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The Impact of Firm Characteristics on Corporate Financial Performance in Emerging Markets: Evidence From Egypt

Author

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  • Salah A. Ali

    (University of Bahrain, Bahrain & Assiut University, Egypt)

  • Mohamed Yassin

    (University of Bahrain, Bahrain & Tanta University, Egypt)

  • Rania AbuRaya

    (University of Bahrain, Bahrain & Assiut University, Egypt)

Abstract

This study investigates the impact of firm characteristics on the financial performance of companies listed on the Egyptian stock market. Regression model was performed to regress six firm characteristics variables, namely firm size, foreign listing, age, leverage, liquidity, and assets tangibility. The study controlled for five more variables related to corporate governance including board size, board independence, CEO role duality, audit committee, and the quality of external auditor to avert their effect on financial performance. The study used both accounting measures such as return on assets (ROA) and return on equity (ROE) and market-based Tobin's Q Ratio for measuring financial performance. The findings generally indicate that firm characteristics have an impact on both accounting financial performance as measured by ROA or ROE and market-based financial performance as measured by Tobin's Q, with little difference in the level of such impact. These findings revealed that firm characteristics affect corporate financial performance as evaluated by the company or the market.

Suggested Citation

  • Salah A. Ali & Mohamed Yassin & Rania AbuRaya, 2020. "The Impact of Firm Characteristics on Corporate Financial Performance in Emerging Markets: Evidence From Egypt," International Journal of Customer Relationship Marketing and Management (IJCRMM), IGI Global, vol. 11(4), pages 70-89, October.
    • Handle: RePEc:igg:jcrmm0:v:11:y:2020:i:4:p:70-89
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    Cited by:

    1. Mohamed M. Dhiaf & Khakan Najaf & Hazem Marashdeh & Osama F. Atayah & Guilherme F. Frederico, 2022. "The role of project’s initiatives focused on the reduction of environmental footprints during COVID-19: evidence from the United States firms," Operations Management Research, Springer, vol. 15(1), pages 413-427, June.
    2. Rim El Khoury & Nohade Nasrallah & Khaled Hussainey, 2022. "Exploring the performance of responsible companies in G20 during the COVID-19 outbreak," Post-Print hal-03761427, HAL.
    3. Marashdeh, Hazem & Dhiaf, Mohamed M. & Atayah, Osama F. & Nasrallah, Nohade & Frederico, Guilherme F. & Najaf, Khakan, 2023. "Sensitivity of market performance to social risk index: Evidence from global listed companies in logistics and transportation industry," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).

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