أثر استراتيجية الأعمال على الأداء المالي وكفاءة الاستثمار وسياسات توزيعات الأرباح: دراسة اختبارية على سوق الأوراق المالية المصري

الملخص EN

The study examined the impact of business strategy on financial performance, investment efficiency and dividend policies through 102 companies listed in the Egyptian stock market from 2014 to 2021.

the number of observations when studying the impact on financial performance and dividend policies reached 714 observations, while when studying the impact on efficiency investment 612 observations.

the business strategy was measured through a composite measure that includes six measures, and the financial performance was measured through two measures, while the investment efficiency was estimated through the absolute values of the residuals from the investment model (Biddle et al., 2009).

dividend policies were measured through three measures.

the study concluded that there is a negative relationship between business strategy and financial performance, which indicates that financial performance of companies adopting an innovation-oriented business strategy (prospector type) is weak, while financial performance of companies adopting an efficiency-oriented business strategy (defender type) is strong.

the study also concluded that there is a positive relationship between business strategy and investment efficiency index, which expresses investment inefficiency, which implies that the higher the strategy score, the more serious the firm's investment inefficiency (over-investment or under-investment).

specifically, companies adopting an innovation-oriented business strategy (prospector type) tend to over-investment, while companies adopting an efficiency-oriented business strategy (defender type) tend to under-investment.

the study also concluded that there is a positive relationship between business strategy and dividend policies, which indicates that companies adopting an innovation-oriented business strategy (prospector type) are more likely to pay dividends, while companies adopting an efficiency-oriented business strategy (defender type) are less likely to pay dividends.