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Abstract
The purpose of this research is to study the impact of insider trades on investors’ decision and firm’s financial performance, within the current insider trading regulations. The final model of the research was derived from the main objective, the variables concluded from the literature review, and from the gaps not addressed in the literature review. The research model included three main variables: insider trades, investors’ decision and the firm’s financial performance. In order to achieve this research objective, secondary data were collected from the transaction records of insider trades and the financial statements of the listed Egyptian firms that remained in the index for three successive years (2009-2010-2011), representing 191 insider trades announcements. Event study analysis, regression analysis and discriminant analysis were used as statistical analysis techniques, in order to analyze the data collected and to test the research{u2019}s hypotheses. Insider trades and its impact on investors’ decision and firm’s financial performance in an emerging country; Egypt were investigated. Details on the insider traders themselves and their informational level according to executive hierarchy are out of scope