This study aims at increasing and deepening knowledge base regarding e- disclosure as a modern aspect of financial accounting. By giving the perception about the nature of electronic disclosure, the requirements of its application , and its importance and its role on the reduction information asymmetry in the capital market as well as its effect on the efficiency of the Egyptian capital market in order to serve current investors and prospective in making rational and active decisions.
The current study is an extension of previous studies, as a starting point in the dissemination of financial reporting on the Internet in the Egyptian environment.
The research used the analytical descriptive , inductive and deductive methods to access logical results to support the theoretical assumptions of the study. He also conducted a field study in Egypt where the views of financial analysts, brokers and users of financial statements were analyzed.
The plan of this research contains six parts, as follows:
• First Part: general framework of the research.
• Second Part: theoretical study of the research.
• Third Part: the relationship between electronic disclosure and information asymmetry.
• Fourth Part: the impact of electronic disclosure on the efficiency of the Egyptian capital market.
• Fifth Part: the field study in the Egyptian environment.
• Sixth Part: results and recommendations.
After viewing the general framework of research, the second part shows the previous studies that related to the research ,which can be divided into the following categories:
First: studies on electronic disclosure.
Second: studies on the information asymmetry.
Third: studies that collected between the development of electronic disclosure and information asymmetry.
While the third part discussed the relationship between the electronic disclosure and the information asymmetry, through the following points:
• First: theoretical rooting of information asymmetry.
• Second: development stages, role, importance, and requirements of electronic disclosure:
1. The concept of electronic disclosure.
2. The development stages of electronic disclosure.
3. The requirements and elements of electronic disclosure.
4. The advantages and importance of electronic disclosure.
5. Information asymmetry and electronic disclosure.
The fourth Part discussed the impact of electronic disclosure on the efficiency of the Egyptian capital market, and information asymmetry under the Egyptian laws and environment, and its impact on the efficiency of the Egyptian capital market, through the achievement of efficient capital market conditions.
And the fifth Part discussed the field study in the Egyptian environment.
The sixth Part views the results, recommendations and future research. The most important results of the study were the following:
1) The theoretical and field studies agreed that electronic disclosure and its development affect on the improvement of the qualitative characteristics of accounting information, where it is very influential on access the information in suitable time, and, as well as improve the efficiency of the decision-making process.
2) The theoretical and field studies agreed that electronic disclosure and its development affect on the achievement of transparency and information asymmetry, where it is very influential on achieving transparency as one of the corporate governance tools, and improve the financial reporting information, and helps to solve the problem of communication between the company and the investor, and makes financial reporting more understanding by users.
3) The theoretical and field studies agreed that the application of electronic disclosure in businesses Egyptian, leads to raise the efficiency of the capital market, where it is very influential on the availability and provision of information to all market participants, and to provide information to them at the same time, and that information is available at no cost.
4) Mann-Whitney statistical analysis showed no significant difference in the two samples in the answers of the sample, i.e. Mann-Whitney= .841 which is greater than the significance level 1%.
The research presented a set of recommendations, including the following:
• Local and international organizations and corporations should improve electronic disclosure styles especially XBRI through adapting professional standards to these changes and advancement in information technology.
• It is necessary to hold many seminars and conferences to discuss the future trends towards organizing and development of electronic disclosure of financial reporting via the Internet.
• Improving of techniques of electronic disclosure to verify published information and securing websites of the Egyptian capital market as well as all is associated companies so that all investors can access all information equally.
The researcher believes the importance of the following future research:
• Draw the attention of researchers and academics, to the importance of electronic disclosure development, where it represents the future of accounting disclosure, while working to create an Egyptian business environment to match with this electronic disclosure.
• Preparation of further scientific research and practical studies to analyze and evaluate the electronic disclosure of financial reporting.
• Preparation of Comparative studies that related to electronic disclosure of Financial Reporting in several different environments.
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