Journal articles on the topic 'The Egyptian Exchange'
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Amer, Islam. "Modelling foreign exchange rate exposure." Journal of Economic and Administrative Sciences 30, no. 2 (November 11, 2014): 96–120. http://dx.doi.org/10.1108/jeas-03-2013-0009.
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Purpose – The purpose of this paper is to fill a gap in the foreign exchange rate exposure management literature as the existing literature has focused only on developed economics, and also the current literature on foreign exchange rate exposure of cedant insurance companies is very limited. As Egyptian insurance companies deal directly with foreign exchange rates, they face exposure to exchange rates through their international reinsurance operations. Design/methodology/approach – Martin and Mauer (2003, 2005) three-stage model is used to estimate foreign exchange rate transaction exposure for the sample of 23 Egyptian insurance companies over the period 2002-2009. However, the author has two innovations to this method. The author's first innovation is that instead of looking at the unanticipated operating income for each cedant company (as in both previous papers), this paper looks at the unanticipated operating income on an aggregate level. The author's second innovation is that instead of the model used in previous papers the author uses a model from the actuarial field that was proposed by Blum et al. (2001) for modelling foreign exchange rates with their relevant constituents (inflation and interest rate). Findings – The central finding of the study is that the foreign exchange rate exposure across the Egyptian insurance industry is not significant (at the 10 per cent level) and investigates this result. Research limitations/implications – This study has made considerable contributions to the existing academic literature, but the findings also illustrate the limitations of the research undertaken. These limitations, however, provide important directions for future research. This thesis focused exclusively on the transaction exposure that Egyptian insurance companies experience to fluctuations in the US dollar exchange rate in relation to their international reinsurance operations. As a result, investigating both translation and economic exposure was beyond the scope and purpose of this study. Practical implications – The findings of this research provide meaningful implications for industry practitioners. As Egyptian insurance companies are not immune from exchange rate risks, efforts must be made by each insurer to approximate and quantify their individual foreign exchange rate transaction exposure. Additionally, as Egyptian insurance companies increasingly operate worldwide (through the international reinsurance industry), this research and its results are significant for practitioners not only in Egypt, but also further afield. Finally, it is believed that this research will highlight greater implications for international financial players active in Egyptian financial and non-financial sectors, including banks not exposed singularly to US dollars, but to multiple currencies. One recent Egyptian example is Egypt Air, which lost an estimated US$600 million in 2013 due to foreign exchange rate fluctuations. Originality/value – Since Egyptian insurance operates worldwide, the results of this paper are of significant not only for Egyptian insurance managers but also to practitioners beyond Egypt.
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Hussein, Amani, and Bassma Tarek Bakry. "The influence of Egyptian pound flotation on capital structure determinants for listed Egyptian companies." Corporate Governance and Organizational Behavior Review 6, no. 4, special issue (2022): 196–207. http://dx.doi.org/10.22495/cgobrv6i4sip1.
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In Egypt, an essential economic transformation program was started in prior years to enhance Egyptian economic progress and the liberalization of the Egyptian pound (EGP) exchange rate (International Monetary Fund [IMF], 2017). By the end of 2016, Egypt had an EGP flotation where significant changes took place in trading volumes, stock issuance, and interest rates (Central Bank of Egypt, 2018). One of the most vital decisions in any company is the capital structure decision. Therefore, this research strengthens the capital structure literature by investigating the influence of Egyptian pound flotation on capital structure determinants for the listed Egyptian companies during the period from 2014 to 2018, which is a research issue, not examined in Egypt before. A sample of 78 non-financial companies listed on the Egyptian Stock Exchange (ESX) over 5 years is used; the research examines the influence of a company’s profitability, tangibility, size, growth, liquidity, non-debt tax shields, and flotation on capital structure. Adopting panel data methodology, the findings indicate that the company’s profitability, tangibility, size, and liquidity are significant determinants of the capital structure of Egyptian companies whereas growth, non-debt tax shields, and flotation are insignificant. A weak influence of EGP flotation on determinants of capital structure and the variations before and after flotation is in the significance level of the determinants
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Kamal, Abdelmonem Lotfy Mohamed. "Interrelation Dynamics between Exchange Rate and Stock Market Returns in Egypt." Archives of Business Research 10, no. 9 (September 21, 2022): 126–41. http://dx.doi.org/10.14738/abr.109.13134.
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This paper investigates the dynamics between exchange rate and stock market returns in Egypt that have been found to be interlinked with additional two variables, economic growth and inflation. To conduct such a research, the paper employed Autoregressive Distributed Lag (ARDL) model and Granger Causality tests using monthly data from Q1 2012 to Q3 2022. Econometric estimations prove that there exist a long run relationship among these four variables through the equation LNEGX30 = 1.1129 LNEXR + 2.3671 LNGDP – 2.5829 LNM2. The paper investigates that it is the stock market returns that lead to exchange rate fluctuations in the Egyptian economy. Similarly, the exchange rate volatilities lead to fluctuations in both economic growth rates and inflation rates. Indeed, stock market performance granger causes economic growth through a unidirectional causality that goes from stock market to economic growth. Therefore, the paper recommends several adjustments for the Egyptian financial policy through giving more incentives to over-performed and strong companies to be listed in the stock market. In addition, the Egyptian stock market is in need to develop newly established financial products, such as Exchange Traded Funds (ETFs), that would promote value and volume of trade in the market that would lead to boost economic growth. Finally, the central bank of Egypt, through reducing money supply growth rate, would target inflation rate to become one-digit to save the value of the Egyptian Pound from continuous devaluation and structural breaks.
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Jawid, Raed Fadel. "Study of Using Applications of Artificial Intelligence in Performance of Financial Markets." Journal of Cases on Information Technology 24, no. 2 (April 2022): 1–18. http://dx.doi.org/10.4018/jcit.20220401.oa4.
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In an attempt to revive the stock market in Egypt and revitalize it to fulfill its developmental role, the Egyptian government has pursued a program of economic and financial reform aimed at improving the regulatory environment for the work of that market and removing all restrictions on foreign exchange transactions for foreign investors on the Egyptian Stock Exchange, so this program allowed free movement of entry and exit of the heads Money without any restrictions. Despite differing opinions about the freedom of movement of capital, however
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Abd Alla, Mostafa Hussein, and Mahmoud Sobh. "The Impact of Herding on the Expected Return in the Egyptian Stock Exchange." Financial Assets and Investing 10, no. 2 (December 31, 2019): 5–20. http://dx.doi.org/10.5817/fai2019-2-1.
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This paper examines the impact of herding behaviour on the expected return in the Egyptian Stock Exchange by adding an additional risk factor reflecting herding behaviour to the capital asset pricing model. The study used monthly excess stock returns of 50 stocks listed on the Egyptian Stock Exchange from January 2014 to December 2018. The results do not support the capital asset pricing model before and after adding the herding behaviour factor, therefore there is no effect of herding behaviour on the expected return.
