Faculty Of Management Graduation Project 2023- 2024

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Analyzing the impact of Free Cash Flow on Firm Performance
(October university for modern sciences and arts MSA, 2024) Mohamed, Nouran Ahmed; Mohamed, Nada Ahmed
Abstract: The aim of this research is to examine the impact of free cash flow on firm performance through the mediating effect of dividend policy also, to examine the moderating effect of agency cost on the relationship between the free cash flow and firm performance. An empirical analysis on the non-financial firms listed in EGX 100 from 2013 to 2022 was applied in Egypt. Free cash flow was the independent variable and it was measured by free cash flow equation which is deducting taxes, interest expenses, common stock dividends, operating cash flow, and preferred stock dividends all divided by net sales. While, form performance was the dependent variable and it was measured by stock return as market-based measurement and by return on assets as an accounting-based measurement. The generalized method of moments (GMM) panel estimate method was conducted for examining 610 observations during the selected time span. The findings demonstrated that free cash flow significantly increase the firm performance as a company with strong cash flow usually brings in additional investors, which will raise the company's capital. Moreover, the research analyzed that agency cost significantly moderates the relationship between free cash flow and firm performance.
Assessing the Effect of Credit Risk on Egyptian Non-Financial Companies’ Financial Performance
(October university for modern sciences and arts MSA, 2024) Alsayed, Ahmed Yasser; Mahmoud, Gasser Ahmed
The purpose of this study is to investigate the impact of credit risk on financial performance in Egyptian non-financial firms between 2013 and 2022. This study used Altman’s Z-Score as an inverse measure of credit risk, return on assets and return on equity as measures of financial performance, in addition to using control variables leverage and liquidity. The study also aims to examine the indirect effect of operational efficiency as a mediator and the moderating effect of firm size on the relationship between credit risk and financial performance. The fixed effects regression model is used to analyse the panel data, 77 non-financial firms listed in EGX-100 were chosen as the subject of this study to investigate this relationship between 2013-2022 but based on the availability of data only 57 companies were used for a total of 570 observations. The findings revealed that Altman’s Z-Score had a positive and significant relationship with financial performance, while operational efficiency negatively and significantly affected financial performance, and liquidity had a positive and significant effect on financial performance. On the other hand, firm size was found to have an insignificant effect on the relationship between credit risk and financial performance. It is recommended that non-financial firms diversify their revenues to include different currencies to avoid currency crises or economic instability that may occur in Egypt. The results of this study were supported by the portfolio theory and the signaling theory.
Assessing the Impact of Investor Sentiment on the G7 Stock Markets Performance
(October university for modern sciences and arts MSA, 2024) Walaa Eldin, Arwa; Mohamed, Habiba
This research aimed to investigate the impact of investor sentiment on stock market performance in G7 countries from 2005 to 2023. The investor sentiment was measured by the global indices of investors’ optimism “CCI”, and the investor fear “VIX”, while utilizing COVID-19 as a moderator and geopolitical risk measured by the GPR index as a control variable. The sample of data collected the monthly stock returns for the main indices for each of the G7 countries from January 2005 to October 2023. Overall, the research employed a fixed effect regression model “FEM” to attain its findings. The results of the models showed a significant positive impact of investor optimism on the G7 stock market returns, while a significant negative impact on VIX, even with the moderating effect of COVID-19. However, the control variable geopolitical risk was statistically insignificant, so it did not impact the G7 stock market returns statistically and COVID-19 was significant as a dummy variable. Thus, it was concluded that investor sentiment significantly impacts the G7 stock market returns.
The Effect of Board of Directors’ Characteristics on Integrated Reporting Quality
(October University for Modern Sciences and Arts, 2024) Zarif, George; Ashraf, Youssef; Anis, Kerolos
This study aims to examine the impact the board of directors’ characteristics (Board size – Board meetings – Board independence) on the integrated reporting. The study used a sample of Egyptian firms listed in EGX100 for years (2019-2022). Manual content analysis is used to measure information disclosed related to integrated reporting. To test the hypotheses, descriptive analysis and regression analysis are used. Results showed that Board size has negative significant impact on the integrated reporting. Board meetings is found to have no impact on integrated reporting. Board independence is found to have a positive significant impact on integrated reporting.
