نموذج مقترح لقرارات هيكل رأس المال للشركات الصغيرة والمتوسطة الحجم في الدول النامية " دراسة تطبيقية في مصر"

The Purpose of this thesis is to contribute to the limited research of determining the factors that affect the capital structure decisions of the Egyptian small and medium enterprises. Although the traditional theories of capital structure are useful in explaining the capital structure decisions of the companies, but it is showed that they mainly explained these decisions of large enterprises in developed economies, so the researcher tries to specify the main determinants of capital structure of SMEs in the Egyptian context. The study has been performed by investigating the capital structure of a sample of 27 SMEs that are listed in the NileX index, the only index for the Egyptian SMEs. The data was collected over the period 2010 – 2016. The results showed evidence that some of managerial attitudes and characteristics are considered from the drivers of the capital structure decisions of the Egyptian SMEs. Aversion to external control has a negative impact on the willingness to seek external financing while managerial growth intentions and strength of the managerial relationships with others positively affect the leverage. Also, the results showed a limited evidence on the effect of corporate governance mechanisms on the capital structure, CEO duality positively affect the leverage. Firm specific factors and country specific factors are considered from the determinants of the capital structure decisions of the Egyptian SMEs.Under the supervision of: Prof. Mahmoud Sobh Prof. Hayam Hassan Wahb

THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY ON THE FIRM’S FINANCIAL PERFORMANCE

The objective of this research is to investigate the relationship between thecorporate social responsibility and the firm’s financial performance. This relationship has been a very important issue and topic of great interest for researchers since from the origin of business entities. Therefore the aim of this study is to explore the nature of relationship between CSR and financial performance in the context of Egypt using a sample of 30 firms (firms listed on EGX 30) from 2007 to 2010. The sample was from a range of industrial sectors. We measured the corporate social responsibility by the S&P/EGX ESG Index, which is the only single source that offers published data regarding social corporate responsibility. The Corporate financial performance is measured by ROA and EPS. We find a positive and significant relation between corporate financial performance and the CSR. This result actually motivates organizations to think broadly about their obligations towards the society in which they operate rather than just maximizing their wealth