期刊名称：International Research Journal of Finance and Economics
印刷版ISSN：1450-2887
电子版ISSN：1450-2887
出版年度：2018
期号：170
页码：132-151
出版社：European Journals Inc.
摘要：The purpose of this paper is to find out both the industry level and country level determinants of capital structure of Egyptian publicly traded non-financial firms. The study investigates the industry level and country level determinants of capital structure of Egyptian companies utilising data from the financial statements of 58 listed companies over the time period from 2003 to 2016. The study investigates whether the capital structure decisions in Egypt are closer to the assumptions of Trade-Off Theory, Pecking Order Theory or the Agency Cost Theory. The empirical evidence obtained allows us to conclude that Trade-Off and Pecking Order Theories are the most theories to describe the financial behaviour of the Egyptian companies' choice of capital structure whereas there was little evidence to support the agency cost theory.
关键词：Egypt; Capital Structure; Trade-off theory; Pecking Order Theory; country level; Industry Level; Emerging Markets.
