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Market timing behaviour, bankruptcy costs and capital structure decisions in MENA: the case of Egypt

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  • Mohamed Sherif

Abstract

This paper investigates the determinants of capital structure and in particular the influence of market timing behaviour and bankruptcy costs on leverage decisions in Egypt. Using a panel data model and a range of econometric techniques, it is shown that the effects of market timing on the capital structure of Egyptian listed firms are not consistent over the time. The findings also suggest that bankruptcy cost has a negative impact on leverage ratios and capital structure decisions in the Egyptian companies. In addition, through an analysis of the target capital structure, the paper shows that the Egyptian companies considered here are moving fairly quickly towards their target level of leverage.

Suggested Citation

  • Mohamed Sherif, 2015. "Market timing behaviour, bankruptcy costs and capital structure decisions in MENA: the case of Egypt," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 11(3/4), pages 338-352.
    • Handle: RePEc:ids:ijaape:v:11:y:2015:i:3/4:p:338-352
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    Cited by:

    1. Aly Saad Mohamed Dawood & Mahmoud Otaify, 2021. "Target Capital Structure of Egyptian Listed Firms: Importance of Growth and Risk Factors," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 12(1), pages 158-173, January.

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