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The impact of capital-structure choice on firm performance: empirical evidence from Egypt

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  • Ibrahim El-Sayed Ebaid

Abstract

Purpose - The purpose of this paper is to empirically investigate the impact of capital structure choice on firm performance in Egypt as one of emerging or transition economies. Design/methodology/approach - Multiple regression analysis is used in the study in estimating the relationship between the leverage level and firm's performance. Findings - Using three of accounting-based measures of financial performance (i.e. return on equity (ROE), return on assets (ROA), and gross profit margin), and based on a sample of non-financial Egyptian listed firms from 1997 to 2005 the results reveal that capital structure choice decision, in general terms, has a weak-to-no impact on firm's performance. Originality/value - This is the first study that examines the relationship between leverage level and firm performance in Egypt.

Suggested Citation

  • Ibrahim El-Sayed Ebaid, 2009. "The impact of capital-structure choice on firm performance: empirical evidence from Egypt," Journal of Risk Finance, Emerald Group Publishing, vol. 10(5), pages 477-487, November.
  • Handle: RePEc:eme:jrfpps:v:10:y:2009:i:5:p:477-487
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    Citations

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    Cited by:

    1. Tarek Ibrahim Eldomiaty & Mohamed Hashem Rashwan & Mohamed Bahaa El Din & Waleed Tayel, 2016. "Firm, industry and economic determinants of working capital at risk," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 3(04), pages 1-29, December.
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    13. Sakshi Khanna & Amit Srivastava & Yajulu Medury, 2016. "A study of capital structure dynamics on the value of Indian firms using panel threshold regression model," International Journal of Management Practice, Inderscience Enterprises Ltd, vol. 9(1), pages 40-55.
    14. Yakubu, Ibrahim Nandom & Alhassan, Mohammed Mubarik & Mikhail, Abdul Azeez & Alhassan, Abdul-Nasiru Iddrisu, 2017. "Commercial Banks Performance in Ghana: Does Capital Structure Matter?," MPRA Paper 95115, University Library of Munich, Germany.
    15. Michael Addaney & Samuel Baffour Awuah & Akosua Afriyie, 2016. "Debt management and the performance of small scale enterprises in the Kumasi metropolis of Ghana," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 6(5), pages 101-112, May.
    16. Miglo, Anton, 2004. "Pecking order theory for government finance," MPRA Paper 89017, University Library of Munich, Germany, revised 2018.
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    19. Jubaedah & Ivan Yulivan & Abdul Razak Abdul Hadi, 2016. "The Influence of Financial Performance, Capital Structure and Macroeconomic Factors on Firm¡¯s Value ¨C Evidence from Textile Companies at Indonesia Stock Exchange," Applied Finance and Accounting, Redfame publishing, vol. 2(2), pages 18-29, August.
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