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Elhendawy, Emad Omar. "Does External Debt Service Devalue Local Currency in the Long Run? Empirical Evidence from Egypt." International Journal of Economics and Finance 14, no. 2 (January 7, 2022): 51. http://dx.doi.org/10.5539/ijef.v14n2p51.
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The aim of this study is to identify the extent to which there is an effect of external debt service on the exchange rate in Egypt in the long run, where the change in the exchange rate has great importance in changing currency value and thus affecting its function as a store of value and a standard for forward payments and then in the redistribution of income and wealth, It also has an effect on some macroeconomic variables, such as inflation, exports, imports, and thus the current account. The study examines the estimation of the long-run relationship between the external debt service and the exchange rate in Egypt in the period 1980-2019 and relies on the exchange rate of the dollar against the Egyptian pound as a dependent variable, while the explanatory variables were the external debt service, gross capital formation, broad money growth, deposit interest rate, household final consumption expenditure, gross savings, and terms of trade adjustment. The methodology is based on Vector Error Correction (VEC) and the study concluded that there is a significant long-term relationship between the value of the Egyptian pound and all the variables explained in the study, as the error correction coefficient is negative and significant. Also, there is an inverse statistically significant relationship between the value of the Egyptian pound and each of the external debt service, the deposit interest rate, and gross savings; any change of 1% in the external debt service, the deposit interest rate, and gross savings leads to a devaluation of the Egyptian pound against the dollar by 4.8%, 0.04%, and 0.05%, respectively. The study also concluded that there is a positive, statistically significant relationship in the long term between the value of the Egyptian pound and each of gross capital formation, broad money growth, households' and NPISHs' final consumption expenditure, and terms of trade adjustment, as any change of 1% in these variables leads to an increase in the value of the Egyptian pound by 0.16%, 0.05%, 0.27%, and 6%, respectively. This study recommends that decision makers consider all the reasons that would reduce the external debt service in order to preserve the value of the Egyptian currency in the long run.
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حسین عبد الرازق, محمد, and احمد سید عبد الباسط. "Does the Egyptian Exchange Market Still Have Herd Behavior?" المجلة العلمیة للدراسات والبحوث المالیة والتجاریة 4, no. 1 (January 1, 2023): 183–228. http://dx.doi.org/10.21608/cfdj.2023.258042.
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El Shazly, Mona R. "The Egyptian Stock Exchange: Emerging, Submerging, and Re-Emerging." International Advances in Economic Research 11, no. 3 (August 2005): 344. http://dx.doi.org/10.1007/s11294-005-6665-7.
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Skuse, Matthew L. "THE ARCESILAS CUP IN CONTEXT: GREEK INTERACTIONS WITH LATE PERIOD FUNERARY ART." Annual of the British School at Athens 113 (September 27, 2018): 221–49. http://dx.doi.org/10.1017/s0068245418000047.
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The iconography and composition of the Arcesilas Cup are widely acknowledged to have been modelled on weighing scenes found in Egyptian funerary art. However, less attention has been given to how the Arcesilas Painter came to experiment with a composition found in Egyptian funerary art, and why he would want to do so. This paper revises previous studies of the Arcesilas Cup's subject and its similarities to Egyptian illustrations of the weighing of the heart spell. Next, it explores how exchange and consumption in the sixth-century Mediterranean can be used to make sense of the cup's unique subject. Finally, it proposes contexts for the transmission of designs between Egyptian and Laconian artists.
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Makhaiel, Nargis Kaisar Boles, and Michael Leslie Joseph Sherer. "The effect of political-economic reform on the quality of financial reporting in Egypt." Journal of Financial Reporting and Accounting 16, no. 1 (March 12, 2018): 245–70. http://dx.doi.org/10.1108/jfra-05-2016-0035.
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Purpose This paper aims to study the influence of political-economic reform and especially privatisation on the quality of financial reporting of the Egyptian companies. Design/methodology/approach The paper analyses data from official documents and 34 interviews with company executives, financial analysts, external auditors and Stock Exchange regulators to inform our understanding of the relationship between changes in the Egyptian environment and the quality of financial reporting. Findings The findings of the research suggest that the recent Egyptian political-economic reform, resulting in privatisation has significant influence on negative accounting practices and hence on lowering the quality of financial reporting through its effect on: departure from uniform accounting system and public accounting regulations; issuing new stock exchange regulative rules; reviving the role of Stock Exchange; and increasing competition within Stock Exchange regarding raising funds. Originality/value This paper contributes to the literature by identifying the effect of socio-cultural factors on motivating executives to 7 exercise negative accounting practices and hence producing low-quality financial reports (FRs) and by highlighting the fact that accounting practices cannot be generalised worldwide due to the absence of universal socio-cultural factors which shape these practices. This paper employs new institutional sociology theory and contributes to that theory by acknowledging the active interplay between institutional context and economic environment.
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Kamel, Hany, and Emad Awadallah. "The extent of voluntary corporate disclosure in the Egyptian Stock Exchange." Journal of Accounting in Emerging Economies 7, no. 2 (May 2, 2017): 266–91. http://dx.doi.org/10.1108/jaee-05-2015-0037.
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Purpose The purpose of this paper is to investigate the current level of voluntary corporate disclosure in the Egyptian Stock Exchange. In addition, it explores the factors influencing the extensiveness of voluntary disclosure and examines the potential consequences of such disclosure in regards to the phenomenon of earnings management. Design/methodology/approach A relevant disclosure index to the Egyptian context was adopted to assess the level of voluntary disclosure in the 2010 annual reports of the most actively traded companies listed on the Egyptian Stock Exchange. The relationship between the extent of voluntary disclosure and each specific-related factor was examined using unranked and ranked OLS regression models. Meanwhile, a system of simultaneous equations was performed using a two-stage least squares regression model in order to investigate whether companies with higher levels of voluntary disclosure exhibit lower levels of earnings management practices. Findings The results indicate that the level of voluntary disclosure is positively responsive to specific corporate attributes, namely, the type of auditing firm and the two industries of Healthcare and Pharmaceuticals, and Chemicals. However, no significant indications were found that firm size, leverage, profitability and liquidity are important determinants of corporate disclosure. Also, the results show no evidence to support the prior anticipation that a higher level of voluntary disclosure reduces the ability of managers to make use of earnings management. On the contrary, it was found that leverage and the tendency of firms to avoid reporting declines in earnings are the main drivers of the phenomenon of earnings management in Egypt. Practical implications This paper has important implications for both domestic and overseas investors in Egypt as well as the regulatory authorities in the developing economies. Originality/value The main contribution of this paper is its focus on the extent of voluntary disclosure in a developing country such as Egypt, which has a high potential for economic growth in the near future. Besides, this paper is the first to examine the relationship between the level of voluntary disclosure and the phenomenon of earnings management in the Egyptian context.
