Master Study: Does Accounting Disclosure of Ordinary Free Float, Investment Held and Strategic Ownership Matters for Corporate Financial Policies and Performance?
Nowadays, Egypt as an emerging market has become the focus of many international corporation, personal and institutional investors due to the high rates of its economic growth
This empirical research is the first which examine the relationship of "ownership structure-performance-leverage-dividend". Thus this research aims to observe the link between these variables for the interest of shareholders, potential investors, and managers. The ownership structure of a firm is examined for its link with its performance, capital structure and other decision making.
In this research paper, the main aims are to identify and explore the accounting disclosure of three defined ownership structure, the public ordinary ownership (free float shares) (FF), the strategic (managerial) ownership (SS), and the investment held ownership (IH) and also seek toinvestigate and examine how the ownership structure of companies influence corporate financial performance (profitability and liquidity), leverage and dividend policy using earnings per share (EPS), total assets (TA) and industry type (IND) as control variables.
Data used in the analysis were collected from the annual financial statements. dimensions. In the reserach the time series data of different variables related to Ownership structure, firm’s performance and dividend policy of the companies is used. Four multiple linear regression analysis are used to test the research hypotheses. The sample used examines the effect of three types of ownership structure of companies other than financial ones as independent variables on return on equity ratio, current ratio, debt/equity ratio, dividend yield ratio as dependent variables of 116 companies listed on the Egyptian Stock Exchange between 2012-2017.
According to regression analysis, the results showed that there is a significant positive relationship between ROE and the three types of ownership structure (FF, IH, SS) and also with the EPS and it is found that the relationship between liquidity measured using the current ratio and ownership structure (FF and SS) is positive and significant, while for investment held ownership found a significant negative relatinship.
The result reveals also that all ownership structures are negetavely correlated with high extent to the financial leverage measured using debt/equity.
Findings indicate also an insignificant positive relationship between dividend yields and FF and SS, while for IH found insignificant negative. EPS found to have a significant positive impact on ROE and dividend yields. TA representing the firm size have a significant negative impact on the liquidity of firms and significant positive impact on its financial leverage level. The findings in this research are useful for investors to understand how the financial policies and performance of firms are affected by the level and type of managerial ownership; high level of managerial ownership decreases the tendency of firms to go for debt financing, while increase the dividends yield as the EPS is enhanced in such firms.
Nevine Sobhy Addel Megeid, PhD, CMA
Associate Accounting Professor - Head of the Accounting Depatment
College of Management and Technology
Arab Academy for Science, Technology and Maritime Transport
رسالة ماجستير عن محاسبة المسئولية وهدف الدراسة بطبيعة العلاقة بين تطبيق محاسبة المسئولية في ظل الرقمنة وتحسين الأداء الاستراتيجي وذلك من خلال دراسة ميدانية بالمؤسسات الحكومية الكويتية.
رسالة ماجستير عن الإنهاك العاطفي وهدف الدراسة فهم تأثير الالتزام بالتغيير على الإنهاك العاطفي نجاح التغيير يبنى على سلوكيات العاملين ومواقفهم تجاه التغيير.
رسالة ماجستير عن الجودة الشاملة وهدف الدراسة التعرف على أثر تطبيق الجودة الشاملة في تحقيق رضا المستفيدين عن الخدمات المقدمة لهم في المستشفيات الحكومية وتعزيز الولاء التنظيمي لدى الموظفين العاملين في تلك المستشفيات في مدينة جدة.
رسالة ماجستير عن الرضا الوظيفية وهدف الدراسة التعرف إلى مستوى أخلاقيات الأعمال ودرجة الرضا الوظيفي لدى العاملين في مجموعة الاتصالات الفلسطينية والكشف عن علاقة أخلاقيات الأعمال بالرضا الوظيفي لدى العاملين.
رسالة ماجستير عن المنظمة وهدف الدراسة قياس أثر عوامل البيئة الداخلية للمنظمة على مستوى دافعية الانجاز لدى العاملين في قطاع الخدمات بوكالة الغوث الدولية.
رسالة ماجستير عن التنظيم الإداري وهدف الدراسة التعرف على أثر معوقات التنظيم الإداري على أداء الهيئات المحلية العاملة في قطاع غزة والخروج بتوصيات تعمل على زيادة الاهتمام بهذا الجانب.
سجل الدخول لتتمكن من التعليق
في المحاسبين العرب، نتجاوز الأرقام لتقديم آخر الأخبار والتحليلات والمواد العلمية وفرص العمل للمحاسبين في الوطن العربي، وتعزيز مجتمع مستنير ومشارك في قطاع المحاسبة والمراجعة والضرائب.