التأثيرات المباشرة والوسيطة بين حوكمة الشركات ، مستوى الإفصاح عن المخاطر ، وقيمة الشركة دراسة اختبارية على الشركات المساهمة المصرية

This study examines whether corporate governance affects Firm Value by applying it to Egyptian shareholding companies, and whether the impact of corporate governance on Firm Value is moderated by the level of Risk Disclosure . Therefore, the research aims to answer the following questions: 1) Is there an impact of corporate governance mechanisms on the Firm Value? Specifically, the researcher examines the impact of corporate governance mechanisms, including ownership structure and board composition. 2) What is the indirect impact of corporate governance mechanisms (through risk disclosure level) on Firm Value in Egyptian shareholding companies? 3) Does the relationship between corporate governance mechanisms and Firm Value depend on the level of risk disclosure in Egyptian shareholding companies? In order to test the study hypotheses, the researcher relied on a sample consisting of 125 Egyptian shareholding companies (625 observations) listed on the Egyptian stock exchange and belonging to fifteen non-financial economic sectors in the period from 2018 to 2022. The researcher also studied five corporate governance mechanisms, including board size, board independence, CEO duality, managerial ownership, and institutional ownership. Additionally, the researcher used Tobin's Q measure to determine the company's value, as well as an index to determine the level of risk disclosure. Using path analysis, the results indicate a functional relationship between board size, board independence, and institutional ownership as mechanisms of corporate governance, and firm value, while the results indicate no functional relationship between CEO duality, managerial ownership, as mechanisms of corporate governance, and firm value. The results also indicate a positive and functional relationship between board independence, managerial ownership, and institutional ownership, as mechanisms of corporate governance, and level of risk disclosure, and the results also indicate a positive and functional relationship between the level of risk disclosure and firm value, confirming the existence of a mechanical (or causal) relationship between the level of risk disclosure and firm value . The important result of the study lies in the presence of mediating effects, as the level of risk disclosure implies a significant impact on the relationship between board independence, managerial ownership, institutional ownership, and firm value. Keywords: Firm Value , Corporate Governance, Risk Disclosure .