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العنوان
The effects of firm-specific and macroeconomics factors on large Egyptian corporations financial performance /
الناشر
Ehab Mohammed Mohammed Gaafar ,
المؤلف
Ehab Mohammed Mohammed Gaafar
تاريخ النشر
2017
عدد الصفحات
73 Leaves :
الفهرس
Only 14 pages are availabe for public view

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Abstract

This thesis addresses an important issue in corporate finance area, which is studying the key financial performance determinants on large Egyptian corporations. Since the middle of the 20th century, theories concerning the firm financial performance have been tested and developed. However, several of empirical and analytical papers investigate corporate performance determinants from only one perspective, however, other papers have exposed to many other perspective such as macro, micro, and organizational factors, which are presenting and providing an entire overview about the factors affecting the corporate performance. The key aim of this thesis is to examine the firm-specific and macroeconomics factors that significantly affecting on the corporate financial performance, by examining the relationship between profitability and a set of variables, through multi-cases study for large Egyptian corporations during the period 2008 {u2013} 2014. The researcher used basic statistically techniques for instance, descriptive statistics and inferential statistics to analyse the data collected from the firms{u2019} financial statements, Bloomberg and Standard & Poor{u2019}s to investigate the relationship between the variables, while was used Generalized Method of Moments (GMM) through E-views to investigate the extent to which firm-specific and macroeconomics factors have effects on the large Egyptian corporations financial performance. The main findings of this thesis are large corporate financial performance in Egypt is greatly and significantly dependent on firm-specific variables, which are corporate size, liquidity, corporate age, tangibility (assets structure), growth opportunities, earning volatility (risk), debt ratio (capital structure), and non-debt tax shield (NDTS). Furthermore, findings showed that macro-economic variables, which are outside of firm{u2019}s control, play an essential role in enhancing and improving corporate financial performance. The thesis is limited to large Egyptian corporations market, and applicable only to non-financial sector, which has specific criteria differ than other segments in Egypt due to their differences of operation nature and capital structure