Forward-Looking Information Disclosure: A Prisma-Based Systematic Literature Review

The purpose of this systematic literature review (SLR) was to use the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework to systematically evaluate the literature on FLID and identify emerging research gaps. A systematic search was conducted in two major academic databases (Scopus & Web of Science) using predefined inclusion or exclusion criteria. The dominant theoretical frameworks identified are the Agency Theory and Impression Management Theory to explain the board's dual role to monitor and control agent behaviour while controlling and managing strategic representation through dissemination of future-oriented information and management of agency cost and information asymmetry. Other relevant theoretical frameworks include the Resource-Based View theory which provides insight into how internal resources affect FLID, Legitimacy theory which explains how stakeholder expectations affect FLID and Signalling theory which informs how information asymmetries influence FLID. The majority of previous studies on FLID were conducted in developed countries specifically in the United States. Research on this topic in developing countries such as Malaysia appears to be underrepresented. This study has identified several avenues for the potential use of alternative communication methods with respect to the examination of FLID in a post COVID-19 world that may include increased levels of uncertainty.