Factors Affecting Capital Structure Decisions: A Comparative Study of Listed Firms in Egypt and Nigeria
Elbialy, H., Metawea, S. (2023). Factors Affecting Capital Structure Decisions: A Comparative Study of Listed Firms in Egypt and Nigeria. EKB Journal Management System, 4(2), 693-715. doi: 10.21608/cfdj.2023.289028
Hebatallah Emadeldin Elbialy; Saad Abdelhamid Metawea. "Factors Affecting Capital Structure Decisions: A Comparative Study of Listed Firms in Egypt and Nigeria". EKB Journal Management System, 4, 2, 2023, 693-715. doi: 10.21608/cfdj.2023.289028
Elbialy, H., Metawea, S. (2023). 'Factors Affecting Capital Structure Decisions: A Comparative Study of Listed Firms in Egypt and Nigeria', EKB Journal Management System, 4(2), pp. 693-715. doi: 10.21608/cfdj.2023.289028
Elbialy, H., Metawea, S. Factors Affecting Capital Structure Decisions: A Comparative Study of Listed Firms in Egypt and Nigeria. EKB Journal Management System, 2023; 4(2): 693-715. doi: 10.21608/cfdj.2023.289028

Factors Affecting Capital Structure Decisions: A Comparative Study of Listed Firms in Egypt and Nigeria

المجلة العلمية للدراسات والبحوث المالية والتجارية
Volume 4, Issue 2 - Serial Number 1, July 2023, Page 693-715  XML PDF (866.83 K)
Document Type: المقالة الأصلية
DOI: 10.21608/cfdj.2023.289028
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Authors
Hebatallah Emadeldin Elbialy1; Saad Abdelhamid Metawea2
1Researcher of PHD. Of Business Administration Faculty of Commerce, Mansoura University
2Professor of Business Administration Faculty of Commerce, Mansoura University
Abstract
This study aims to investigate factors affecting the Capital Structure Decisions of listed firms in Egypt and Nigeria. The data collection instrument was the financial statements of Nigerian and Egyptian listed firms, which consisted of an unbalanced panel of 60 firms over 11 years. Only 176 observations for 16 Egyptian firms and 165 observations for 15 Nigerian firms were statistically valid and free of missing data. Panel Data analysis was employed to test the research hypotheses through EViews and SPSS programs. The study results indicated that there were significant effects of financial cost (Market book ratio, stock return, and deflated return) on capital structure decisions (book leverage, long-term capital structure, and Short-term capital structure) of the listed firm in Egypt and Nigeria. This effect was found to be a negative effect for the financial costs (market-to-book ratio and stock return) on book leverage, long-term capital structure, and Short-term capital structure of a listed firm in Egypt and Nigeria and a positive for the market-to-book ratio on both book leverage and the short term capital of listed firms in Nigeria.  Finally, the results showed that there is an insignificant effect of financial costs (deflated return and stock return) on the long-term capital of listed firms in Egypt and Nigeria.
Keywords
(Financial costs; Capital structure Decisions; Listed firms)
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