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Helmy, Ashraf, and Osama Wagdi. "Political Risks and Their Economic Effects: Evidence from Egypt." International Journal of Economics and Finance 8, no. 7 (June 23, 2016): 94. http://dx.doi.org/10.5539/ijef.v8n7p94.
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This research aims at studying the effect of political changes on Egyptian economy by studying the direct and indirect effect of political risk index and its sub-indicators on number of important variables such as economic growth, employment, exchange rates, Egyptian Exchange main index (EGX30), foreign investment flows, domestic interest rates, and domestic public debt during the time period from 2006 to 2015 using parametric and nonparametric statistical methods. The study concluded that political risk index and its sub-indicators have had varying effects on financial and real investment and other macroeconomic variables in Egypt; and that achieving a successful economic development process cannot be reached without taking into account determinants of political risk.
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López-Ruiz, Carolina. "Near Eastern Precedents of the “Orphic” Gold Tablets: The Phoenician Missing Link." Journal of Ancient Near Eastern Religions 15, no. 1 (September 17, 2015): 52–91. http://dx.doi.org/10.1163/15692124-12341269.
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The Greek Gold Tablets (also called “Orphic Gold Tablets”), have often been compared with Egyptian funerary texts, especially those comprising theBook of the Dead. At the same time, North-West Semitic gold and silver leaves (Phoenician-Punic and Hebrew) with protective formulae offer a close parallel to them in aspects of their function and form. Although this group of funerary amulets are also said to follow Egyptian models, the three corpora have never been discussed together. Egyptian afterlife motifs and magical technologies may have indirectly influenced Greek Orphic funerary ideas and practices. I suggest, however, that this transmission happened through adaptations of Egyptian materials in the Phoenician-Punic realm, with evidence pointing to southern Italy and Sicily (Magna Graecia) as likely scenarios for this exchange. Intersections between Orphic and Phoenician cosmogony and the selective use of Egyptian iconography in Phoenician funerary amulets reinforce this hypothesis.
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Mostafa, Ahmed Mohammed Sayed, and Eman Aly Abed El-Motalib. "Servant Leadership, Leader–Member Exchange and Proactive Behavior in the Public Health Sector." Public Personnel Management 48, no. 3 (December 6, 2018): 309–24. http://dx.doi.org/10.1177/0091026018816340.
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Very limited attention has been given by scholars to the relationship between servant leadership and employee behaviors in the public sector and not much is known about the mechanisms through which this relationship may take place. This study examines the relationship between servant leadership and proactive behaviors in the Egyptian public health sector and investigates the role of leader–member exchange (LMX) as a mediator. Using a sample of Egyptian public hospital nurses, the results of structural equation modeling (SEM) indicate that servant leadership was positively related to LMX which, in turn, had a significant positive association with proactive behavior. Thus, servant leaders encourage employees to engage in proactive behavior through enhancing the quality of their exchange relationship with their supervisors.
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El-Bannany, Magdi. "Factors affecting audit report lag in banks: the Egyptian case." Corporate Ownership and Control 5, no. 3 (2008): 54–61. http://dx.doi.org/10.22495/cocv5i3p6.
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This paper investigates the determinants of the audit report lag in Egyptian banks during the year 2004. On a sample of twenty seven banks listed in the Egyptian Stock Exchange, the regression results show that external auditor type, bank size, audit complexity in terms of the number of branches, audit complexity in terms of diversity level and bank profitability, all have a significant impact on the audit report lag but the exceptional items does not.
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Diab, Ahmed, Aref M. Eissa, and Samir Ibrahim Abdelazim. "Dividends Payout and Earnings Predictability: Evidence from a Developing Country." Academic Journal of Interdisciplinary Studies 11, no. 5 (September 2, 2022): 10. http://dx.doi.org/10.36941/ajis-2022-0121.
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This study investigates the relation between dividends payout and earnings predictability of firms listed on the Egyptian Stock Exchange as an emerging African market. We depend on a sample of firms listed on the Egyptian stock exchange (EGX100) during 2014-2018. To test the hypotheses, we use two independent sample t-test and OLS regression. The principal analysis revealed that dividends payout improves the ability of current earnings to forecast firms’ future earnings. Results also indicated that dividends payout could enhance the ability of current earnings to forecast one year-ahead cash flow. To the best of our knowledge, this is the first study that examines the implications of dividends payout on earnings predictability in the Egyptian market. The findings present new insights to investors, researchers, and regulators concerned with agency conflicts of interest within the firm. It also presents evidence on the potential alternative mechanisms for decreasing agency costs in African emerging markets.
Received: 8 April 2022 / Accepted: 4 August 2022 / Published: 2 September 2022
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Abdul Hadi, Abdul Razak, and Tulus Suryanto. "CAPITAL STRUCTURE DETERMINANTS: EVIDENCE FROM PALESTINE AND EGYPT STOCK EXCHANGES." IKONOMIKA 1, no. 2 (April 8, 2017): 118. http://dx.doi.org/10.24042/febi.v1i2.147.
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Abstract -This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX) and Egypt Stock Exchange (EGX). Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982) as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant.
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Mohamed Dawood, Aly Saad, and Khairy El-Giziry. "Type of Traders’ Effect on Risk and Return: The Case of Egyptian Stock Exchange." International Journal of Economics and Finance 8, no. 2 (January 24, 2016): 256. http://dx.doi.org/10.5539/ijef.v8n2p256.
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<p>This research paper aims to estimate the effect of investor categories (Foreigners, Arab, Egyptian institutions and individuals) trading volume, value and number of transactions on capital market returns and volatility. </p><p>We depend on data Foreigners, Arabian and Egyptian trading volume, values and number of transaction of buying and selling for institutions and individuals and capital market values for the period from January 1st 2009 to December 31 2013.</p><p>We used descriptive statistics to identify normal distribution of data. Then, performing lead lag structure approach to obtain the optimum lag for the independent variable which has the maximum correlation with the dependent variable. Next, Garch model utilized to estimate the effect of trading volume, value, number of transactions on capital market return and volatility. Finally, the same model utilized to estimate the effect of investor categories on capital market return and volatility for the six periods starting from January 1<sup>st</sup> 2009 to December 31 2013 which represents the whole period and five yearly periods for the same period.</p><p>We found that institutions are the main source of volatility in the Egyptian stock market. Garch models showed weak effect on volatility for all periods. In the light of this study Foreigners and trading value items are the main source of effect on volatility. Finally, consistent with Chou (1988), the findings of GARCH model indicated that volatility persistence is less than unity which revealed that the Egyptian stock market could absorb shocks across time.</p>
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Baroma, Bassam. "The impact of structure-related variables on forward-looking disclosure in the annual reports of non-financial Egyptian companies." Corporate Ownership and Control 11, no. 1 (2013): 111–25. http://dx.doi.org/10.22495/cocv11i1conf2p3.
