Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/25777
Full metadata record
DC FieldValueLanguage
dc.contributor.authorAllini, Alessandraen_UK
dc.contributor.authorRakha, Solimanen_UK
dc.contributor.authorMcMillan, Daviden_UK
dc.contributor.authorCaldarelli, Adeleen_UK
dc.date.accessioned2017-08-18T01:42:40Z-
dc.date.availablenull-
dc.date.issued2018-04-30en_UK
dc.identifier.urihttp://hdl.handle.net/1893/25777-
dc.description.abstractUsing a unique dataset of 1270 Egyptian listed firm-year observations over 2003-2014, we investigate whether the basic premises according to the pecking order or market timing theories provide an explanation for the capital structure mix of Egyptian firms. Current work has provided mixed evidence in regard to these capital structure theories in the Egyptian context. Our results show that the most profitable firms are less likely to resort to external financing. However, in case where financial deficits exist then equity issued appears to track the deficit rather than debt. Moreover, issuances appear to track deficit periods instead of market timing attempts. Results obtained support notion that the typical Egyptian firm follows revised pecking order theory, with the importance of the four conventional determinants, profitability, tangibility, size effect and growth opportunity in debt holdings. © 2017 Elsevier B.V.en_UK
dc.language.isoenen_UK
dc.publisherElsevieren_UK
dc.relationAllini A, Rakha S, McMillan D & Caldarelli A (2018) Pecking order and market timing theory in emerging markets: The case of Egyptian firms, Research in International Business and Finance, 44, pp. 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098.en_UK
dc.rightsThis item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. Accepted refereed manuscript of: Allini A, Rakha S, McMillan D & Caldarelli A (2018) Pecking order and market timing theory in emerging markets: The case of Egyptian firms, Research in International Business and Finance, 44, pp. 297-308. DOI: https://doi.org/10.1016/j.ribaf.2017.07.098 © 2017, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/en_UK
dc.subjectCapital structureen_UK
dc.subjectPecking order theoryen_UK
dc.subjectMarket timing theoryen_UK
dc.subjectEgypten_UK
dc.titlePecking order and market timing theory in emerging markets: The case of Egyptian firmsen_UK
dc.typeJournal Articleen_UK
dc.rights.embargodate2019-01-08en_UK
dc.rights.embargoreason[EPOH_dm.pdf] : Publisher requires embargo of 18 months after formal publication.en_UK
dc.identifier.doi10.1016/j.ribaf.2017.07.098en_UK
dc.citation.jtitleResearch in International Business and Financeen_UK
dc.citation.issn0275-5319en_UK
dc.citation.volume44en_UK
dc.citation.spage297en_UK
dc.citation.epage308en_UK
dc.citation.publicationstatusPublisheden_UK
dc.citation.peerreviewedRefereeden_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.author.emaildavid.mcmillan@stir.ac.uken_UK
dc.citation.date08/07/2017en_UK
dc.contributor.affiliationUniversità degli Studi Federico IIen_UK
dc.contributor.affiliationDamietta Universityen_UK
dc.contributor.affiliationAccounting & Financeen_UK
dc.contributor.affiliationUniversità degli Studi Federico IIen_UK
dc.identifier.isi000430440500021en_UK
dc.identifier.scopusid2-s2.0-85024921783en_UK
dc.identifier.wtid522607en_UK
dc.contributor.orcid0000-0002-5891-4193en_UK
dc.date.accepted2017-07-03en_UK
dc.date.firstcompliantdepositdate2017-08-17en_UK
dc.description.refREF Compliant by Deposit in Stirling's Repositoryen_UK
Appears in Collections:Accounting and Finance Journal Articles

Files in This Item:
File Description SizeFormat 
EPOH_dm.pdfFulltext - Accepted Version514.4 kBAdobe PDFView/Open


This item is protected by original copyright



Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

If you believe that any material held in STORRE infringes copyright, please contact library@stir.ac.uk providing details and we will remove the Work from public display in STORRE and investigate your claim.