الفهرس 
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Abstract
Management Earnings Forecasts are among the factors that significantly affect corporate trends, investment decisions, and the stock exchange markets, where managers used to release their Earnings Forecasts in advance of actual earnings announcements.
Macroeconomics has a relevant relationship affecting all commercial affairs worldwide, and when economic circumstances are suspected by uncertainty periods, it affects the Management Earnings forecasts Quality.
Economic Uncertainty has many factors that lead it to be a significant hidden component of the management’s releases. It also reflects the country’s general atmosphere, either affected by political or economic situations.
Credit Ratings published by the most reputable institutions can also express economic uncertainty periods.
The main objective of the research was to illustrate and measure the Quality of the Manager’s Earning Forecasts and how Economic Uncertainty influences the Manager’s Earning Forecasts for the companies registered in the Stock exchange market. In addition, this study aims to analyze the relationship between these variables and get the Macroeconomic Indicators’ effect on them reflected in the newly registered companies.
The research also clarified other characteristics and factors affecting Management Earnings forecasts.
The sample used in the research was forty-nine companies and eight macroeconomic indicators for eleven years from 2011 to 2021, in addition to three credit rating institutions’ announcements to build an uncertainty index and measure its high or low relevancy.
The study found a significant impact of Economic Uncertainty on the relationship between the majority of Macroeconomic Indicators and
Management Earning Forecasts’ Quality. Also, if founds, a significant impact of most Economic Indicators on the Management earnings Forecasts Quality. Finally, it was examined that Economic Uncertainty significantly directly impacts Management Earning Forecasts’ Quality.
5.2 Discussion
Throughout the research, many questions and ideas have been spread to go deeper. Trying to cover as much as could of Earnings Forecasts quality matters and seeking to get its relationship to Economics, as an interest of the researcher. Some of these matters and raised questions have been answered theoretically through the dissertation, and others were answered statistically in the applied study.
The main question and objective of the research have been answered using three hypotheses, where the relationship between all variables have achieved.
Economic Uncertainty as an independent variable had a significant relationship with Management Earnings Forecasts quality in the Stock market within IPOs issuance of the newly registered companies.
In addition, it was also proved that Economic Uncertainty is always existing and has been measured, either relevant or irrelevant, represented by a High or Low indicator.
The Uncertainty Index was also built based on prior literature to get the best suitable measurement for Economic Uncertainty in Egypt.
The effect of Economic Uncertainty on the relationship between Macroeconomic Indicators and Management Earning Forecasts’ Quality was significantly found. Also, Macroeconomic Indicators and Credit Rating Institution’s announcements affected the Quality of earnings forecasts disclosed by managers in the IPOs’ prospectus.
Corporations do not commonly issue Earnings Forecasts in Egypt due to non-regulatory requirements by authorities. However, it always influences investment decisions, which is why it is obligatory in IPOs.
Although, when management issued it in Egyptian stock exchange IPOs’, and by comparing Forecasted to Actual Earnings, it was found that every newly registered company had proposed the most precise picture and optimistic point of view. This was clear in the Earnings forecasts’ Quality, where most forecasts had been characterized by non-quality when compared to actual ones.
The success of any stock subscription is independent of the accuracy of earning forecasts, as most of the prospectus have succeeded due to many other factors despite the Earning Forecasts’ Quality. However, this Quality had not been achieved with a high percentage, proving that non-quality existed in most included financials.
Financial analysts are considered more specialized and accurate when issuing earnings forecasts. They also have their responsibilities assigned according to the capital market law and stock exchange listing rules. They prepare the fair value study based on the company’s management’s information, clarifications, and assumptions, collect the appropriate data and choose the ways and methods of forecasts. As a result, financial analysts are always seeking to get more accurate earning forecasts.
5.3 Conclusion
In order to understand how Uncertainty influences Management Earning Forecasts accuracy, the study illustrated the factors affecting the Quality of managers’ information about their firms’ future earnings and how Uncertainty and its’ relationship to Macroeconomic Indicators are one of those factors.
The study also discussed how managers and analyst forecasters build their Earnings Forecasts and what circumstances and factors affect such disclosures—concentrating on newly registered companies in the stock exchange issuing IPOs’.
A sample of companies’ forecasted and actual financials was gathered and studied within a period of time who were obligated by the stock exchange authorities to announce their earning forecasts for the coming five years. Naturally, the economic uncertainty atmosphere was different each year, which was why measuring the Uncertainty for every five years differed from other years included in the study.
Guided by the intuition of management forecasts and uncertainty theories, the study used many statistical techniques such as (Descriptive Statistics, Pearson correlation coefficient, Simple Linear Regression, and Multiple Linear Regression).
The study found a statistically significant impact of Economic Uncertainty on the relationship between the majority of Economic Indicators and Management Earning Forecasts’ Quality. The impact of most Economic Indicators on the Management Earning Forecasts Quality was existing and significant. Moreover, the study results confirmed that Economic Uncertainty has a statistically significant impact on Management Earning Forecasts’ Quality.
Associated with the study, using a Confidence Interval, an Uncertainty Index was built to measure its existence and get the relevancy degree.
The connection between Uncertainty and information gathered from Macroeconomic Indicators and Credit Rating institutions has also been found, influencing the management forecasts and impacting their Quality.
5.4 Recommendations
Based on the results of the research, the researcher recommends the following:
1- Earning Forecasts shall be more considerable by company managers in order to clear the picture as much as they can for all stakeholders and related parties.
2- Earning Forecasts shall be more accurate when published by the managers in order to support investment decisions to the maximum, as well as the legal authorities, where they can support any economic sector if they get a clear picture from entities.
3- Stock market authorities must be more decisive with IPOs issuers to get more reliable and accurate information and do their due diligence when preparing such financials.
4- Macroeconomic Uncertainty has to be recognized by all managers and analysts, as it has a significant negative relation with earning forecasts.
5.5 Further Research Perspectives
Based on the linkage between Financial Accounting and Economics in this thesis, many further studies can be suggested:
1- How do investors predict earnings forecasts based on frequency and characteristics according to Uncertain circumstances?
2- The impact of Macroeconomic Uncertainty on Financial brokerage firms’ investment recommendation decisions.
3- Relationship between Valuation reports of financial advisors and managers’ forecasts at issuance of Initial Public Offering prospectus.
4- Investors’ background from the previous macroeconomic uncertainty conditions and their relationship to investment decisions.
5- The role of financial analysts in predicting earnings and its effect on Managers’ and Investors’ decisions in Egypt in a deeper look.