The Effect of Influencer Marketing on Consumer Purchase Intention Applied on Shaan the Skin Care Brand
(October University for Modern Sciences and Arts, 2024) Hassan ElTouby, Aly; Mohamed Hathout, Zeina
Purpose: The purpose of this research is to investigate the effect of influencer marketing on customers’ purchase intention, using Shaan the skincare brand as an area of application. Methodology: The researchers used both secondary and primary sources of data to gather information about their research topic. They collected secondary data from articles, journals, books and conducted content analysis, while primary data was gathered by administering Arabic and English questionnaires to 181 participants, comprising 79 males and 102 females in addition of conducting customer interviews as well as an interview with Alia Lasheen a social media influencer who’s also an expert in the skincare industry. The primary data was used to measure the relationship between variables, and the results were analyzed using IBM's statistical package for the social sciences (SPSS). Findings: There is a strong positive relationship between the credibility of an influencer and customers’ purchase intention. Moreover, there is a strong positive relationship between the attractiveness of an influencer and customers’ purchase intention. Implications: The research provides a set of recommendations to Shaan on how to make best use of social media influencers. In addition, the study recommends various strategies to raise customers' awareness of Shaan. These suggestions aim to help Shaan increase their awareness, enhance their marketing efforts and subsequently properly choose influencers that are perceived as credible or attractive in order to increase the intention to buy Shaan products amongst their target audience. By implementing these recommendations, Shaan can strengthen its credibility and attractiveness as a skincare brand amongst their target audience. Originality/ Value: This research provided an investigation of the effect of influencer marketing on customers’ purchase intention, although there are previous researches conducted about the same topic, they were all applied on foreign countries. However, this research has allowed the exploration of the topic in the Egyptian market specifically.
The effect of product packaging on impulse buying behavior in fast moving consumer goods”
(October University for Modern Sciences and Arts, 2024) Ashraf, Yara; Alzainy, Mohamed
The purpose of this research paper is to study the impact of product packaging on impulsive buying behavior. The researcher’s proposed conceptual model based on literature review which was tested using a qualitative and quantitative approach.275 online questionnaires were gathered from university students who shop frequently fast-moving consumer goods. The findings showed that there is relationship between product packaging and impulsive buying behavior non probability convenience sampling technique was used in this research and data analysis was conducted using smart PLS. Finally, based on the research findings there are general recommendations for the product packaging and impulsive buying, limitations have been mentioned in order for future researches to avoid or to try to implement doing
Evaluating the Effect of Firm Characteristics on Working Capital Behavior
(October university for modern sciences and arts MSA, 2024) Ismail, Yehia; Nafez, Yehia
This study aims to investigate the relationship between firm characteristics and working capital behavior. The sample is 78 non-financial companies listed in the EGX 100 the sample was finalized in 55 companies due to missing data in 23 companies. The findings of this study show that operating cash flow, leverage, firm performance and firm age had a significant impact on working capital. Additionally, growth opportunities, firm value, firm size and economic conditions had an insignificant impact on working capital. Certain limitations are discussed in the study with offering suggestions for future researchers. Further, the authors offer decision- makers plenty of recommendations. Lastly, this study contributes to the existing body of literature by filling the existing empirical research gap.
Evaluating the Impact of Fintech on Banks Profitability:
(October university for modern sciences and arts MSA, 2024) Shaker, Mina Ayman Mikhaeel; Abdelkader, Menna Talla Khaled Mohamed
The main objective of this research is to examine the impact of Fintech on the profitability of the banking sector in Egypt in the time frame from 2015 to 2022. The digital innovations and the integration of technology with the different fields led to asking how this could affect the banking sector's profitability, especially at that time frame as Egypt started to implement SDGs and put its vision to 2030. So, that's important for the research to determine how Egypt succeeded or not to apply Fintech and gain its profits from banks. To measure how the fintech is affected ,the research depended on the DIG score to measure fintech which is the measure of digital engagements of the banks through the annual reports as the score calculated in content analysis is the result of how the bank implements the technology innovations. Additionally, the bank's profitability that measured by the bank's return on assets to examine its relation with the fintech. In addition to the mediating role of operating efficiency that considered to be facilitated by fintech to achieve the improvement of bank profitability as it's the indicator of how the fintech impacts the cost of banks' operations. Moreover, the research considered the bank size as a moderating effect to enhance the level of developing fintech and bank profitability. The research depended on a sample of 16 Egyptian banks including 13 conventional banks and 3 Islamic banks. As for methodology the test used to determine the significance of the variables is the generalized method of moments (GMM). However, the results represented a significant and negative relation between the fintech and bank profitability due to the high cost of digitalization and the macroeconomic factors in Egypt. The results showed also the significant and positive impact of operating efficiency on the bank's profitability. On the other side, it's found that bank size has a significant but negative relationship as a moderating effect due to the decrease of bank deposits that affected banks' assets. Accordingly, it recommended to the policymakers in Egypt to facilitate more fintech innovations in the banking sector although the negative relation as it expected to achieve higher profitability in the future as that will boost the digital transformation to the people with high benefit to the banks in terms of profitability and attracting the foreign direct investors in the long term. The efficient structure theory and the agency theory support the findings. The Diffusion of Innovation Theory, the Technology Acceptance Model, the Market Power Theory, the Fundamental Theory, and the New Growth Theory, on the other hand, contradict the findings. However, it is anticipated that these theories will eventually support the findings in the long term with the positive correlation between fintech and bank profitability.
