"أثر اختلاف استراتيجيات ادارة التكلفة على مستوى تغطية المحللين الماليين: الدور الوسيط لاعادة تبويب بنود القوائم المالية – دراسة تطبيقية" | ||
| المجلة المصرية للدراسات التجارية | ||
| Volume 49, Issue 4, October 2025, Pages 1081-1150 PDF (15.34 M) | ||
| Document Type: المقالة الأصلية | ||
| DOI: 10.21608/alat.2025.461380 | ||
| Author | ||
| أحمد محمود أحمد البراشي | ||
| مدرس المحاسبة والمراجعة معهد الدلتا العالي لنظم المعلومات الادارية والمحاسبية | ||
| Abstract | ||
| Abstract: The study aimed to analyze the impact of using classification shifting of financial statement items (income statement and cash flow statement) as a mediator in the relationship between cost management strategies and the level of financial analyst coverage. The study applied this to a sample of 129 companies listed on the Egyptian Stock Exchange, recording 516 observations during the period from 2021 to 2024. The study found that companies adopting a cost leadership strategy increased their core earnings by classification shifting expense items, while companies adopting a differentiation strategy were unable to classification shifting expense items. The results also revealed that companies adopting a cost leadership strategy responded to the theory of pecking order between financing alternatives by classification shifting expense items to attract borrowed capital due to weak reserves and retained earnings as internal sources of financing, due to the decline in operating profits resulting from the decline in product prices in the market. Companies that follow a strategy of differentiation have demonstrated rapid response to unusual revenues, using them to increase reserves and retained earnings to obtain internal financing sources that are less costly than external financing sources. From the perspective of financial analysts, companies that adopt a differentiation strategy are more likely to meet financial analysts' expectations. Given the positive correlation between significant abnormal core earnings and the level of financial analyst coverage, as measured by the accuracy of their forecasts, it appears that these earnings are primary means of meeting financial analysts' expectations. This suggests that cost management strategies have indirect effects on financial analyst coverage. Furthermore, the significant indirect effect of companies adopting a differentiation strategy on financial analyst coverage was found to be significant, given the high level of classification shifting of financial statement items by classification shifting expense items only. | ||
| Keywords | ||
| Keywords: Cost leadership Strategy; Differentiation Strategy; Expense classification shifting; Revenue classification shifting; cash flow classification shifting; Analysts’ Coverage | ||
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