This research investigates the impact of corporate governance monitoring practices on the efficiency of working capital management and on improving the corporate financial performance. This research is based on a sample of 57 listed manufacturing firms in the Egyptian Stock Exchange for the period 2006-2010. Results were analyzed by using the multiple regression and Pearson correlation techniques. The result indicates that working capital management efficiency is critical for maintaining balance between liquidity and profitability. Findings show that return on assets and current ratio is negatively correlated with the Cash Conversion Cycle (CCC). This means that by shortening CCC, firms' profitability and liquidity improves. The results implies that firms can create value for their shareholders by keeping the CCC to minimum and through effective working capital management managers can promotes increase in firm profitability and liquidity. In addition, the results revealed that there is a significant impact of corporate governance practices on the efficiency of working capital management.
This research empirically investigates the impact of value relevance of financial accounting based performance information, stock valuation and corporate governance on capital structure choice in Egypt listed manufacturing firms. Multiple regression analysis is used to examine the association between leverage level and research independent variables for a sample of 52 Egyptian listed manufacturing firms from 2006-2010. The results show that capital structure choice has a weak-tono relation to firm's performance and corporate governance. Findings show that the value relevance of organizational performance and corporate governance both have insignificant interactive influence on the capital structure. The results shows that profitability and operational performance has a negative insignificant relationship with capital structure, while liquidity and stock valuation has a positive relationship with firm financial leverage, price/earning has significant impact to the capital structure.
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