Evaluating the Relationship between Financial Leverage and Financial Performance: in the Emerging Market of Egypt
(October University for Modern Sciences and Arts MSA, 2024) Rola Yasser Mohamed; Salma Ashraf Hassan
Exploring the Impact of ESG Disclosure on Corporate Stock Market Performance in Egypt
(October University for Modern Sciences and Arts MSA, 2024) Ali Khaled; Ismail Abd Al Aziz
The purpose of this research is to study the impact of environmental, social, and governance (ESG) disclosure on corporate stock market performance. The sample for this research consists of 32 Egyptian companies listed in the EGX100 index from 2018 to 2022. The main finding, based on regression analysis (Fixed Effects Model), is that there is a significant positive impact of ESG disclosure on corporate stock market performance in Egypt. This result would help the Egyptian market authorities realize the importance of integrating ESG information into the financial reports of the listed companies. It could also help in developing effective disclosure procedures to provide shareholders with useful information. This study contributes to the growing body of literature on ESG because it provides a comprehensive overview of ESG practices and their impact on stock market performance, focusing on the Egyptian market as one of the most important emerging markets in the MENA region. It provides valuable insights for investors and policymakers about ESG practices.
Exploring The Unforeseen Effects: The Impact of High-Performance Work Systems on Employee Burnout, Work Pressures and Counter-productive Behavior
(October University for Modern Sciences and Arts, 2024) Magdy, Ahmed
In the complex world of organizational factors, two separated but connected phenomena Counterproductive Behaviour (CPB) and Work Pressures remain essential elements worthy of closer examination. Counterproductive behavior refers to various behaviors that go against an organization's established norms, objectives, and values. These behaviors can range from small infractions to more serious violations. On the other hand, Work Pressures stand for the difficult and frequently stressful situations that employees deal with in their professional roles. Many different things can apply pressure on employees, such as meeting performance goals, having a job with more responsibilities, or having short deadlines which can also be described as a High-Performance Work System (HPWS). An HPWS is a comprehensive and strategic approach to managing an organization's human resources, “HPWS can facilitate in enhancing employee’s skills, motivation and involvement” Appelbaum et al. (2001) with the primary goal of optimizing staff skills, motivation, and productivity to improve overall organizational performance and competitiveness. HPWS blends several human resources practices, policies, and organizational structures to enhance employee engagement, continual learning, empowerment, and cooperation. HPWS are distinguished by elements like skill development, employee participation, and cooperative and adaptable culture. Although they promise increased output and involvement from workers, obstacles such as change resistance and inadequate leadership support might make it difficult to put them into practice. The consequences of HPWS are complex, offering both possible advantages, like increased productivity as well as disadvantages like the possibility of employee burnout if not properly managed. A well-balanced approach to staff management in today's evolving business environment is ensured by several tools, including training programs, communication channels, and performance reviews, which are essential components in the effective implementation of HPWS. HPWS aims to establish a work environment in which people are valued as vital contributors to the organization's success rather than simply resources. HPWS strives to boost productivity, minimize turnover, improve organizational performance, and preserve competitiveness in a dynamic and growing marketplace by optimizing staff skills, motivation, and 6 | P a g e commitment. It is a comprehensive approach that requires strategic planning, cultural change, and ongoing evaluation to achieve sustained success. “HPWS has become a widely and commonly discussed topic in recent years. In the next few years, it is likely to become a strategic operating model for organizations to achieve competitive advantage.” Mukherjee, U. (2022) Although HPWS provides multiple advantages that match the goals of today's businesses, it also offers a difficult issue that requires attention: employee burnout. The relationship between HPWS and employee burnout, as well as how it affects turnover rates, is an important yet overlooked part of how organizations operate. Employee burnout is a common issue in organizations that strive for high performance. It is characterized by emotional tiredness, isolation from work, and a sense of decreased achievement. Burnout is expensive for businesses and may negatively impact employee well-being and work engagement. Importantly, it may increase turnover rates as burned-out employees seek other employment options, making it more difficult for organizations to retain exceptional employees. Although many researchers have talked about how HPWS positively affects an organization, little to none of them have talked about how it may be linked to employee burnout, apply work pressures, and may in return end up with CPB by the employees. Accordingly, the research is highly driven to investigate how HPWS affects CPB, work pressures, and employee burnout. Additionally, the researcher believes that despite the large amount of literature that addresses HPWS in the business context, relatively few researchers have focused their efforts on examining the detrimental effects of HPWS among Egyptian customer service employees, particularly in Emerging Markets (EMs). As a result, the researcher hopes to fill this gap by conducting more systematic quantitative and qualitative research.
“Factors affecting the consumers’ purchase intention of Egyptian fashion local brands”
(October University for Modern Sciences and Arts, 2024) Hussein Helmy, Abdallah; Osama, Mohamed
Purpose: The purpose of this research is to investigate the Factors affecting the consumers’ purchase intention of Egyptian fashion local brands Methodology: The researchers utilized both secondary and primary sources of data to gather information about their research topic. They collected secondary data from articles, journals, and books, while primary data was gathered by interviewing with customers and experts, observing an event of local brands, in addition to administering Arabic and English questionnaires to 313 participants, comprising 153 males and 160 females. The primary data was used to measure the relationship between variables, and the results were analyzed using IBM's statistical package for the social sciences (SPSS). Findings: There is a significance, positive, and strong relationship between price sensitivity, product quality, social media activities, and purchase intention. