COVID-19 disclosure: a novel measurement and annual report uncertainty

Mahmoud Elmarzouky*, Khaldoon Albitar, ATM Enayet Karim, Ahmed Saber Moussa

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


This paper provides a unique COVID-19 disclosure measurement and investigates the association between the level of COVID-19 disclosure and uncertainty within annual reports for UK FTSE-All share non-financial firms. We used automated textual analysis to score the sampled annual reports. The results show that the level of COVID-19 disclosure varies from industry to industry. Furthermore, there is a positive relationship between COVID-19 disclosure and uncertainty in annual reports. Firms with larger boards exhibit more significant uncertainty in annual reports with COVID-19 disclosure. However, the significance of uncertainty in annual reports with COVID-19 disclosure remains at the same level with different board independence percentages. The unique findings of this paper are extremely relevant to governments, shareholders, policymakers, suppliers, and creditors.
Original languageEnglish
Article number616
Number of pages12
JournalJournal of Risk and Financial Management
Issue number12
Publication statusPublished - 19 Dec 2021

Bibliographical note

© 2021 by the authors. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license ( 4.0/).


  • COVID-19 disclosure
  • Annual report uncertainty
  • Board size
  • Independent directors
  • Textual analysis


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