أثر هيكل الملكية والمرونة المالية على القيمة الاقتصادية المضافة: دراسة تطبيقية على الشركات المقيدة بالبورصة المصرية

الملخص EN

Objective: this study aims to measure the financial performance of companies listed on the Egyptian stock exchange during the period 2014 to 2018 by using the economic added value approach, as well as measuring the relationship between variables such as the net debt rate and the ratio of cash flow from operating activities to debt, and the number of times debt coverage as a measure of financial flexibility studying its impact on economic value added, and analyzing the impact of ownership structure patterns on economic value added.

design and methodology: this study relies on the use of the cross-sectional time-series approach through the use of the combined regression model, the fixed effects model, and the random effects model.

the second test: the Haussmann test to make a preference between the fixed effects model and the random effects model.

results: when studying the effect of the ownership structure on the added economic value, it was found that there is a statistically significant relationship of the ownership structure on the added economic value and the acceptance of the null hypothesis, which states that the regression models of fixed effects or random effects will be better than the combined regression model, also when studying the effect of financial flexibility on the added economic value it was found that there is a statistically significant relationship of financial flexibility on the added economic value and the acceptance of the null hypothesis, which states that the regression models of fixed effects or random effects will be better than the combined regression model.

also, when studying the impact of the ownership structure and financial flexibility on the added economic value, it was found that there is a statistically significant relationship of the ownership structure and financial flexibility on the added economic value and the acceptance of the null hypothesis, which states that regression models for fixed effects or random effects will be better than the combined regression model.

the limits of the study: four types of ownership structure were relied upon namely, the ownership of major shareholders, the ownership of financial institutions, government ownership, administrative ownership, and the exclusion of the banking and financial services sectors, due to their special nature and subject to special standards and laws that differ from other companies.