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首页> 外文期刊>Review of Accounting and Finance >Capital structure and firm characteristics: an empirical analysis from Egypt
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Capital structure and firm characteristics: an empirical analysis from Egypt

机译：资本结构与公司特征：来自埃及的实证分析

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Purpose – The aim of this paper is to investigate differences in capital structures across industries in Egypt paying particular attention to: corporate characteristics, such as liquidity, asset structure, growth, and size; fiscal characteristics, namely, the application of differential corporate tax rates; and stock market activity. Design/methodology/approach – Comparisons are made between the four main industrial sectors: food, heavy industries, contracting and services. For each industry four aspects of capital structure are assessed. Firms are also classified according to whether their shares are actively traded on the Egyptian stock market. Multiple regressions are run to test a range of hypotheses. ANOVA and multiple comparison procedures are also employed. Findings – Across Egyptian firms, higher business risks do not generally result in lower levels of long-term capital structure. The contracting sector is significantly different from food, heavy industries and services in its determinants of its short-term financing and interest ratios. The sector also has a higher level of debt, and so a hypothesised tax-induced higher debt level for the services sector, which has the highest corporate tax rate, is rejected. Asset-backing is particularly important in heavy industries, and in non-actively traded firms. Size and growth are positively related to short-term financing in heavy industries and services. Originality/value – The value lies in the comprehensiveness of the study, covering both short- and long-term capital structures across industries, both income measures and capital indebtedness, and distinctions according to whether the shares are actively traded or not.
机译：目的–本文的目的是调查埃及各行业的资本结构差异，特别要注意：公司特征，例如流动性，资产结构，增长和规模；财政特征，即适用差别公司税率；和股市活动。设计/方法/方法–对四个主要工业部门进行了比较：食品，重工业，承包和服务。对于每个行业，评估了资本结构的四个方面。公司还根据其股票是否在埃及股票市场上活跃交易进行分类。运行多元回归以检验一系列假设。还采用了方差分析和多重比较程序。调查结果–在埃及的所有公司中，较高的商业风险通常不会导致长期资本结构水平降低。承包部门在决定短期融资和利率方面与食品，重工业和服务业有很大不同。该部门的债务也较高，因此拒绝了假设的由税收导致的服务税的较高债务水平，因为该部门具有最高的公司税率。资产支持在重工业和非活跃交易的公司中尤其重要。规模和增长与重工业和服务业的短期融资成正相关。原创性/价值–价值在于研究的全面性，涵盖跨行业的短期和长期资本结构，收入指标和资本负债，以及根据股票是否活跃交易进行区分。

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