中东和北非的市场时机行为、破产成本和资本结构决策:以埃及为例

Q4 Economics, Econometrics and Finance

International Journal of Accounting, Auditing and Performance Evaluation Pub Date : 2015-09-03 DOI:10.1504/IJAAPE.2015.071586

Mohamed Sherif

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引用次数: 2

摘要

本文研究了资本结构的决定因素，特别是市场时机行为和破产成本对埃及杠杆决策的影响。利用面板数据模型和一系列计量经济学技术，我们发现市场时机对埃及上市公司资本结构的影响在时间上并不一致。研究结果还表明，破产成本对埃及公司的杠杆率和资本结构决策具有负向影响。此外，通过对目标资本结构的分析，本文表明，这里考虑的埃及公司正在相当迅速地朝着目标杠杆水平前进。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Market timing behaviour, bankruptcy costs and capital structure decisions in MENA: the case of Egypt

This paper investigates the determinants of capital structure and in particular the influence of market timing behaviour and bankruptcy costs on leverage decisions in Egypt. Using a panel data model and a range of econometric techniques, it is shown that the effects of market timing on the capital structure of Egyptian listed firms are not consistent over the time. The findings also suggest that bankruptcy cost has a negative impact on leverage ratios and capital structure decisions in the Egyptian companies. In addition, through an analysis of the target capital structure, the paper shows that the Egyptian companies considered here are moving fairly quickly towards their target level of leverage.

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来源期刊

International Journal of Accounting, Auditing and Performance Evaluation Economics, Econometrics and Finance-Finance

CiteScore

0.70

自引率

0.00%

发文量

期刊介绍： IJAAPE publishes original scholarly papers across the whole spectrum of: financial accounting, managerial accounting, accounting education, auditing, taxation, public sector accounting, capital market and accounting, accounting information systems, performance evaluation, corporate governance, ethics, and financial management. All methodologies, such as analytical, empirical, behavioural, surveys, and case studies are welcome. IJAAPE encourages contributions especially from emerging markets and economies in transition and studies whose results are applicable across nation states or capable of being adapted to the different accounting and business environments.