The Impact of Non-Financial Disclosure on Firm Market Value: (An Empirical Study on Banks Listed in Damascus Securities Exchange)

Authors

  • Carol Beik Postgraduate Student- Accounting Department- Faculty of Economics- Latakia University- Latakia- Syria.
  • Basel Nassar Assistant Professor- Department of Accounting- Faculty of Economics- Latakia University- Latakia- Syria.
  • Kenda Hleibieh Associate Professor- Department of Accounting- Faculty of Economics- Latakia University- Latakia- Syria.

Keywords:

Non-Financial Disclosure (NFD), Firm Value (FV), Leverage (LEV), Bank Size.

Abstract

The study aimed to examine the impact of non-financial disclosure on the value of companies listed on Damascus Securities Exchange.

To achieve this goal, secondary data from the published annual reports of 11 banks (excluding Islamic banks due to their special nature) were used for the period 2013–2022. Non-financial disclosure was measured through building an index comprising 77 elements, while company value was measured using Tobin's Q. Data analysis was conducted using the ARDL/PMG model by EViews 13 software.

The results of hypothesis testing before controlling for financial leverage and size revealed a negative but insignificant impact of non-financial disclosure on company value in the short term, while the impact was significant in the long term. After controlling for financial leverage and size, the results showed a positive but insignificant impact in the short term, while the long-term impact remained significant.

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Published

2026-05-17

Issue

Vol. 47 No. 6 (2025): Latakia University (formerly Tishreen)Journal for Research and Scientific Studies - Economic and Legal Sciences Series

Section

ِArticle

How to Cite

The Impact of Non-Financial Disclosure on Firm Market Value: (An Empirical Study on Banks Listed in Damascus Securities Exchange). (2026). Latakia University (formerly Tishreen)Journal for Research and Scientific Studies - Economic and Legal Sciences Series, 47(6), 355-374. https://journal.latakia-univ.edu.sy/index.php/econ/article/view/20291