This study aims to investigate the impact of corporate social responsibility (CSR) practices on the debt finance (DF) of Egyptian firms, as well as examine the moderating role of accounting conservatism (AC) on this relationship. The sample of the study consists of 120 listed Egyptian firms from 2012 to 2019 with overall observations of 960, the data were processed using the panel corrected standards errors (PCSE) and the generalized least squares (GLS). The results reveal that CSR practices have a negative effect on the DF of listed Egyptian firms, this means that listed firms that engage in CSR practices have less ability to obtain DF than non-CSR firms. Also, the results indicate that the negative effect of CSR practices on DF is more pronounced in firms that have a high conservatism. The results of this study have some essential implications, as CSR practices are crucial for stakeholders such as regulators, investors, and credit providers. Besides, this study contributes to testing some factors that affect firms' ability to obtain DF in one of the emerging countries such as Egypt. Keywords Corporate social responsibility, Debt finance, Accounting conservatism, Panel data, Egypt
This work introduces an immersed boundary method for two-dimensional simulation of incompressible Navier-Stokes equations. The method uses flow field mapping on the immersed boundary and performs a contour integration to calculate immersed boundary forces. This takes into account the relative location of the immersed boundary inside the background grid elements by using inverse distance weights, and also considers the curvature of the immersed boundary edges. The governing equations of the fluid mechanics are solved using a Galerkin-Least squares finite element formulation. The model is validated against a stationary and a vertically oscillating circular cylinder in a cross flow. The results of the model show acceptable accuracy when compared to experimental and numerical results.
There is an academic discussion about the value relevance of deferred tax, which aims to find out the effect of deferred tax on the investors’ decisions. In light of this discussion, the first question is about the impact of deferred tax on management practices to manipulate earnings, which is called earnings management, the second question is about the value relevance of earnings management, the third question is about the value relevance of deferred tax, and the fourth question is about the mediating effect of earnings management. The paper focuses on listed firms in the Egyptian Stock Exchange (EGX), especially firms that were recorded in EGX 100, for six-year period (2013–2018) for 107 firms and 642 completed observations. The findings are as follows: management uses deferred tax to manipulate earnings, since an increase in deferred tax amounts increases earnings management practices; there is no value relevance of earnings management, which means earnings management practices do not affect the investors’ decisions; there is value relevance of deferred tax, which confirms that deferred tax is one of the determinants that affect the investors’ decisions; there is no value relevance of deferred tax through earnings management as a mediator variable since investors are not interested in earnings management practices to make their investment decisions. This paper investigates the relationship between deferred tax, earnings management, and value relevance in the Egyptian context.
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