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The main objective of this study is to test the relationship between numbers of variables representing firm characteristics (structure-related variables) and the extent of voluntary disclosure levels (forward-looking disclosure) in the annual reports of Egyptian firms listed on the Egyptian Stock Exchange. This study uses empirically investigate hypothesized impacts of structure-related variables on the extent of forward-looking disclosure. This study uses a list of forward-looking keywords to determine the differences in the level of forward looking disclosure between firms in different sectors. The sample includes 49 non-financial firms listed on the Egyptian Stock Exchange for the years 2008, 2009 and 2010. Statistical analysis is implemented using a multiple linear regression analysis. The results show that firm size is significantly positive (in all the three years) with the level of forward-looking disclosure. Firm age also is, only for the year 2008, and with insignificant association with the level of forward-looking disclosure in years 2009 and 2010. On the other hand, leverage and ownership dispersion variables are found being insignificantly associated with the level of forward-looking information disclosed in the annual reports for all the three years. There are some limitations in this study. First, the study uses the same list of forward-looking items as applied in previous studies. Second, the selected items do not show observed importance levels by financial information users. Third, the study applies an “unweights” approach to measure the level of forward-looking disclosure. Finally, the study concentrates on non-financial listed firms on the Egyptian Stock Exchange and excluded financial and insurance firms. Few studies have examined the forward-looking information disclosure in developing countries, particularly in the Middle East; no study has yet tested disclosure of forward-looking information in the annual reports for Egyptian firms. Furthermore, all previous studies examined the forward-looking disclosure in the annual reports for a sole year: this study examines it for a somewhat longer period (three years).
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Asal, Maher. "Real and Monetary Determination of the Egyptian Real Exchange Rate." African Development Review 8, no. 2 (December 1996): 20–36. http://dx.doi.org/10.1111/j.1467-8268.1996.tb00087.x.
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Omran, M. F. "Risk assessment of the Egyptian stock market in the wake of the Arab Spring." Journal of Economic and Administrative Sciences 31, no. 2 (November 16, 2015): 66–70. http://dx.doi.org/10.1108/jeas-05-2014-0010.
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Purpose – The purpose of this paper is to shed some light on the Egyptian stock market and its macroeconomic environment in the wake of the Arab Spring. Design/methodology/approach – The paper examines whether the averages of the EGX30 index price changes in addition to key macroeconomic variables are statistically significant pre and post Arab Spring. Findings – High inflation in the period up to the Arab Spring was a major contributing factor for the uprising. The solutions for the EGX30 index troubles are political and macroeconomic. Originality/value – The variables examined pre and post Arab Spring are EGX30 returns, EGX30 total market value, US$ reserves kept at the Egyptian Central Bank, US$ to Egyptian pounds exchange, and inflation.
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Khlif, Hichem, and Khaled Samaha. "Internal Control Quality, Egyptian Standards on Auditing and External Audit Delays: Evidence from the Egyptian Stock Exchange." International Journal of Auditing 18, no. 2 (December 16, 2013): 139–54. http://dx.doi.org/10.1111/ijau.12018.
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Hassaan, Marwa. "The introduction of corporate governance codes in a transitional economy and its impact on compliance with mandatory disclosures." International Journal of Research in Business and Social Science (2147-4478) 2, no. 1 (January 3, 2013): 07–21. http://dx.doi.org/10.20525/ijrbs.v2i1.57.
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This study aims to investigate the influence of the introduction of a corporate governance code in 2005 on the levels of compliance with mandatory IFRSs disclosure requirements by companies listed on the Egyptian Exchange (EGX) as a leading stock exchange in the Middle East. Using a disclosure index derived from mandatory IFRSs disclosure requirements for the fiscal year 2007, this study measures the levels of compliance by a sample of 75 non-financial companies listed on the focus stock exchange. This study extends the financial reporting literature and the emerging markets disclosure literature by being the first to investigate the influence of corporate governance requirements for best practices on the levels of compliance with mandatory IFRSs disclosure requirements by companies listed on the EGX. Results provide evidence of the lack of influence of corporate governance best practices on the levels of compliance with mandatory IFRSs disclosure requirements as it is not yet part of the cultural values within the Egyptian context. These findings are consistent with the notions of the proposed theoretical foundation.
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Rashed, Ahmed, and Waleed Ghoniem. "The impact of cash holding on stock returns in small and medium enterprises on the Egyptian Nile Stock Exchange." Investment Management and Financial Innovations 19, no. 3 (August 1, 2022): 83–92. http://dx.doi.org/10.21511/imfi.19(3).2022.08.
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This paper explores the impact of cash holdings on stock returns in small and medium enterprises. The sample includes 24 SMEs listed on the Egyptian Nile Exchange, excluding service firms, with a total of 96 observations from 2016 to 2019. Data was collected from financial statements and reports obtained through an information dissemination company in Egypt. This study uses a panel data analysis with comparing all results via ordinary least squares and the generalized method of moments. The findings show a statistically significant negative effect of cash holding on stock returns in small and medium enterprises on the Egyptian Nile Exchange. Further, the evidence shows that firms with higher levels of cash holding have higher investment alternatives and then lower stock returns. This result supports the agency theory that an increase in cash holding leads to managers exploiting cash resources to achieve personal benefits, thus increasing agency costs, lowering investment efficiency, and therefore lowering stock returns. The results support the trade-off between risk and return by using cash holding to finance operational activities and investing in higher investment alternatives and then lower stock returns.
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Le Moli, Ginevra. "President of the Republic et al. v. Ali Ayyoub et al." American Journal of International Law 113, no. 4 (October 2019): 791–98. http://dx.doi.org/10.1017/ajil.2019.54.
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On April 8, 2016, the Egyptian government announced the signing of a “Convention of Demarcation of the Maritime Border” with Saudi Arabia (Convention). Under the Convention, the Red Sea Islands of Tiran and Sanafir lay in Saudi territory. The move was perceived by foreign and domestic observers as the abandonment by Egypt of a long-held territorial and maritime claim in exchange for a loan from Saudi Arabia, and it was challenged before the Egyptian courts. On January 16, 2017, the Egyptian Supreme Administrative Court rendered a judgment annulling the act of cession of the islands on the basis of the Egyptian people's entitlement over them (Judgment). The Judgment triggered a domestic judicial saga, which only ended in 2018. Aside from the intriguing political dimensions of this incident, the Judgment, while interpreting the Egyptian Constitution of 2014, sheds light on some fundamental aspects of international law, namely: the identity of the “holder” of sovereignty and its relations with the “delegatee,” i.e., the government; the contribution of human rights as an analytical frame for this issue; and the validity of a treaty concluded in violation of a state's treaty-making powers, a question for which there is limited practice.
