠﻨﺔ ﺍﻟﺘﻌﻭﻴﻀﺎﺕ‬ ‫‪10‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.078‬‬ ‫‪0.439‬‬ ‫‪4.250‬‬ ‫ﺃﺴﺱ ﺘﺤﺩﻴﺩ ﻗﻴﻤﺔ ﺍﻟﺘﻌﻭﻴﻀﺎﺕ ﻷﻋﻀﺎﺀ ﻤﺠﻠﺱ ﺍﻹﺩﺍﺭﺓ‬ ‫‪11‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.085‬‬ ‫‪0.490‬‬ ‫‪4.394‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﺠﺩﻭل )‪(6‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.001‬‬ ‫‪35‬‬ ‫‪3.734‬‬ ‫‪0.937‬‬ ‫‪3.583‬‬ ‫ﺴﻼﻤﺔ ﺍﻟﻤﻨﺘﺠﺎﺕ ﻭﻋﺩﻡ ﺘﺄﺜﻴﺭﻫﺎ ﻓﻲ ﺍﻟﺒﻴﺌﺔ‬ ‫‪1‬‬
‫‪0.001‬‬ ‫‪35‬‬ ‫‪3.497‬‬ ‫‪0.810‬‬ ‫‪3.472‬‬ ‫ﺒﺭﻨﺎﻤﺞ ﺤﻤﺎﻴﺔ ﺍﻟﺒﻴﺌﺔ ﻜﻴﻔﻴﺔ‬ ‫‪2‬‬
‫‪0.001‬‬ ‫‪35‬‬ ‫‪3.607‬‬ ‫‪0.878‬‬ ‫‪3.528‬‬ ‫ﺒﺭﻨﺎﻤﺞ ﺤﻤﺎﻴﺔ ﺍﻟﺒﻴﺌﺔ ﻜﻤﻴﺔ‬ ‫‪3‬‬
‫‪0.003‬‬ ‫‪35‬‬ ‫‪3.228‬‬ ‫‪0.878‬‬ ‫‪3.472‬‬ ‫ﺍﻹﻋﺎﻨﺎﺕ ﺍﻟﻤﻘﺩﻤﺔ ﻟﻠﻐﻴﺭ‬ ‫‪4‬‬
‫‪0.016‬‬ ‫‪35‬‬ ‫‪2.527‬‬ ‫‪0.659‬‬ ‫‪3.278‬‬ ‫ﺍﻟﻬﺒﺎﺕ ﻭﺍﻟﻤﻨﺢ‬ ‫‪5‬‬
‫‪0.004‬‬ ‫‪35‬‬ ‫‪3.114‬‬ ‫‪0.910‬‬ ‫‪3.472‬‬ ‫ﺍﻟﺘﺒﺭﻋﺎﺕ ﺍﻟﺨﻴﺭﻴﺔ‬ ‫‪6‬‬
‫‪0.026‬‬ ‫‪35‬‬ ‫‪2.320‬‬ ‫‪0.862‬‬ ‫‪3.333‬‬ ‫ﺍﻟﺒﺭﺍﻤﺞ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫‪7‬‬
‫‪-687-‬‬

‫‪0.002‬‬ ‫‪35‬‬ ‫‪3.416‬‬ ‫‪0.878‬‬ ‫‪3.500‬‬ ‫ﺃﻤﺎﻥ ﻭﺠﻭﺩﺓ ﺍﻟﻤﻨﺘﺠﺎﺕ ‪ /‬ﺍﻟﺨﺩﻤﺎﺕ‬ ‫‪8‬‬
‫‪0.004‬‬ ‫‪35‬‬ ‫‪3.114‬‬ ‫‪0.910‬‬ ‫‪3.472‬‬ ‫ﺒﻴﺎﻥ ﺒﺎﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻟﺒﻴﺌﻴﺔ ﻭﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻟﻠﺸﺭﻜﺔ‬ ‫‪9‬‬
‫‪0.037‬‬ ‫‪35‬‬ ‫‪2.168‬‬ ‫‪0.692‬‬ ‫‪3.250‬‬ ‫ﺇﻋﺎﻨﺎﺕ ﻟﻠﻌﻤﺎل‬ ‫‪10‬‬
‫‪0.009‬‬ ‫‪35‬‬ ‫‪3.073‬‬ ‫‪0.841‬‬ ‫‪3.436‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﺠﺩﻭل )‪(7‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.000‬‬ ‫‪0.500‬‬ ‫‪4.417‬‬ ‫ﺴﻴﺎﺴﻴﺔ ﺘﻭﺯﻴﻊ ﺍﻷﺭﺒﺎﺡ )ﺫﻜﺭ ﻨﺴﺒﺔ ﺍﻟﺭﺒﺢ‬ ‫‪1‬‬
‫ﺍﻟﻤﻭﺯﻉ( ﻟﻠﻌﺎﻡ ﺍﻟﺤﺎﻟﻲ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.504‬‬ ‫‪0.637‬‬ ‫‪4.222‬‬ ‫ﺘﺼﻨﻴﻑ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺠﻐﺭﺍﻓﻴﺎﹰ ‪ -‬ﻭﻓﻘﺎﹰ ﻟﻠﻌﻤﻼﺀ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.247‬‬ ‫‪0.732‬‬ ‫‪4.250‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﻤﺎﻟﻴﺔ ﺘﺎﺭﻴﺨﻴﺔ ‪ -‬ﺴﺕ ﺴﻨﻭﺍﺕ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.663‬‬ ‫‪0.586‬‬ ‫‪4.333‬‬ ‫ﻤﻌﺩﻻﺕ ﺍﻟﺭﺒﺤﻴﺔ ﺴﺎﺒﻘﺔ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.163‬‬ ‫‪0.722‬‬ ‫‪4.222‬‬ ‫ﻤﻌﺩﻻﺕ ﺍﻟﺘﺩﻓﻕ ﺍﻟﻨﻘﺩﻱ ﺴﺎﺒﻘﺔ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.288‬‬ ‫‪0.652‬‬ ‫‪4.444‬‬ ‫ﻤﻌﺩﻻﺕ ﺍﻟﺴﻴﻭﻟﺔ‬ ‫‪6‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.922‬‬ ‫‪0.645‬‬ ‫‪4.389‬‬ ‫ﻨﺴﺒﺔ ﺍﻟﻤﺩﻴﻭﻨﻴﺔ‬ ‫‪7‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.773‬‬ ‫‪0.593‬‬ ‫‪4.361‬‬ ‫ﻨﺴﺏ ﺘﻁﻭﻴﺭ ﺍﻹﻨﺘﺎﺝ ﻭﺍﻟﻤﺒﻴﻌﺎﺕ‬ ‫‪8‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.569‬‬ ‫‪0.540‬‬ ‫‪4.222‬‬ ‫ﺘﻔﺴﻴﺭﺍﺕ ﺤﻭل ﺍﻹﻨﺘﺎﺝ ﻭﺍﻟﻤﺒﻴﻌﺎﺕ‬ ‫‪9‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.486‬‬ ‫‪0.561‬‬ ‫‪4.167‬‬ ‫ﺘﻔﺴﻴﺭﺍﺕ ﺤﻭل ﻫﻴﻜل ﺍﻟﻤﻠﻜﻴﺔ‬ ‫‪10‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.584‬‬ ‫‪0.577‬‬ ‫‪4.306‬‬ ‫ﻤﻌﺩﻻﺕ ﺍﻹﻨﺘﺎﺠﻴﺔ‬ ‫‪11‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪13.663‬‬ ‫‪0.586‬‬ ‫‪4.333‬‬ ‫ﺘﻔﺴﻴﺭﺍﺕ ﻋﻥ ﺍﻟﺘﻐﻴﺭ ﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻤﺠﻤل‬ ‫‪12‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.712‬‬ ‫‪0.622‬‬ ‫‪4.111‬‬ ‫ﺘﺤﻠﻴل ﻗﻁﺎﻋﻲ ﺇﺩﺍﺭﻱ ﻟﻸﻋﻤﺎل‬ ‫‪13‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.428‬‬ ‫‪0.654‬‬ ‫‪4.028‬‬ ‫ﺘﺄﺜﻴﺭ ﺍﻟﺘﻀﺨﻡ ﻋﻠﻰ ﻤﺴﺘﻘﺒل ﻋﻤﻠﻴﺎﺕ ﺍﻟﻤﻨﺸﺄﺓ‬ ‫‪14‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.602‬‬ ‫‪0.575‬‬ ‫‪4.111‬‬ ‫ﺘﺄﺜﻴﺭ ﺍﻟﺘﻀﺨﻡ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺍﻟﺸﺭﻜﺔ‬ ‫‪15‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.282‬‬ ‫‪0.575‬‬ ‫‪3.889‬‬ ‫ﺘﺄﺜﻴﺭ ﺍﻟﺘﻀﺨﻡ ﻋﻠﻰ ﺍﻷﺼﻭل‬ ‫‪16‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.013‬‬ ‫‪0.649‬‬ ‫‪4.083‬‬ ‫ﺘﺄﺜﻴﺭ ﻤﻌﺩﻻﺕ ﺍﻟﻔﺎﺌﺩﺓ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺍﻟﺸﺭﻜﺔ‬ ‫‪17‬‬
‫‪-688-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬

‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.054‬‬ ‫‪0.630‬‬ ‫‪4.056‬‬ ‫ﺃﺴﻌﺎﺭ ﺍﻟﺼﺭﻑ ﺍﻟﺭﺌﻴﺴﺔ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﺘﺭﺠﻤﺔ‬ ‫‪18‬‬
‫ﺍﻟﺤﺴﺎﺒﺎﺕ ﺒﺎﻟﻌﻤﻼﺕ ﺍﻷﺠﻨﺒﻴﺔ ﺇﻟﻰ ﺍﻟﻌﻤﻠﺔ ﺍﻟﻤﺤﻠﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.053‬‬ ‫‪0.613‬‬ ‫‪4.219‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﺠﺩﻭل )‪(8‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.479‬‬ ‫‪0.465‬‬ ‫‪3.889‬‬ ‫ﺴﻴﺎﺴﺔ ﺍﻷﺒﺤﺎﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‬ ‫‪1‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.522‬‬ ‫‪0.543‬‬ ‫‪3.861‬‬ ‫ﻤﻭﺍﻗﻊ ﺃﻨﺸﻁﺔ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.233‬‬ ‫‪0.668‬‬ ‫‪3.694‬‬ ‫ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪7.897‬‬ ‫‪0.591‬‬ ‫‪3.778‬‬ ‫ﺍﻟﻤﻴﺯﺍﻨﻴﺔ ﺍﻟﻤﺨﺼﺼﺔ ﻟﻠﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.522‬‬ ‫‪0.543‬‬ ‫‪3.861‬‬ ‫ﻤﺸﺎﺭﻴﻊ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.860‬‬ ‫‪0.507‬‬ ‫‪3.833‬‬ ‫ﻤﺅﺸﺭﺍﺕ ﻜﻤﻴﺔ ﻻﺘﺠﺎﻩ ﻨﻔﻘﺎﺕ ﺍﻷﺒﺤﺎﺙ‬ ‫‪6‬‬
‫ﻭﺍﻟﺘﻁﻭﻴﺭ ﺨﻼل ﺍﻟﺴﻨﺘﻴﻥ ﺍﻷﺨﻴﺭﺘﻴﻥ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.346‬‬ ‫‪0.467‬‬ ‫‪3.806‬‬ ‫ﻤﺅﺸﺭﺍﺕ ﺒﻴﺎﻨﻴﺔ ﻻﺘﺠﺎﻩ ﻨﻔﻘﺎﺕ ﺍﻷﺒﺤﺎﺙ‬ ‫‪7‬‬
‫ﻭﺍﻟﺘﻁﻭﻴﺭ ﺨﻼل ﺍﻟﺴﻨﺘﻴﻥ ﺍﻷﺨﻴﺭﺘﻴﻥ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.635‬‬ ‫‪0.540‬‬ ‫‪3.778‬‬ ‫ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﻤﺤﻘﻘﺔ ﻤﻥ ﺍﻷﺒﺤﺎﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ‬ ‫‪8‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.187‬‬ ‫‪0.540‬‬ ‫‪3.813‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫‪-689-‬‬
‫ﺠﺩﻭل )‪(9‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.001‬‬ ‫‪35‬‬ ‫‪3.803‬‬ ‫‪0.877‬‬ ‫‪3.556‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻭﺘﺼﻨﻴﻔﻬﻡ ﻭﻓﻘﺎﹰ‬ ‫‪1‬‬
‫)ﻟﻠﺠﻨﺱ ﻤﺴﺘﻭﻯ ﺍﻟﺘﻌﻠﻴﻡ(‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.868‬‬ ‫‪0.856‬‬ ‫‪3.694‬‬ ‫ﺘﻭﺯﻴﻊ ﺍﻟﻌﺎﻤﻠﻴﻥ ﺩﺍﺨل ﺇﺩﺍﺭﺍﺕ ﺍﻟﺸﺭﻜﺔ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.422‬‬ ‫‪0.867‬‬ ‫‪3.639‬‬ ‫ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻟﻠﻌﺎﻤﻴﻥ ﺍﻟﻤﺎﻀﻴﻴﻥ ﺃﻭ‬ ‫‪3‬‬
‫ﻟﺴﻨﻭﺍﺕ ﺃﻜﺜﺭ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.233‬‬ ‫‪0.668‬‬ ‫‪3.694‬‬ ‫ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻟﻠﻌﺎﻡ ﺍﻟﺤﺎﻟﻲ ﻓﻘﻁ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪7.937‬‬ ‫‪0.756‬‬ ‫‪4.000‬‬ ‫ﻤﺒﺭﺭﺍﺕ ﺍﻟﺘﻐﻴﺭ ﻓﻲ ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪6.452‬‬ ‫‪0.749‬‬ ‫‪3.806‬‬ ‫ﺍﻟﺴﻴﺎﺴﺔ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﺍﻟﺘﻭﻅﻴﻑ‬ ‫‪6‬‬
‫‪0.006‬‬ ‫‪35‬‬ ‫‪2.918‬‬ ‫‪1.028‬‬ ‫‪3.500‬‬ ‫ﻨﺴﺒﺔ ﺍﻟﻌﻤﺎل ﺍﻟﻤﺤﻠﻴﻴﻥ ﻤﻥ ﺇﺠﻤﺎﻟﻲ ﺍﻟﻌﻤﺎل‬ ‫‪7‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.582‬‬ ‫‪0.609‬‬ ‫‪3.972‬‬ ‫ﺘﺄﺜﻴﺭ ﺍﻟﺘﺩﺭﻴﺏ ﻋﻠﻰ ﻨﺘﺎﺌﺞ ﺍﻟﺸﺭﻜﺔ‬ ‫‪8‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.570‬‬ ‫‪0.622‬‬ ‫‪3.889‬‬ ‫ﻨﻭﻋﻴﺔ ﺍﻟﺘﺩﺭﻴﺏ‬ ‫‪9‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.562‬‬ ‫‪0.749‬‬ ‫‪3.694‬‬ ‫ﻨﻭﻋﻴﺔ ﺍﻟﻌﺎﻤﻠﻴﻥ ﺍﻟﺫﻴﻥ ﺘﻡ ﺘﺩﺭﻴﺒﻬﻡ‬ ‫‪10‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.562‬‬ ‫‪0.749‬‬ ‫‪3.694‬‬ ‫ﻋﺩﺩ ﺍﻟﻌﺎﻤﻠﻴﻥ ﺍﻟﺫﻴﻥ ﺘﻡ ﺘﺩﺭﻴﺒﻬﻡ‬ ‫‪11‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪3.872‬‬ ‫‪0.990‬‬ ‫‪3.639‬‬ ‫ﺴﻴﺎﺴﺔ ﺍﻟﺘﺩﺭﻴﺏ‬ ‫‪12‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.528‬‬ ‫‪0.920‬‬ ‫‪3.694‬‬ ‫ﺍﻟﻤﻴﺯﺍﻨﻴﺔ ﺍﻟﻤﺨﺼﺼﺔ ﻟﻠﺘﺩﺭﻴﺏ‬ ‫‪13‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪7.531‬‬ ‫‪0.708‬‬ ‫‪3.889‬‬ ‫ﺇﻨﺘﺎﺠﻴﺔ ﺍﻟﻌﺎﻤل‬ ‫‪14‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪4.058‬‬ ‫‪0.986‬‬ ‫‪3.667‬‬ ‫ﻤﺘﻭﺴﻁ ﺩﺨل ﺍﻟﻌﺎﻤل‬ ‫‪15‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.299‬‬ ‫‪0.786‬‬ ‫‪3.694‬‬ ‫ﺒﺭﺍﻤﺞ ﺘﺩﺭﻴﺒﻴﺔ ﻟﻠﻌﻤﺎل‬ ‫‪16‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.700‬‬ ‫‪0.808‬‬ ‫‪3.733‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫‪-690-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﺠﺩﻭل )‪(10‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻤﺴﺘﻭﻯ‬ ‫‪ t‬ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺍﻻﻨﺤﺭﺍﻑ‬ ‫ﺍﻟﻤﺘﻭﺴﻁ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪14.927‬‬ ‫‪0.525‬‬ ‫‪4.306‬‬ ‫ﻭﺠﻭﺩ ﻟﺠﻨﺔ ﺤﻭﻜﻤﺔ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‬ ‫‪1‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.013‬‬ ‫‪0.649‬‬ ‫‪4.083‬‬ ‫ﺘﻔﺎﺼﻴل ﺃﺴﻤﺎﺀ ﻭﻤﺅﻫﻼﺕ ﺃﻋﻀﺎﺀ ﻟﺠﻨﺔ ﺍﻟﺤﻭﻜﻤﺔ‬ ‫‪2‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.037‬‬ ‫‪0.775‬‬ ‫‪4.167‬‬ ‫ﻤﻬﺎﻡ ﻟﺠﻨﺔ ﺍﻟﺤﻭﻜﻤﺔ‬ ‫‪3‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪8.000‬‬ ‫‪0.667‬‬ ‫‪3.889‬‬ ‫ﻋﺩﺩ ﺍﺠﺘﻤﺎﻋﺎﺕ ﻟﺠﻨﺔ ﺍﻟﺤﻭﻜﻤﺔ‬ ‫‪4‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.729‬‬ ‫‪0.554‬‬ ‫‪4.083‬‬ ‫ﺘﻘﺭﻴﺭ ﻟﺠﻨﺔ ﺍﻟﺤﻭﻜﻤﺔ‬ ‫‪5‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.625‬‬ ‫‪0.659‬‬ ‫‪4.278‬‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻻﻟﺘﺯﺍﻡ ﺒﺎﻟﺤﻭﻜﻤﺔ‬ ‫‪6‬‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.888‬‬ ‫‪0.638‬‬ ‫‪4.134‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﺠﺩﻭل )‪(11‬‬
‫ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﺃﺜﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﺍﻟﺒﻴﺎﻥ‬
‫‪0.003‬‬ ‫‪35‬‬ ‫‪7.310‬‬ ‫‪0.858‬‬ ‫‪3.956‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻷﻭﻟﻰ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪11.347‬‬ ‫‪0.636‬‬ ‫‪4.177‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.039‬‬ ‫‪0.678‬‬ ‫‪4.333‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪17.085‬‬ ‫‪0.490‬‬ ‫‪4.394‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺭﺍﺒﻌﺔ‬
‫‪0.009‬‬ ‫‪35‬‬ ‫‪3.073‬‬ ‫‪0.841‬‬ ‫‪3.436‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺨﺎﻤﺴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.053‬‬ ‫‪0.613‬‬ ‫‪4.219‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺴﺎﺩﺴﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪9.187‬‬ ‫‪0.540‬‬ ‫‪3.813‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺴﺎﺒﻌﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪5.700‬‬ ‫‪0.808‬‬ ‫‪3.733‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻤﻨﺔ‬
‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.888‬‬ ‫‪0.638‬‬ ‫‪4.134‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺘﺎﺴﻌﺔ‬
‫‪0.001‬‬ ‫‪35‬‬ ‫‪9.854‬‬ ‫‪0.678‬‬ ‫‪4.022‬‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺌﻴﺴﺔ‬
‫ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ‬ ‫‪ ‬ﻴﻼﺤﻅ ﻤﻥ ﺍﻟﺠﺩﺍﻭل ﺍﻟﺴﺎﺒﻘﺔ ﻤﺎ ﻴﺄﺘﻲ ‪:‬‬
‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،3.956‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ‬ ‫‪ .1‬ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (2‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﺒﻴﻥ )‪ ،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ‬ ‫ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍ ﻤﺘﻭﺴﻁﺎﹰ ﻓﻲ‬
‫‪-691-‬‬
‫ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬ ‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬

‫ﹰ‬
‫‪ .8‬ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (9‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (3‬ﺇﻥ ﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫‪.2‬‬
‫ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ‬ ‫ﺤﻭل ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ‬
‫ﻤﺘﻭﺴﻁﺎﹰ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ‬ ‫ﻜﺒﻴﺭﺍﹰ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ‬
‫ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،3.733‬ﻭﻫﻭ‬ ‫ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،4.177‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ‬
‫ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪ ،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ‬ ‫ﻴﻘﻊ ﺒﻴﻥ )‪ ،(5-4‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ‬
‫ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬ ‫ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬
‫‪ .9‬ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (10‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (4‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫‪.3‬‬
‫ﻜﺒﻴﺭﺍ ﻓﻲ‬
‫ﹰ‬ ‫ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ‬ ‫ﺤﻭل ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ ﻜﺒﻴﺭﺍﹰ‬
‫ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ‬ ‫ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ‬
‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،4.134‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ‬ ‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،4.333‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ‬
‫ﻤﺴﺒﻘﺎ ﻓﻲ‬
‫ﹰ‬ ‫ﺒﻴﻥ )‪ ،(5-4‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ‬ ‫ﺒﻴﻥ )‪ ،(5-4‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ‬
‫ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬ ‫ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬
‫ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (5‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫‪.4‬‬
‫ﺍﺨﺘﺒﺎﺭ ﻓﺭﻀﻴﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﻭﺍﻟﺭﺌﻴﺴﺔ‪:‬‬ ‫ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻹﺩﺍﺭﺓ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ ﻜﺒﻴﺭﺍﹰ ﻓﻲ ﺠﻭﺩﺓ‬
‫‪ .1‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻷﻭﻟﻰ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ ﻴﺅﺜﺭ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ‬ ‫ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،4.394‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪-4‬‬
‫ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪(2‬‬ ‫‪ ،(5‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬
‫ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ‬ ‫ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (6‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫‪.5‬‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪ ،3.956‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪-3‬‬ ‫ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ ﻤﺘﻭﺴﻁﺎﹰ‬
‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪،‬‬
‫ﹰ‬ ‫‪ ،(3.99‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ‬ ‫ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ‬
‫ﺜﻡ ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻤﺘﻭﺴﻁ ﻓﻲ‬ ‫ﻭﻤﻥ ‪‬‬ ‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،3.436‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ‬
‫ﻓﻀﻼ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ‬ ‫ﹰ‬ ‫ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺒﻴﻥ )‪ ،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ‬
‫ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (2‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ‬ ‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬
‫ﹰ‬
‫)‪ (t-test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.003‬ﻭﻫﻭ ﺃﻗﻠﻤﻥ)‪(0.05‬‬ ‫ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (7‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫‪.6‬‬
‫ﻭﻫﻭ ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ‬ ‫ﺤﻭل ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻜﺎﻥ ﻟﻬﺎ‬
‫ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ‬ ‫ﺃﺜﺭﺍﹰ ﻜﺒﻴﺭﺍﹰ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ‬
‫ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪:‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل‬ ‫ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،4.216‬ﻭﻫﻭ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪ ،(5-4‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ‬
‫‪ .2‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ ﻴﺅﺜﺭ‬ ‫ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ‬ ‫ﻨﺠﺩ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (8‬ﺇﻥ ﻤﻜﻭﻨﺎﺘﺎﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫‪.7‬‬
‫ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺒﺎﻟﻌﻭﺩﺓ‬ ‫ﺤﻭل ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ ﻜﺎﻥ ﻟﻬﺎ ﺃﺜﺭﺍﹰ ﻤﺘﻭﺴﻁﺎﹰ ﻓﻲ‬
‫ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪ (3‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ‬ ‫ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺇﺫ ﺒﻠﻎ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ ﺍﻟﻌﺎﻡ‬
‫ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪،4.177‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ‬ ‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ‪ ،3.813‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ‬
‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪،‬‬
‫ﹰ‬ ‫)‪ ،(5-4‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ‬ ‫ﺒﻴﻥ )‪ ،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻻﻓﺘﺭﺍﻀﻲ ﺍﻟﻤﺤﺩﺩ‬
‫‪-692-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ‬ ‫ﻭﻤﻥ ﺜﻡ‪ ‬ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻜﺒﻴﺭ ﻓﻲ ﺠﻭﺩﺓ‬
‫ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻓﻀﻼﹰ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ‬
‫ﻋﻥ ﺍﻹﺩﺍﺭﺓ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (3‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ‬
‫‪ .5‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺨﺎﻤﺴﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ‬ ‫)‪ (t-test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.000‬ﻭﻫﻭ ﺃﻗﻠﻤﻥ)‪(0.05‬‬
‫ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ‬ ‫ﻭﻫﻭ ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ‬
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ‬
‫ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪ (6‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬ ‫ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل‬
‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪،3.436‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ‬ ‫ﻨﺸﺎﻁ ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﻴﻘﻊ ﺒﻴﻥ )‪،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺜﻡ ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ‬ ‫ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ‪‬‬ ‫‪ .3‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ ﻴﺅﺜﺭ‬
‫ﻓﻀﻼ ﻋﻥ ﺫﻟﻙ‬‫ﹰ‬ ‫ﻤﺘﻭﺴﻁ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ‬
‫ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (6‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ‬ ‫ﺍﻷﺴﻬﻡ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل‬
‫ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ )‪ (t-test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.009‬ﻭﻫﻭ‬ ‫ﺭﻗﻡ )‪ (4‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ‬
‫ﺃﻗﻠﻤﻥ)‪ (0.05‬ﻭﻫﻭ ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ‬ ‫ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪،4.333‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪-4‬‬
‫ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل‬ ‫‪ ،(5‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ‬
‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪:‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﺜﻡ‪ ‬ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻜﺒﻴﺭ ﻓﻲ ﺠﻭﺩﺓ‬
‫ﺤﻭل ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺒﻴﺌﻴﺔ ﻓﻲ ﺠﻭﺩﺓ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻓﻀﻼﹰ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (4‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ‬
‫‪ .6‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺴﺎﺩﺴﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ‬ ‫)‪ (t-test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ‪ 0.000‬ﻭﻫﻭ ﺃﻗل ﻤﻥ)‪(0.05‬‬
‫ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ‬ ‫ﻭﻫﻭ ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ‬
‫ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪ (7‬ﻨﻼﺤﻅ ﺃﻥ‬ ‫ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل‬
‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ‬ ‫ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺒﻠﻎ‪،4.216‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪ ،(5-4‬ﻭﻫﻭ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺜﻡ ﻓﺈﻥ‬‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ‪‬‬ ‫ﹰ‬ ‫ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ‬ ‫‪ .4‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺭﺍﺒﻌﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ ﻴﺅﺜﺭ‬
‫ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻜﺒﻴﺭ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻹﺩﺍﺭﺓ ﻓﻲ‬
‫ﻓﻀﻼ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ‬ ‫ﹰ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪(5‬‬
‫)‪ (7‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ )‪(t-test‬‬ ‫ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ‬
‫ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.000‬ﻭﻫﻭ ﺃﻗﻠﻤﻥ)‪ (0.05‬ﻭﻫﻭ ﻤﺴﺘﻭﻯ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪،4.394‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪،(5-4‬‬
‫ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ‬ ‫ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ‪‬‬
‫ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ‬ ‫ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻜﺒﻴﺭ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻓﻀﻼﹰ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ‬
‫ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫)‪ (5‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ )‪(t-test‬‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.000‬ﻭﻫﻭ ﺃﻗﻠﻤﻥ)‪ (0.05‬ﻭﻫﻭ ﻤﺴﺘﻭﻯ‬
‫‪ .7‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺴﺎﺒﻌﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ‬ ‫ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ‬
‫‪-693-‬‬
‫ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻜﺒﻴﺭ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ‬
‫ﻓﻀﻼ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ‬ ‫ﹰ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫)‪ (10‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ )‪(t-test‬‬ ‫ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪ (8‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬
‫ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.000‬ﻭﻫﻭ ﺃﻗل ﻤﻥ)‪ (0.05‬ﻭﻫﻭ‬ ‫ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪،3.813‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ‬
‫ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ‬ ‫ﻴﻘﻊ ﺒﻴﻥ )‪،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ‬
‫ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ‬ ‫ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ‪ ‬ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ‬
‫ﺍﻟﺘﻲ ﺘﻨﺹ‪:‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل‬ ‫ﻤﺘﻭﺴﻁ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻓﻀﻼﹰ ﻋﻥ ﺫﻟﻙ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﺤﻭﻜﻤﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (8‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ‬
‫‪ .10‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺌﻴﺴﺔ ﻟﻠﺩﺭﺍﺴﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ‬ ‫ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ )‪ (t-test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.000‬ﻭﻫﻭ‬
‫ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺃﻗل ﻤﻥ)‪(0.05‬ﻭﻫﻭ ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ‬
‫ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪ (11‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل‬
‫ﺍﻟﺤﺴﺎﺒﻲ ﺍﻹﺠﻤﺎﻟﻲ ﻟﻠﻤﺘﻭﺴﻁﺎﺕ ﺍﻟﺤﺴﺎﺒﻴﺔ ﻟﻠﻔﺭﻀﻴﺎﺕ‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻟﺘﺴﻊ ﻗﺩ ﺒﻠﻎ‪،4.022‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪،(5-4‬‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ‬
‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ‪‬‬ ‫ﹰ‬ ‫ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ‬ ‫ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ ﻜﺒﻴﺭ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫‪ .8‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻤﻨﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ ﻴﺅﺜﺭ‬
‫ﻓﻀﻼ ﻋﻥ ﺫﻟﻙ ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ‬ ‫ﹰ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ‬
‫)‪ (11‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ ﺍﻹﺠﻤﺎﻟﻲ )‪t-‬‬ ‫ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺒﺎﻟﻌﻭﺩﺓ‬
‫‪ (test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.001‬ﻭﻫﻭ ﺃﻗﻠﻤﻥ)‪ (0.05‬ﻭﻫﻭ‬ ‫ﻟﻠﺠﺩﻭل ﺭﻗﻡ )‪ (9‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ‬
‫ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ‬ ‫ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ‪ 3.733‬ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ‬
‫ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ‬ ‫)‪،(3.99 -3‬ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ‬
‫ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ‪ ‬ﻓﺈﻥ ﺘﻠﻙ ﺍﻟﻤﻜﻭﻨﺎﺕ ﺫﺍﺕ ﺃﺜﺭ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﻤﺘﻭﺴﻁ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻓﻀﻼﹰ ﻋﻥ ﺫﻟﻙ‬
‫ﻭﺒﺎﻟﻌﻭﺩﺓ ﺇﻟﻰ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪ (9‬ﻨﻼﺤﻅ ﺃﻥ ﻤﺴﺘﻭﻯ‬
‫ﺍﻟﻨﺘﺎﺌﺞ ﻭﺍﻟﺘﻭﺼﻴﺎﺕ‪:‬‬ ‫ﺩﻻﻟﺔ ﺍﻻﺨﺘﺒﺎﺭ )‪ (t-test‬ﻴﺴﺎﻭﻱ ﺇﻟﻰ ‪ 0.000‬ﻭﻫﻭ‬
‫‪ -‬ﺍﻟﻨﺘﺎﺌﺞ‪:‬‬ ‫ﺃﻗل ﻤﻥ)‪ (0.05‬ﻭﻫﻭ ﻤﺴﺘﻭﻯ ﺍﻟﺩﻻﻟﺔ ﺍﻟﻤﻌﺘﻤﺩ ﻓﻲ ﻫﺫﻩ‬
‫ﺘﻭﺼﻠﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻟﻨﺘﺎﺌﺞ ﻴﻤﻜﻥ ﺘﺭﺘﻴﺒﻬﺎ‬ ‫ﺍﻟﺩﺭﺍﺴﺔ‪،‬ﻭﺒﻨﺎﺀ ﻋﻠﻴﻪ ﻓﺈﻨﻨﺎ ﻨﺭﻓﺽ ﻓﺭﻀﻴﺔ ﺍﻟﻌﺩﻡ ﻭﻨﻘﺒل‬
‫ﺘﻨﺎﺯﻟﻴﺎﹰ ﻤﻥ ﻭﺠﻬﺔ ﻨﻅﺭ ﺃﻓﺭﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺤﺴﺏ ﺩﺭﺠﺔ‬ ‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ‬
‫ﺘﺄﺜﻴﺭﻫﺎ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻵﺘﻲ‪:‬‬ ‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‬
‫‪ .1‬ﻟﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻜل ﻤﻥ‪ :‬ﻨﺸﺎﻁ‬ ‫ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺍﻟﺸﺭﻜﺔ ﻭﻭﻀﻌﻬﺎ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ‪ ،‬ﻤﻌﻠﻭﻤﺎﺕ ﺍﻷﺴﻬﻡ‬ ‫‪ .9‬ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺘﺎﺴﻌﺔ ﺍﻟﺘﻲ ﺘﻨﺹ‪ :‬ﻻ‬
‫ﻭﺤﻤﻠﺔ ﺍﻷﺴﻬﻡ‪ ،‬ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻨﺘﺎﺌﺞ ﻭﻨﺴﺏ‬ ‫ﻴﺅﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬
‫ﺍﻟﺘﺤﻠﻴﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬ ‫ﺍﻟﺤﻭﻜﻤﺔ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬ﻭﺒﺎﻟﻌﻭﺩﺓ ﻟﻠﺠﺩﻭل‬
‫ﺍﻟﺤﻭﻜﻤﺔ؛ ﺃﺜﺭﺍﹰ ﻜﺒﻴﺭﺍﹰ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫ﺭﻗﻡ )‪ (10‬ﻨﻼﺤﻅ ﺃﻥ ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ ﻹﺠﺎﺒﺎﺕ ﺃﻓﺭﺍﺩ‬
‫‪ .2‬ﻟﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺤﻭل ﻜل ﻤﻥ‪:‬‬ ‫ﻋﻴﻨﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻠﻎ ﺭ ﻭﻫﻭ ﻤﺘﻭﺴﻁ ﻴﻘﻊ ﺒﻴﻥ )‪،(5-4‬‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻌﺎﻤﺔ ﻟﻠﺸﺭﻜﺔ‪ ،‬ﺍﻟﻤﺴﺅﻭﻟﻴﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﻭﻫﻭ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﺤﺩﺩ ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻭﻤﻥ ﺜﻡ‪‬‬
‫‪-694-‬‬
‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬
‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬
‫ﻟﻤﻔﻬﻭﻡ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﻋﺭﺽ ﻤﻜﻭﻨﺎﺘﻪ ﻀﻤﻥ‬ ‫ﻭﺍﻟﺒﻴﺌﻴﺔ‪ ،‬ﺘﻜﺎﻟﻴﻑ ﺍﻟﺒﺤﺙ ﻭﺍﻟﺘﻁﻭﻴﺭ ﻓﻲ ﺍﻟﺸﺭﻜﺔ‪،‬‬
‫ﺘﻘﺎﺭﻴﺭﻫﺎ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺫﻟﻙ ﻋﻨﺩ ﺴﻌﻴﻬﺎ ﻟﺘﻘﺩﻴﻡ ﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻟﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻟﺸﺭﻜﺔ؛ ﺃﺜﺭﺍﹰ ﻤﺘﻭﺴﻁﺎﹰ‬
‫ﻗﺎﺩﺭﺓ ﻓﻲ ﺇﺤﺩﺍﺙ ﻓﺭﻕ ﻓﻲ ﻗﺭﺍﺭﺍﺕ ﻤﺴﺘﺨﺩﻤﻲ ﻫﺫﻩ‬ ‫ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ‪.‬‬ ‫ﻭﺒﻨﺎﺀ ﻋﻠﻰ ﻤﺎ ﺴﺒﻕ ﻴﻤﻜﻥ ﺃﻥ ﻨﺼل ﺇﻟﻰ ﺍﻟﻨﺘﻴﺠﺔ ﺍﻵﺘﻴﺔ‪:‬‬
‫‪ .2‬ﻀﺭﻭﺭﺓ ﺇﺠﺭﺍﺀ ﻨﺩﻭﺍﺕ ﺘﻌﺭﻴﻔﻴﺔ ﻷﻋﻀﺎﺀ ﻤﺠﻠﺱ‬ ‫ﻨﺴﺒﻴﺎ ﻓﻲ ﺠﻭﺩﺓ‬
‫ﹰ‬ ‫ﻟﻤﻜﻭﻨﺎﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺃﺜﺭ ﻜﺒﻴﺭ‬
‫ﺇﺩﺍﺭﺓ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﺒﻬﺩﻑ ﺘﻌﺭﻴﻔﻬﻡ ﺒﺄﻫﻤﻴﺔ‬ ‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﻭﻓﻭﺍﺌﺩ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻭﺃﺜﺭﻩ ﻓﻲ ﺘﻌﺯﻴﺯ ﺠﻭﺩﺓ‬ ‫‪ -‬ﺍﻟﺘﻭﺼﻴﺎﺕ‪:‬‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫‪ .1‬ﻀﺭﻭﺭﺓ ﺘﺒﻨﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺭﺍﺠـﻊ‬
‫ﺍﻟﻤﺭﺍﺠﻊ ﺍﻟﻌﺭﺒﻴﺔ‬
‫ﺃﺒﻭﺸﻠﻭﻉ‪ ،‬ﻫﺩﻴل‪" ،(2013) ،‬ﻤﺤﺩﺩﺍﺕ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ‬ ‫ﺃﺒﻭ ﺤﻤﺎﻡ‪ ،‬ﻤﺎﺠﺩ ﺇﺴﻤﺎﻋﻴل‪" ،(2009) ،‬ﺃﺜﺭ ﺘﻁﺒﻴﻕ ﻗﻭﺍﻋﺩ‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺩﺭﺍﺴﺔ ﻨﻅﺭﻴﺔ ﻭﻤﻴﺩﺍﻨﻴﺔ ﻓﻲ‬ ‫ﺍﻟﺤﻭﻜﻤﺔ ﻋﻠﻰ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪-‬‬
‫ﺒﻴﺌﺔ ﺍﻷﻋﻤﺎل ﺍﻟﻤﺼﺭﻴﺔ"‪ ،‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴﺘﻴﺭ ﻓﻲ ﺍﻟﻤﺤﺎﺴﺒﺔ‬ ‫ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻋﻠﻰ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﻓﻠﺴﻁﻴﻥ‬
‫ﻏﻴﺭ ﻤﻨﺸﻭﺭﺓ‪ ،‬ﻜﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ‪ ،‬ﺠﺎﻤﻌﺔ ﻁﻨﻁﺎ‪.‬‬ ‫ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ"‪ ،‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴﺘﻴﺭ ﻓﻲ ﺍﻟﻤﺤﺎﺴﺒﺔ ﻏﻴﺭ‬
‫ﺍﻟﺸﻴﺭﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻤﻬﺩﻱ‪" ،(1990) ،‬ﻨﻅﺭﻴﺔ ﺍﻟﻤﺤﺎﺴﺒﺔ"‪) ،‬ﺩﺍﺭ‬ ‫ﻤﻨﺸﻭﺭﺓ‪ ،‬ﻜﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ‪ ،‬ﺍﻟﺠﺎﻤﻌﺔ ﺍﻹﺴﻼﻤﻴﺔ‪ ،‬ﻏﺯﺓ‪.‬‬
‫ﺍﻟﺴﻼﺴل ﻟﻠﻁﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺭ ﻭﺍﻟﺘﻭﺯﻴﻊ‪ ،‬ﺍﻟﺸﺎﻤﻴﺔ‪ ،‬ﺍﻟﻜﻭﻴﺕ(‪.‬‬ ‫ﺤﻤﺩﺍﻥ‪ ،‬ﻋﻼﻡ ﻤﺤﻤﺩ ﻤﻭﺴﻰ‪" ،(2011) ،‬ﺃﺜﺭ ﺍﻟﺘﺤﻔﻅ ﺍﻟﻤﺤﺎﺴﺒﻲ‬
‫ﺍﻟﺯﻴﻥ‪ ،‬ﻤﻨﺼﻭﺭﻱ )‪ " .(2011‬ﺃﻫﻤﻴﺔ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻤﻌﺎﻴﻴﺭ ﺍﻟﺩﻭﻟﻴﺔ‬ ‫ﻓﻲ ﺘﺤﺴﻴﻥ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ :‬ﺩﺭﺍﺴﺔ ﺘﻁﺒﻴﻘﻴﺔ ﻋﻠﻰ‬
‫ﻟﻠﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺃﺒﻌﺎﺩ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ – ﺩﺭﺍﺴﺔ ﺘﺤﻠﻴﻠﻴﺔ‬ ‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻌﺎﻤﺔ ﺍﻷﺭﺩﻨﻴﺔ"‪ ،‬ﻤﺠﻠﺔ ﻜﻠﻴﺔ‬
‫ﺘﻘﻴﻴﻤﻴﻪ ﻟﻠﻨﻅﺎﻡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺍﻟﻤﺎﻟﻲ ﺍﻟﺠﺩﻴﺩ ﺍﻟﻤﻁﺒﻕ ﻓﻲ‬ ‫ﺍﻟﻌﻠﻭﻡ ﺍﻹﺩﺍﺭﻴﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ؛ ﻡ‪ ،38.‬ﻉ‪ ،2.‬ﺹ ‪.433-415‬‬
‫ﺍﻟﺠﺯﺍﺌﺭ"‪ ،‬ﻭﺭﻗﺔ ﻋﻤل ﻤﻘﺩﻤﺔ ﺇﻟﻰ ﺍﻟﻤﺅﺘﻤﺭ ﺍﻟﻌﻠﻤﻲ ﺍﻟﺩﻭﻟﻲ‬ ‫ﺨﻠﻴل‪ ،‬ﻤﺤﻤﺩ )‪" ،(2003‬ﺩﻭﺭ ﺍﻟﻤﺤﺎﺴﺏ ﺍﻹﺩﺍﺭﻱ ﻓﻲ ﺇﻁﺎﺭ‬
‫ﺤﻭل "ﺍﻹﺼﻼﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻓﻲ ﺍﻟﺠﺯﺍﺌﺭ"‪،‬ﺍﻟﺠﺯﺍﺌﺭ‪30 & 29 ،‬‬ ‫ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ"‪ ،‬ﻤﺠﻠﺔ ﺍﻟﺩﺭﺍﺴﺎﺕ ﻭﺍﻟﺒﺤﻭﺙ ﺍﻟﺘﺠﺎﺭﻴﺔ؛ ﻉ‬
‫ﻨﻭﻓﻤﺒﺭ‪.‬‬ ‫‪.2‬‬
‫ﺯﻴﻭﺩ‪ ،‬ﻟﻁﻴﻑ‪ ،‬ﻤﺤﻤﺩ‪ ،‬ﺍﻟﻌﺜﻤﺎﻥ‪ ،‬ﻭﺭﻴﻡ‪،‬ﻋﻠﻲ)‪" ،(2011‬ﻤﺴﺘﻭﻯ‬ ‫ﺍﻟﺨﻴﺎل‪ ،‬ﺘﻭﻓﻴﻕ ﻋﺒﺩ ﺍﻟﻤﺤﺴﻥ‪" ،(2009) ،‬ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬
‫ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻟﻠﺸﺭﻜﺎﺕ‬ ‫ﻭﺩﻭﺭﻩ ﻓﻲ ﺘﺭﺸﻴﺩ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ‬
‫ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺴﻭﻕ ﺩﻤﺸﻕ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ"‪،‬ﻤﺠﻠﺔ‬ ‫ﺍﻟﺴﻌﻭﺩﻱ‪ :‬ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ"‪ ،‬ﺍﻟﻤﺠﻠﺔ ﺍﻟﻌﻠﻤﻴﺔ ﻟﻼﻗﺘﺼﺎﺩ‬
‫ﺠﺎﻤﻌﺔ ﺘﺸﺭﻴﻥ ﻟﻠﺒﺤﻭﺙ ﻭﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﻌﻠﻤﻴﺔ )ﺴﻠﺴﻠﺔ ﺍﻟﻌﻠﻭﻡ‬ ‫ﻭﺍﻟﺘﺠﺎﺭﺓ؛ ﻉ ‪.3‬‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻟﻘﺎﻨﻭﻨﻴﺔ؛ ﻤﺞ‪ ،33 .‬ﻉ‪.3 .‬‬ ‫ﺃﺒﻭ ﺯﻴﺩ‪ ،‬ﻜﻤﺎل ﺨﻠﻴﻔﺔ‪" ،(1990) ،‬ﺍﻟﻨﻅﺭﻴﺔ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ"‪ ،‬ﺘﺭﺠﻤﺔ‬
‫ﻋﺒﺩ ﺍﻟﻜﺭﻴﻡ‪ ،‬ﻋﺎﺭﻑ ﻋﺒﺩ ﺍﷲ‪" ،(2003) ،‬ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ‬ ‫ﻭﺘﻌﺭﻴﻑ ﻟﻜﺘﺎﺏ ﺇﻟﺩﻭﻥ ﻭﻫﻨﺩﺭﻴﻜﺴﻥ‪.‬‬
‫ﺍﻻﺨﺘﻴﺎﺭﻱ ﻤﻊ ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻟﺠﺎﻨﺏ ﺍﻟﻁﻠﺏ ﻓﻲ ﺍﻟﺒﻴﺌﺔ‬ ‫ﺴﺎﻤﻲ‪ ،‬ﻤﺠﺩﻱ ﻤﺤﻤﺩ )‪ " .(2009‬ﺩﻭﺭ ﻟﺠﺎﻥ ﺍﻟﻤﺭﺍﺠﻌﺔ ﻓﻲ‬
‫ﺍﻟﻤﺼﺭﻴﺔ"‪ ،‬ﻤﺠﻠﺔ ﺍﻟﺘﺠﺎﺭﺓ ﻭﺍﻟﺘﻤﻭﻴل؛ ﻉ‪.1 .‬‬ ‫ﺤﻭﻜﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ ﻭﺃﺜﺭﻫﺎ ﻋﻠﻰ ﺠﻭﺩﺓ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ‬
‫ﻋﻔﻴﻔﻲ‪ ،‬ﻫﻼل ﻋﺒﺩ ﺍﻟﻔﺘﺎﺡ‪" ،(2008) ،‬ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺘﻁﺒﻴﻕ ﺤﻭﻜﻤﺔ‬ ‫ﻓﻲ ﺒﻴﺌﺔ ﺍﻷﻋﻤﺎل ﺍﻟﻤﺼﺭﻴﺔ "‪ ،‬ﻤﺠﻠﺔ ﻜﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ ﻟﻠﺒﺤﻭﺙ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﻭﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ‬ ‫ﺍﻟﻌﻠﻤﻴﺔ؛ ﻡ‪ ،46.‬ﻉ‪.2.‬‬
‫ﺍﻟﺴﻨﻭﻴﺔ‪ :‬ﺩﺭﺍﺴﺔ ﺍﺨﺘﺒﺎﺭﻴﺔ ﻓﻲ ﺍﻟﺒﻴﺌﺔ ﺍﻟﻤﺼﺭﻴﺔ"‪ ،‬ﻤﺠﻠﺔ‬ ‫ﺍﻟﺸﺎﻤﻲ‪ ،‬ﺃﻜﺭﻡ ﻴﺤﻴﻰ ﻋﻠﻲ‪" ،(2009) ،‬ﺃﺜﺭ ﺍﻟﺨﺼﺎﺌﺹ ﺍﻟﻨﻭﻋﻴﺔ‬
‫ﺍﻟﺒﺤﻭﺙ ﺍﻟﺘﺠﺎﺭﻴﺔ؛ ﻡ‪ ،30 .‬ﻉ‪.1 .‬‬ ‫ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠﻰ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺒﻨﻭﻙ‬
‫ﻤﺎﺭﻕ‪ ،‬ﺴﻌﺩ ﻤﺤﻤﺩ‪" ،(2009) ،‬ﻗﻴﺎﺱ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ‬ ‫ﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻌﺎﻤﻠﺔ ﻓﻲ ﺍﻟﺠﻤﻬﻭﺭﻴﺔ ﺍﻟﻴﻤﻨﻴﺔ"‪ ،‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴﺘﻴﺭ‬
‫ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ"‪،‬‬ ‫ﻓﻲ ﺍﻟﻤﺤﺎﺴﺒﺔ ﻏﻴﺭ ﻤﻨﺸﻭﺭﺓ‪ ،‬ﻜﻠﻴﺔ ﺍﻷﻋﻤﺎل‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﺸﺭﻕ‬
‫ﻤﺠﻠﺔ ﺠﺎﻤﻌﺔ ﺍﻟﻤﻠﻙ ﻋﺒﺩ ﺍﻟﻌﺯﻴﺯ؛ ﻡ‪ ،23 .‬ﻉ‪.1 .‬‬ ‫ﺍﻷﻭﺴﻁ ﻟﻠﺩﺭﺍﺴﺎﺕ ﺍﻟﻌﻠﻴﺎ‪.‬‬
‫‪-695-‬‬
‫ﺭﺸﺎ ﺤﻤﺎﺩﺓ‬ ...‫ﻗﻴﺎﺱ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ‬
‫ ﻤﺠﻠﺔ ﺍﻟﺘﺠﺎﺭﺓ‬،"‫ﺍﻷﻋﻤﺎل ﻓﻲ ﺍﻟﻤﻤﻠﻜﺔ ﺍﻟﻌﺭﺒﻴﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ‬ ‫ "ﻨﻤﻭﺫﺝ ﻤﻘﺘﺭﺡ ﻟﻘﻴﺎﺱ‬،(2007) ،‫ ﻁﻠﻌﺕ ﻋﺒﺩ ﺍﻟﻌﻅﻴﻡ‬،‫ﻤﺘﻭﻟﻲ‬
.1 .‫ﻭﺍﻟﺘﻤﻭﻴل؛ ﻉ‬ ‫ﺤﺠﻡ ﻭﻨﻭﻋﻴﺔ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﺒﺎﻟﺘﻁﺒﻴﻕ ﻋﻠﻰ ﺒﻴﺌﺔ‬
‫ﺍﻟﻤﺭﺍﺠﻊ ﺍﻟﻌﺭﺒﻴﺔ ﺒﺎﻟﻠﻐﺔ ﺍﻹﻨﺠﻠﻴﺯﻴﺔ‬
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‫ﹼ‬ ،‫ل‬‫ إدارة ا‬ ‫رد‬‫ ا‬‫ا‬
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Adelopo, Ismail. 2011."Voluntary Disclosure Practices Joint Effects of Materiality Thresholds and Voluntary
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‫ﺭﺸﺎ ﺤﻤﺎﺩﺓ‬ ...‫ﻗﻴﺎﺱ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ‬
Measurement ofthe Impact of Voluntary Disclosure in the Quality of Financial Reports

