تأثير الرافعة المالية و الربحية على القيمة السوقية للمنشأة : "دراسة تطبيقية "

Abstract EN

This study aims to explore the impact of financial Leverage and profitability on the market value of Tourism and Leisure companies.

This study relied on quarterly data for 13 companies listed on the Egyptian Stock Exchange over the period from 2014 to 2019.

The data analyzed using Panel Data, as well as the Generalized Momentum Model (GMM).

The study found that:

The coefficient for financial Leverage is positive and significant in tourism & Leisure sector.

The value of the company increases with the presence of financial Leverage.

In the light of the presence of the coefficient "beta", tangible assets, and size as additional explanatory variables, it was found that the estimated parameters of total financial Leverage, short-term financial Leverage have a positive and significant effect.

On the other hand, the long-term Leverage had a positive, but not significant, effect,
The different maturities of debts have a different effect on the market value of the enterprise، as short-term debts have a greater impact than the effect of long-term debts on the value of the enterprise.

These results are of great importance to those managing tourism and leisure companies, as they enable them to re-evaluate their financing structures, increase their profitability, and thus increase their market values.