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RABIE, MOHAMED A., SOHER ELSAIDY, AHMED-ADEL el-BADAWY, HASSAN SILIHA, and F. XAVIER MALCATA. "Biogenic Amine Contents in Selected Egyptian Fermented Foods as Determined by Ion-Exchange Chromatography." Journal of Food Protection 74, no. 4 (April 1, 2011): 681–85. http://dx.doi.org/10.4315/0362-028x.jfp-10-257.
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Biogenic amines in foods may pose a public health problem. Therefore, histamine, tyramine, putrescine, cadaverine, spermine, and spermidine concentrations were measured in selected food items commonly consumed in Egypt. Foods examined were dairy products (blue cheese and Mesh cheese), meats (fermented and smoked cooked sausage), and fish (smoked and salted fermented fish [Feseekh], salted sardines, and anchovies). Egyptian fermented sausage had the highest concentration of total biogenic amines (2,482 mg/kg), followed by Mesh cheese (2,118 mg/kg) and blue cheese (2,084 mg/kg). The lowest concentration was found in smoked cooked sausage (111 mg/kg). Histamine was found at a high level (521 mg/kg) in Feseekh, and tyramine was highest (2,010 mg/kg) in blue cheese. These results indicate that some traditional Egyptian foods may pose a health risk due to the concentration of biogenic amines, especially histamine.
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Campagno, Marcelo. "Reflexiones sobre la presencia egipcia en el Levante meridional a finales del período del Bronce Temprano I(ca.3300-3000): a propósito del Tel Erani." Trabajos de Egiptología. Papers on Ancient Egypt, no. 10 (2019): 49–62. http://dx.doi.org/10.25145/j.tde.2019.10.03.
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Although the contacts between the populations of the southern Levant and the Nile Valley date back to earlier times, the archaeological record indicates a significant change for the last third of the fourth millennium BC (the period of Early Bronze IB, in the Levantine chronology). This period is characterized by a remarkable expansion of the number of South Levantine sites where ceramics and other Egyptian objects are registered, whether imported directly or made locally imitating patterns previously known in the Nile Valley. These sites also show new types of evidence of Egyptian influence, including building structures, ceramics with serekhs and Egyptian-like sealings. The exact meaning of this Egyptian presence is not easy to establish. Researchers have proposed very different hypotheses, from those that suggest an Egyptian conquest of the region, to those that focus on the problem in terms of Egyptian “colonies” or exchange relations between both regions. These interpretations will be considered here taking into account the diversity that seems to emerge from the types of evidence of the Egyptian presence in different South Levantine sites. In particular, recent information from Tel Erani will be considered, a site that is being re-excavated by archaeologists from the Jaguelonian University of Krakow, the Ben-Gurion University of the Negev (Beersheba), and the Israel Antiquities Authority, with the collaboration of an Argentine team from the University of Buenos Aires. Such information—particularly the traces of a remarkable wall that pre-date the evidence of Egyptian influence—could contribute to the reinterpretation of the ideas currently available on the nature of the Egyptian presence in the southern Levant at the end of the Early Bronze
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Abd-Alla, Mustafa Hussein, and Mahmoud Sobh. "The Impact of Herding on the Risk Pricing in the Egyptian Stock Exchange." Financial Assets and Investing 11, no. 2 (December 31, 2020): 19–37. http://dx.doi.org/10.5817/fai2020-2-2.
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We test the impact of herding behaviour on the risk pricing in the Egyptian Stock Exchange (EGX) by adding an additional risk factor reflecting herding behaviour to the Fama and French three-factor model. We construct a portfolio to mimic an additional risk factor related to herding behaviour, in addition to the original risk factors in the Fama and French three-factor model. The three-factor model will be tested in its original form and re-tested after adding the herding behaviour factor. The study is based on Hwang and Salmon methodology, in which the state space approach based on Kaman’s filter was used to measure herding behaviour. We used monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. The results do not support Fama and French model before and after adding the herding behaviour factor, therefore, there is no effect of herding behaviour on the risk pricing in the Egyptian Stock Exchange.
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Abd-Alla, Mustafa Hussein, and Mahmoud Sobh. "The Impact of Herding on the Risk Pricing in the Egyptian Stock Exchange." Financial Assets and Investing 11, no. 2 (December 31, 2020): 19–37. http://dx.doi.org/10.5817/fai2020-2-2.
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We test the impact of herding behaviour on the risk pricing in the Egyptian Stock Exchange (EGX) by adding an additional risk factor reflecting herding behaviour to the Fama and French three-factor model. We construct a portfolio to mimic an additional risk factor related to herding behaviour, in addition to the original risk factors in the Fama and French three-factor model. The three-factor model will be tested in its original form and re-tested after adding the herding behaviour factor. The study is based on Hwang and Salmon methodology, in which the state space approach based on Kaman’s filter was used to measure herding behaviour. We used monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. The results do not support Fama and French model before and after adding the herding behaviour factor, therefore, there is no effect of herding behaviour on the risk pricing in the Egyptian Stock Exchange.
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Helmy, Omneia, Mona Fayed, and Kholoud Hussien. "Exchange rate pass-through to inflation in Egypt: a structural VAR approach." Review of Economics and Political Science 3, no. 2 (July 31, 2018): 2–19. http://dx.doi.org/10.1108/reps-07-2018-001.
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Purpose The theoretical and empirical literature stipulated that exchange rate shocks do influence the domestic price of imports. Hence, this paper aims to investigate the underlying relationship between the exchange rate and prices known as the exchange rate pass-through. Design/methodology/approach The paper uses a structural vector auto-regression (SVAR) model, drawing on Bernanke (1986) and Sims (1986), to empirically examine and analyze the pass-through of exchange rate fluctuations to domestic prices in Egypt. Findings The empirical results of the monthly data between 2003 and 2015 revealed that the exchange rate pass-through in Egypt is fairly substantial but incomplete and slow in the three price indices [IMP, producer price index and consumer price index (CPI)]. However, the impact is more prominent for consumer prices than for any other price index. This finding could be attributed to the fact that the CPI in Egypt is composed of a relatively large number of subsidized commodities and goods with administered prices as well as the authorities’ behavior in manipulating prices (i.e. export ban). This is expected to weaken the transmission of exchange rate shocks. Practical implications The result has interesting implications for Egypt’s ability to attain an effective inflation targeting regime. Originality/value The study contributes to the literature by assessing the effect of changes in the exchange rate (the Egyptian £ vis-à-vis the US$) on prices using an updated time series from 2003 to 2015. It addresses the limitations of the study of Nafie et al. (2004), which found no strong relationship between the exchange rate and inflation rate in the Egyptian context. One of these limitations was using the CPI, as the only price index.
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Abukari, Kobana, and Tov Assogbavi. "Price-Volume Granger Causality Tests in the Egyptian Stock Exchange (EGX)." Accounting and Finance Research 8, no. 3 (June 28, 2019): 48. http://dx.doi.org/10.5430/afr.v8n3p48.
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Using weekly Egyptian stock exchange data on the 34 most active companies stretching from 2011 to 2017, this study finds that price changes Granger cause trading volume up to 8 weeks (lags), supporting the sequential information arrival model in the EGX. We also find a robust contemporaneously positive asymmetric relationship between price change and trading volume, confirming two well-documented characteristics of the price-volume relationship as well as two major adages of Wall Street: “it takes volume to move prices” and “volume in bull markets is heavier than volume in bear markets”. Overall, our results imply that although there is some sequential diffusion of information, the EGX’s efforts at improving its microstructure through initiatives such as the 2009 Presidential Degree on structure and governance, appear to have helped in improving instantaneous access to information – as exemplified by our evidence of strong contemporaneous positive price-volume relationship.
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AlBanna, Hatem, and Fady Tawakol. "Market Efficiency and Insider trading: Evidence from the Egyptian Stock Exchange." المجلة العلمیة للإقتصاد و التجارة 48, no. 1 (April 1, 2018): 639–67. http://dx.doi.org/10.21608/jsec.2018.39050.
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Rady, Ahmed, Moamen Abou Elezz, and Mahmoud Abdel-Aziz. "Customer Spending in the Egyptian Hotels After the Exchange Rate Liberalization." International Journal of Heritage, Tourism and Hospitality 15, no. 1 (June 1, 2021): 99–115. http://dx.doi.org/10.21608/ijhth.2021.204587.
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Samaha, Khaled. "Progressing corporate governance disclosure in Egypt: Current status and action plan." Corporate Ownership and Control 10, no. 4 (2013): 9–20. http://dx.doi.org/10.22495/cocv10i4art1.
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This study examines the level of corporate governance disclosure in Egypt and explores the attitudes of Egyptian regulators, auditors, accountants, academics and company directors about the strategies needed to enhance CG disclosure. The measurement of disclosure is based on a checklist developed by the United Nations, which was gathered using a content analysis of financial statements and websites of a sample of Egyptian companies listed on Egyptian Stock Exchange (EGX). Levels of CG disclosure are found to be very low, however, disclosure is high for items that are mandatory under the Egyptian Accounting Standards (EASs) that are based on International Financial Reporting Standards (IFRS). The failure of companies to disclose such information clearly shows some ineffectiveness and inadequacy in the regulatory framework in Egypt. Moreover, the phenomenon of non-compliance may also be attributed to the socio-economic factors in Egypt. Therefore, it is expected that Egyptian firms will take a long time to appraise the benefits of increased CG disclosure. Therefore, awareness building, education and training, incentives or disincentives to disclose including the nature of enforcement regimes are among possible policy recommendations based on interviews with Egyptian experts, but all carry costs as well as benefits. The findings provide a benchmark of performance against which future research can measure longitudinal changes after a further learning period.
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Rashed, Ahmed Sayed, Ebitihj Mostafa Abd, Esraa Fathi Mohamed Ismail, and Doaa Mohamed Abd El Samea. "Investigating the Relationship Between Ownership Structure and Investment Efficiency in Emerging Markets: Evidence From the Egyptian Stock Market." International Journal of Accounting and Financial Reporting 8, no. 4 (October 11, 2018): 1. http://dx.doi.org/10.5296/ijafr.v8i4.13630.
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This paper aims to examine the relationship between Ownership Structure Mechanisms (Managerial Ownership, Institutional Ownership, Block holder Ownership and Outside Director Ownership) and Investment Efficiency by using panel data analysis. To investigate this relationship used the multiple regression models. Findings of investigation of 35 firms listed on the Egyptian Stock Exchange in the period 2006 to 2015 by balanced Panel model representative. Results indicated that Managerial Ownership isn’t related with investment efficiency. In contract, institutional ownership, block holder ownership and outside director ownership have a negative relationship with investment efficiency. In addition, the researcher found that control variables (Firm size, Debt ratio, Tobin’s Q) not related to investment efficiency. These findings imply that the Majority of Egyptians firms relies on institutional without individual ownership and then reduces much of possible from agency problems and decreasing information asymmetry and facilitating the monitoring of investment decisions.
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ElHawary, Engy, and Dina Hassouna. "Earnings management determinants: A study of Egyptian listed firm characteristics post the Egyptian revolution." Corporate Governance and Organizational Behavior Review 5, no. 2, special issue (2021): 165–66. http://dx.doi.org/10.22495/cgobrv5i2sip5.
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This research aims to look at how firm characteristics and audit quality can affect the earning management practices in the Egyptian context, within the period of 2011–2019. This period was after the Egyptian revolution and has not been well investigated in Egypt, especially after the new release of corporate governance rules for listing firms. A sample of 157 non-financial listed companies in the Egyptian stock exchange is selected for achieving the research objective through analysing their financial reports. The panel least squares, using the fixed-effect model, is used to test the hypotheses and investigate the relationship between discretional accruals and firm characteristics, where the dependent variable is the earnings management, measured by the discretionary accruals and the independent variables are the firm characteristics (size, financial leverage, age, survival and audit quality). The results illustrate that the relationship between a firm’s financial leverage and earnings management is positive. This study may help the firms to control their financial leverage for avoiding any earnings management practice. The stakeholders should notice such significant firm characteristics in making their own decisions, especially after the COVID-19 pandemic crisis, which may expectedly increase the firm financial leverage, and in turn, some earning management practices can be used intentionally to hide the bad firm performance
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Abdelmoezz, Samy, and Salah M. Mohamed. "The Kumaraswamy Lindley Regression Model with Application on the Egyptian Stock Exchange." Jurnal Matematika, Statistika dan Komputasi 18, no. 1 (September 2, 2021): 1–11. http://dx.doi.org/10.20956/j.v18i1.14784.
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We introduce and study the Kumaraswamy Lindely Distribution (KLD) model, which has increasing, decreasing, upside-down bathtub and bathtub shaped hazard functions.. We perform a Monte Carlo simulation study to assess the finite sample behavior of the maximum likelihood estimates of the parameters. We define a new regression model based on the new distribution. The new regression was applied to data from the Egyptian stock exchange in the period of (2015-2019). Finally, we study some properties of regression Residual analysis The martingale residual, Deviance component residual.
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Makhaiel, Nargis, and Michael Sherer. "In the name of others: an investigation of earnings management motives in Egypt." Journal of Accounting in Emerging Economies 7, no. 1 (February 6, 2017): 61–89. http://dx.doi.org/10.1108/jaee-12-2013-0059.
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Purpose Previous literature on earnings management (EM) indicates that managers are motivated to adjust reported income to serve their own self-interests, and to try and influence capital markets. However, previous research has failed to provide an appropriate theoretical underpinning for EM and has ignored the effect of cultural and environmental factors on shaping managers’ motivations. Therefore the purpose of this paper is to draw on interpretive methodology and new institutional sociology (NIS) theory to identify the external factors that motivate managers of Egyptian companies to use EM to modify financial statements. Design/methodology/approach The research adopted an interpretative methodology and interview methods. Interviewees were conducted with 34 participants, who were divided into four different categories; executives, financial analysts, auditors and stock exchanges’ authorities. Findings This paper provides empirical evidence on the range of external factors that motivate Egyptian corporate executives to adjust the earnings number in financial statements. These external factors include the expectations of investors, lenders and employees, the impact of stock exchange listing rules, beating an earnings target, and the privatisation of key state-owned companies. Research limitations/implications The authors recognise that the paper has a number of limitations. The research is concerned solely with EM in Egypt and, therefore, it would not be safe to generalise the results to other contexts, even in the Middle East. Further research on the behaviour of managers towards EM in other countries would be useful to test validity of the results reported in this paper. Originality/value The principal contribution of this paper is to build on the previous EM literature to include external factors within the Egyptian context which motivate Egyptian managers to manage the earnings of companies in an upward direction. It adds additional EM motives to available literature including: employees, stock exchange’s rules, privatisation and meeting industrial norms. Also, the paper provides evidence of the effect of concentrated share ownership on managers’ likelihood to engage in EM behaviour. The paper also extends NIS theory to recognise the importance of the interplay between institutional and economic environment by including economic reform, and non-financial providers as factors that can explain the EM behaviour.
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Wagdi, Osama, Eman Salman, and Walid Abouzeid. "Maximizing Stockholder Wealth under Corporate Governance Mechanisms: Evidence from EGX." International Journal of Economics and Finance 13, no. 4 (March 10, 2021): 1. http://dx.doi.org/10.5539/ijef.v13n4p1.
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The study dealt the corporate governance mechanisms (CGM) to achieve the goal of maximizing stockholder wealth. That under the dividend decision is the crux of the agency problem. A quantitative sample of 15 companies listed on the Egyptian Stock Exchange for the period from 2005 to 2019. According to the quantitative analysis, the interpretation rate of corporate governance mechanisms is 60.97% of maximizing stockholder wealth in the Egyptian business environment. While the qualitative analysis included 417 individuals that have been examined according to a survey (questionnaire). The results concluded that there is a significant difference in the attitudes of stakeholders towards the role of CGM in determining dividend decision.
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Khalil, Ali, and Mona Maghraby. "The determinants of internet risk disclosure: empirical study of Egyptian listed companies." Managerial Auditing Journal 32, no. 8 (September 4, 2017): 746–67. http://dx.doi.org/10.1108/maj-04-2016-1370.
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Purpose The purpose of this paper is to contribute to the existing disclosure literature by examining the determinants of corporate risk disclosure (CRD) in the internet reporting for a sample of Egyptian listed companies on the Egyptian Stock Exchange (EGX). Design/methodology/approach This study depends on a sample of 76 Egyptian companies included in the EGX 100 in the period 2012-2014. The study applies a content analysis and uses a sentence-based method to measure CRD in the internet reporting. Ordinary least-squares regression analysis is used to examine the impact of firm and board characteristics on CRD in the internet reporting. Findings The empirical analysis shows that large Egyptian companies tend to disclose more risk information in their internet reporting. Moreover, the results indicate that there is a significant positive association between sector type and CRD in the internet reporting. The results show non-significant association between CRD and other firm characteristics (cross listing and level of risk). Finally, there are no significant associations between CRD and board characteristics variables (board size, board composition and CEO duality). Research limitations/implications The study’s findings have practical implications. It aids in informing policy makers considering implementing new economic reform programs about the properties of Egyptian companies that disclose risk information in their internet reporting. It provides insights on CRD in Egyptian companies for standards setters and professional authorities to improve risk reporting practices to help stakeholders in making good decisions. Originality/value This study is one of the first studies to examine the determinants of CRD in the internet reporting for a sample of Egyptian companies.
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Soliman, Walid Shehata. "The Moderating Effect of Firm Characteristics on the Association Between Accounting Conservatism and Cash Holdings." International Journal of Accounting and Financial Reporting 9, no. 4 (October 11, 2019): 385. http://dx.doi.org/10.5296/ijafr.v9i4.15887.
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Recent studies are interested in the determinants of cash holdings (CASH), some of these studies focus on conservatism, as one of these determinants. In light of a debate on the nature of the association between conservatism and CASH, this paper discusses and investigates the answers for three questions, the first question about the direct association between conservatism and CASH, the second question about the moderating effect of firm characteristics on this association, the third question about the effect of adopting Egyptian Accounting Standards (EAS) since 2016 on the last association. This paper focuses on Egyptian listed firms in Egyptian Stock Exchange (EGX), especially EGX 100, for six years period from 2013 to 2018 for 11 main sectors, 125 firms and 703 unbalances panel data observations. The findings indicate that (1) conservatism has a negative effect on CASH, (2) only firm size has a moderating and positive effect on the association between conservatism and CASH, (3) firm leverage, firm growth opportunity, and firm managerial ownership do not have a moderating effect on the last association. (4) Adopting EAS in 2016 by Egyptian listed firms gives the management of these firms' suitable chances to control CASH using its association with conservatism.
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Shehawy, Yasser Moustafa, Ahmed Elbaz, and Gomaa M. Agag. "Factors affecting employees’ job embeddedness in the Egyptian airline industry." Tourism Review 73, no. 4 (November 19, 2018): 548–71. http://dx.doi.org/10.1108/tr-03-2018-0036.
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Purpose The importance of employees’ job embeddedness perception in the airline companies has not been given the required attention. To recognise the role of frontline employees’ perception regarding job embeddedness, the present research aims to develop and investigate a model that examines the determinants and consequences of employees’ job embeddedness in airline industry. The current study also aims to enrich the literature on human resources in the fields of transportation service management as the lifeblood of tourism industry as a related service industry by providing a comprehensive framework and measurement scale regarding the social exchange theory. Design/methodology/approach The study used a survey among a sample representative of frontline employees operating in Egyptian airline industry across Egypt. In total, 870 questionnaires were collected and analysed using structural equation modelling using WarpPLS 6.0. Findings The results indicate that both supervisors’ support and employees’ advocacy have a significant effect on job embeddedness. In addition, it found out that job embeddedness has a significant effect on organisational commitment and employees’ intention to leave. Research limitations/implications This paper is conceptual in nature regarding the social exchange theory in service related industries such as airlines and tourism. Practical implications The authors intend to use these considerations as a basis for future research implications for tourism small- and medium-sized enterprises in the Middle-Eastern and North-African region. Social implications This paper contributes to the literature on social exchange theory by measuring factors affecting employees’ job embeddedness in the Egyptian airline industry, notably its related human resources as a service industry. Originality/value This study developed and empirically tested a comprehensive model of job embeddedness with its drivers and evaluated its impact on both organisational commitment and intention to leave. Such findings hold important implications for tourism small- and medium-sized enterprises in the Middle-Eastern and North-African region.
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Abouzeid, Walid, and Sharihan Mohamed Aly. "The Impact of Human Capital on Stocks Performance in Emerging Markets: Evidence From Egypt." International Journal of Accounting and Financial Reporting 10, no. 1 (January 6, 2020): 73. http://dx.doi.org/10.5296/ijafr.v10i1.16175.
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This study attempts to investigate the impact of human capital on the common stock's return. The population of the study is Egyptian companies listed at the Egyptian exchange (EGX) due to 2014-2018. The statistical results indicate that there is a general tendency to change common stock's hold return to the corporation's human capital, and it is significant at 0.01 levels. In other terms, it can be stated that the corporation's human capital has a significant impact on common stock's hold return in the Egyptian corporation, and according to Adjusted R-squared the corporation's human capital explain a 57.8% from the change common stock's hold return.so; led to the impact of human capital on creating value of common stock. This can be traced back to investing in "the development and researches" on the other hand besides training, therefore medicine and technology companies get affected through these fields of development researches areas; however companies in industrial and banking sector get impacted by training field.
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Soliman, Walid Shehata. "The Influence of Political Costs on Income Smoothing: Evidence From Listed Egyptian Firms." International Journal of Accounting and Financial Reporting 9, no. 2 (April 15, 2019): 29. http://dx.doi.org/10.5296/ijafr.v9i2.14560.
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Income smoothing is affected by some factors, one of these factors is political costs (PCs) which firms may pay to get information, trading, and negotiation which is imposed by the decision making and legislating authorities. Hence, the association between PCs and income smoothing is tested by focusing on Egyptian Stock Exchange (EGX), especially EGX 30, which included the most active firms, for a ten-year period from 2006 to 2015 for 63 firms, including 417 completed observations, the sample represented 10 different sectors. Two main hypotheses were formulated and tested, the first hypothesis consists of four sub-hypotheses, it was tested using multiple regression analysis, and the second hypothesis tested by testing the moderating effect of Egyptian revolution 2011 on the association between PCs and income smoothing. The findings are; first, PCs proxies have a positive and significant effect on income smoothing, second, there is a negative and significant moderating effect of Egyptian revolution 2011 on the association between firm size only and income smoothing.
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Eldeen, Eman M. Saad. "Institutional Ownership and Disclosure of Forward-Looking Information: Evidence From Egypt." International Journal of Accounting and Financial Reporting 9, no. 4 (October 11, 2019): 106. http://dx.doi.org/10.5296/ijafr.v9i4.15544.
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The main objective of this study is to investigate the relationship between institutional ownership (IO) and the extent of forward-looking information (FLI) disclosure, by companies listed in the Egyptian Stock Exchange (ESE) for the year 2017. A sample comprising 34 companies was chosen from the most active 50 Egyptian listed companies in the ESE. To attain study objective, an index comprises 23 financial and non-financial items has been developed to measure disclosure level by sample companies. The descriptive analysis reveals a weak disclosure of future information by Egyptian listed companies ranging from 0.17 to 0.58, which indicates high variation in future disclosure among sampled companies. Moreover, the correlation analyses shows a positive strong significant correlation between the future looking disclosure level and institutional ownership, and also a positive moderately significant correlation between future looking disclosure and both audit firm and firm age. However, there is no significant correlation between future information disclosure and both firm size and industry type.
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Perazzone Rivero, Emma. "Gift-exchange in the Amarna Letters:A Concise Study of the Letters from the Great Kings." Trabajos de Egiptología. Papers on Ancient Egypt 12 (2021): 139–58. http://dx.doi.org/10.25145/j.tde.2021.12.07.
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In this article, we will look at the concept of reciprocal gifts and gift-exchanges in the corpus known as the Amarna letters. In order to observe reciprocity in the Amarna letters, we will ascertain the presence of a return gift for every present sent, as well as the idea of reciprocity in the repetition of said structure of gift-exchange. In the Amarna letters, we bear witness to an important network of contacts established between Near Eastern nations of the fourteenth and thirteenth centuries BCE. The geographical extent of the Amarna letters leaves no doubt about the central part played by the Egyptian kings of this period within the political, economic and social context of the great powers of the Near East. This study will focus on the gift-exchanges within the Amarna letters, taking into account the contextual differences between Egypt and each of its main partners: Babylonia, Assyria, Mitanni, Hatti, Arzawa and Alashiya. We will also consider diplomatic or interdynastic marriages as occasions for gift-exchange, as well as tools used to establish and maintain political and personal alliances between the kings
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Zhang, Zirong, Fangyuan Zhu, and Runhao Chen. "Chemical composition correlation between high potassium glass and lead-barium glass." Highlights in Science, Engineering and Technology 21 (December 4, 2022): 254–61. http://dx.doi.org/10.54097/hset.v21i.3168.
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The Silk Road was a channel for cultural exchange between China and the West in ancient times, of which glass was a valuable physical evidence of early trade exchanges. Early glass was often made into bead-shaped ornaments in the West Asian and Egyptian regions into our country, and our ancient glass was made locally after absorbing its technology, so it was similar in appearance to foreign glass products, but the chemical composition was not the same. As glass is highly susceptible to weathering by the burial environment, during the weathering process, a large number of internal elements are exchanged with environmental elements, resulting in a change in its composition ratio, which affects the correct judgment of its category. According to the proportion of chemical composition of glass artifacts, it was split into high potassium glass data and lead-barium glass data, and the Pearson correlation coefficient was studied by using matlab software for high potassium glass data and lead-barium glass data respectively, so as to analyze the correlation between each chemical composition.
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Maghawri, Eman, Tamer Ayad, and Soad Mansour. "Measuring the impact of exchange rate liberalization on the Egyptian tourism sector." Journal of Association of Arab Universities for Tourism and Hospitality 15, no. 3 (December 1, 2018): 60–66. http://dx.doi.org/10.21608/jaauth.2018.53979.
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طه, طارق عبدالحمید احمد. "DETERMINANTS OF PROFITABILITY OF EGYPTIAN INSURANCE COMPANIES LISTED IN STOCK OF EXCHANGE." المجلة العملیة التجارة والتمویل 35, no. 3 (September 1, 2015): 1–23. http://dx.doi.org/10.21608/caf.2015.127782.
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Abu Hatab, A., and A. Nsabimana. "Exchange rate uncertainty and Egyptian exports of horticultural commodities into the EU." Acta Horticulturae, no. 1258 (October 2019): 11–18. http://dx.doi.org/10.17660/actahortic.2019.1258.2.
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