(Field study at Amman Stock Exchange)
Rasha Hamadeh *
ABSTRACT
This study aims to identify the impact of Voluntary Disclosure in the quality of financial reports. To
achieve the objective of the study a questionnaire was developed that included the nine components of
Voluntary Disclosure:General information of the company, the company's activityand the future status ,
stock information and shareholders, informationmanagement, social and environmental responsibility,
resultsandratiosanalysisof financialand non-financial, research and development costsin the company,
informationabout theemployees of the company, and informationaboutthe governance; to identify the
impact of these components in the quality of financial reportingwhich represented in ability of
theinformationdisclosed in making a differencein the decisions ofthe users of thesereportswithin the
research communityrepresented byfinancial brokerage firms and commercial banks listed on the Amman
Stock Exchange. The questionnaires were distributed to a sample of financial analysts working in those
firms and commercial banks, and then the results were analyzed and test hypotheses using Statistical
Package for Social Sciences(SPSS). The study concluded that there is a significant impact of the
components of VoluntaryDisclosure in the quality of financial reports, and recommendsthe need of
adoption ofthe companieslisted on theAmman Stock Exchangefor the concept of Voluntary Disclosureand
displaycomponentswithintheir financial reports.
KEYWORDS: Disclosure, Quality, Financial Reports, Amman Stock Exchange (ASE).
__________________________________________________
* Accounting Department, Faculty of Economics and Administrative Sciences,
Zarqa University/Jordan
prof.rhamada@yahoo.com
Received on 18/5/2014 and Accepted for Publication on 26/8/2014.
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‫ﺍﻟﻤﺠﻠﺩ ‪ ،10‬ﺍﻟﻌﺩﺩ ‪2014 ،4‬‬

