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Capital structure determinants for family business in MENA region
The aim of this thesis is to explore the determinants of capital structure of listed firms in the Middle East and North Africa. There is a large strand of literature that explains capital structure decisions in firms with the main theories explaining financing choices being: Pecking Order theory, Tr...
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AUC Knowledge Fountain
2017
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| _version_ | 1867613410994159616 |
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| access_status_str | Open Access |
| author | Ismail, Wedad |
| author_browse | Ismail, Wedad |
| author_facet | Ismail, Wedad |
| author_sort | Ismail, Wedad |
| collection | Thesis |
| dc_rights_str_mv | The author retains all rights with regard to copyright. The author certifies that written permission from the owner(s) of third-party copyrighted matter included in the thesis, dissertation, paper, or record of study has been obtained. The author further certifies that IRB approval has been obtained for this thesis, or that IRB approval is not necessary for this thesis. Insofar as this thesis, dissertation, paper, or record of study is an educational record as defined in the Family Educational Rights and Privacy Act (FERPA) (20 USC 1232g), the author has granted consent to disclosure of it to anyone who requests a copy. |
| description | The aim of this thesis is to explore the determinants of capital structure of listed firms in the Middle East and North Africa. There is a large strand of literature that explains capital structure decisions in firms with the main theories explaining financing choices being: Pecking Order theory, Trade-off theory, Agency theory. The main contribution of the thesis is to explore whether family ownership concentration influences the capital structure. Family Owned businesses constitute around 22% of all business in the MENA region and the effect of such ownership structure on financing decisions has not been explored. The thesis relies on hand collected cross sectional data for 2015 a sample of firms from the region where family ownership ranges from 10% to 90%. The main methodology involves estimating a model, similar to previous papers’, where leverage is the dependent variable and family ownership, profitability, growth, size, tangibility, non-debt tax shield, and other institutional and macroeconomic factors are independent variables. The main result of the thesis are that family ownership concentration has no effect on the capital structure decisions showing that financing decisions do not vary between family and non-family owned business. The Pecking Order Theory seems to explain the managers’ behaviour of these firms from 11 MENA countries with five GCC economies, with negative influence of profitability and liquidity on leverage. |
| format | Thesis |
| id | oai:fount.aucegypt.edu:etds-1612 |
| institution | American University in Cairo (Egypt) |
| last_indexed | 2026-06-10T12:35:42.290Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from AUC Knowledge Fountain — bepress |
| publishDate | 2017 |
| publishDateRange | 2017 |
| publishDateSort | 2017 |
| publisher | AUC Knowledge Fountain |
| publisherStr | AUC Knowledge Fountain |
| record_format | dspace |
| source_str | AUC Knowledge Fountain — bepress |
| spelling | oai:fount.aucegypt.edu:etds-1612 Capital structure determinants for family business in MENA region Ismail, Wedad The aim of this thesis is to explore the determinants of capital structure of listed firms in the Middle East and North Africa. There is a large strand of literature that explains capital structure decisions in firms with the main theories explaining financing choices being: Pecking Order theory, Trade-off theory, Agency theory. The main contribution of the thesis is to explore whether family ownership concentration influences the capital structure. Family Owned businesses constitute around 22% of all business in the MENA region and the effect of such ownership structure on financing decisions has not been explored. The thesis relies on hand collected cross sectional data for 2015 a sample of firms from the region where family ownership ranges from 10% to 90%. The main methodology involves estimating a model, similar to previous papers’, where leverage is the dependent variable and family ownership, profitability, growth, size, tangibility, non-debt tax shield, and other institutional and macroeconomic factors are independent variables. The main result of the thesis are that family ownership concentration has no effect on the capital structure decisions showing that financing decisions do not vary between family and non-family owned business. The Pecking Order Theory seems to explain the managers’ behaviour of these firms from 11 MENA countries with five GCC economies, with negative influence of profitability and liquidity on leverage. 2017-06-01T07:00:00Z thesis application/pdf https://fount.aucegypt.edu/etds/613 https://fount.aucegypt.edu/context/etds/article/1612/viewcontent/Wedad_20Mohamed_20MSF_20Thesis.pdf The author retains all rights with regard to copyright. The author certifies that written permission from the owner(s) of third-party copyrighted matter included in the thesis, dissertation, paper, or record of study has been obtained. The author further certifies that IRB approval has been obtained for this thesis, or that IRB approval is not necessary for this thesis. Insofar as this thesis, dissertation, paper, or record of study is an educational record as defined in the Family Educational Rights and Privacy Act (FERPA) (20 USC 1232g), the author has granted consent to disclosure of it to anyone who requests a copy. Theses and Dissertations AUC Knowledge Fountain Capital Structure Family Ownership |
| spellingShingle | Capital Structure Family Ownership Ismail, Wedad Capital structure determinants for family business in MENA region |
| title | Capital structure determinants for family business in MENA region |
| title_full | Capital structure determinants for family business in MENA region |
| title_fullStr | Capital structure determinants for family business in MENA region |
| title_full_unstemmed | Capital structure determinants for family business in MENA region |
| title_short | Capital structure determinants for family business in MENA region |
| title_sort | capital structure determinants for family business in mena region |
| topic | Capital Structure Family Ownership |
| url | https://fount.aucegypt.edu/etds/613 https://fount.aucegypt.edu/context/etds/article/1612/viewcontent/Wedad_20Mohamed_20MSF_20Thesis.pdf |
| work_keys_str_mv | AT ismailwedad capitalstructuredeterminantsforfamilybusinessinmenaregion |