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This study examines whether manipulation in attributes of corporate narrative disclosures and the use of graphical representations can bias non-professional investors' judgment towards firms' future performance, in an emerging market context.

The authors conduct three different experiments with a 2 × 2 between-subjects design, using accounting and finance senior undergraduate students to proxy for the non-professional investors.

Results show that simple (more readable) disclosures improve non-professional investors' judgment towards firms' future performance. In addition, it is found that non-professional investors are prone to a recency effect from the intentional ordering of narrative information, when using complex (less readable) narratives. However, no primacy effect is found, when using simple (more readable) disclosures. The results further provide evidence that the inclusion of graphical representations, along with the manipulated narrative disclosures, can moderate the recency effect of information order, when using less readable and complex narrative disclosures.

The results reveal that although the content of corporate disclosures can be objective, neutral and relevant, manipulation in textual features and the use of graphical presentations, can interact to impact how non-professional investors perceive and process the disclosed information. This study provides an Egyptian evidence regarding this issue, as the majority of prior studies concentrate on developed capital markets. In addition, it contributes to prior studies evaluating the appropriateness of the Belief Adjustment Model predictions about the effect of textual presentation order on decision-making, by providing evidence from an emerging market.

Results attempt to increase the awareness of investors and encourage them to use multiple sources of information to avoid the probable bias that can result from management's manipulation of narratives. In addition, the study could be of interest to regulators and standard-setters, where the results reveal the need for guidelines and regulations to guide the disclosure of narrative information and the use of graphical information in corporate reports.

To the best of the authors' knowledge, this is the first study to examine the effect of two impression management strategies in narrative disclosures (readability and information order), along with the use of graphical representations, on non-professional investors' judgment in an emerging market, like Egypt.

This study aims to undertake a comprehensive examination of heat transfer by convection in porous systems with top and bottom walls insulated and differently heated vertical walls under a magnetic field. For a specific nanofluid, the study aims to bring out the effects of different segmental heating arrangements.

An existing in-house code based on the finite volume method has provided the numerical solution of the coupled nondimensional transport equations. Following a validation study, different explorations include the variations of Darcy–Rayleigh number (Ra_m = 10–10⁴), Darcy number (Da = 10^–5–10^–1) segmented arrangements of heaters of identical total length, porosity index (ε = 0.1–1) and aspect ratio of the cavity (AR = 0.25–2) under Hartmann number (Ha = 10–70) and volume fraction of φ = 0.1% for the nanoparticles. In the analysis, there are major roles of the streamlines, isotherms and heatlines on the vertical mid-plane of the cavity and the profiles of the flow velocity and temperature on the central line of the section.

The finding of a monotonic rise in the heat transfer rate with an increase in Ra_m from 10 to 10⁴ has prompted a further comparison of the rate at Ra_m equal to 10⁴ with the total length of the heaters kept constant in all the cases. With respect to uniform heating of one entire wall, the study reveals a significant advantage of 246% rate enhancement from two equal heater segments placed centrally on opposite walls. This rate has emerged higher by 82% and 249%, respectively, with both the segments placed at the top and one at the bottom and one at the top. An increase in the number of centrally arranged heaters on each wall from one to five has yielded 286% rate enhancement. Changes in the ratio of the cavity height-to-length from 1.0 to 0.2 and 2 cause the rate to decrease by 50% and increase by 21%, respectively.

Further research with additional parameters, geometries and configurations will consolidate the understanding. Experimental validation can complement the numerical simulations presented in this study.

This research contributes to the field by integrating segmented heating, magnetic fields and hybrid nanofluid in a porous flow domain, addressing existing research gaps. The findings provide valuable insights for enhancing thermal performance, and controlling heat transfer locally, and have implications for medical treatments, thermal management systems and related fields. The research opens up new possibilities for precise thermal management and offers directions for future investigations.