‫ﹼ‬ ‫ا‪ ‬ا‪‬رد‪  ‬إدارة ا‪‬ل‪،‬‬

‫ﻗﻴﺎﺱ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‬

‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﻟﺩﺍﻟﺔ‪ :‬ﺍﻹﻓﺼﺎﺡ‪ ،‬ﺍﻟﺠﻭﺩﺓ‪ ،‬ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺒﻭﺭﺼﺔ ﻋﻤﺎﻥ‪.‬‬

‫‪ ،Disclosure‬ﻜﻤﺎ ﺘﻘﻭﻡ ﺒﻌﺽ ﺍﻟﺸﺭﻜﺎﺕ ﺒﺎﻹﻓﺼﺎﺡ ﻋﻥ‬ ‫ﺍﻟﻤﻘﺩﻤـﺔ‬

‫ﻭﻟﻤﺎ ﻜﺎﻨﺕ ﺠﻭﺩﺓ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺘﺭﺘﺒﻁ ﺒﻤﺩﻯ ﻗﺩﺭﺓ ﺘﻠﻙ‬

‫© ‪ 2014‬ﻋﻤﺎﺩﺓ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ‪ /‬ﺍﳉﺎﻣﻌﺔ ﺍﻷﺭﺩﻧﻴﺔ‪ .‬ﲨﻴﻊ ﺍﳊﻘﻮﻕ ﳏﻔﻮﻇﺔ‪.‬‬ ‫‪-674-‬‬

‫‪ 1‬ﺩﺒﻠﻭﻡ ﻋﺎل‬ ‫‪ 14‬ﻤﺎﺠﺴﺘﻴﺭ‬ ‫‪ 4‬ﺩﻜﺘﻭﺭﺍﻩ‬

‫‪ 19‬ﻤﻥ ‪ 10-5‬ﺴﻨﻭﺍﺕ‬ ‫‪ 8‬ﺃﻗل ﻤﻥ ‪ 5‬ﺴﻨﻭﺍﺕ‬

‫‪ 20‬ﻤﺤﺎﺴﺒﺔ‬ ‫‪ 12‬ﻤﺎﻟﻴﺔ ﻭﻤﺼﺭﻓﻴﺔ‬

‫ﻤﺴﺘﻭﻯ‬ ‫ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ ‪t‬‬ ‫ﺍﻻﻨﺤﺭﺍﻑ‬ ‫ﺍﻟﻤﺘﻭﺴﻁ‬

‫ﻤﺴﺘﻭﻯ‬ ‫ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ ‪t‬‬ ‫ﺍﻻﻨﺤﺭﺍﻑ‬ ‫ﺍﻟﻤﺘﻭﺴﻁ‬

‫‪0.000‬‬ ‫‪35‬‬ ‫‪10.095‬‬ ‫‪0.710‬‬ ‫‪4.194‬‬ ‫ﺍﻟﻤﺸﺭﻭﻋﺎﺕ ﻭﺍﻷﻨﺸﻁﺔ ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫‪16‬‬

‫‪0.000‬‬ ‫‪35‬‬ ‫‪12.039‬‬ ‫‪0.678‬‬ ‫‪4.333‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬

‫ﻤﺴﺘﻭﻯ‬ ‫ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ ‪t‬‬ ‫ﺍﻻﻨﺤﺭﺍﻑ‬ ‫ﺍﻟﻤﺘﻭﺴﻁ‬

‫‪0.009‬‬ ‫‪35‬‬ ‫‪3.073‬‬ ‫‪0.841‬‬ ‫‪3.436‬‬ ‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﻌﺎﻡ‬

‫ﻤﺴﺘﻭﻯ‬ ‫ﺩﺭﺠﺔ‬ ‫ﻗﻴﻤﺔ ‪t‬‬ ‫ﺍﻻﻨﺤﺭﺍﻑ‬ ‫ﺍﻟﻤﺘﻭﺴﻁ‬

‫ﻤﺴﺒﻘﺎﹰ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬ ‫ﻤﺴﺒﻘﺎ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ‪.‬‬

Measurement ofthe Impact of Voluntary Disclosure in the Quality of Financial Reports

KEYWORDS: Disclosure, Quality, Financial Reports, Amman Stock Exchange (ASE).

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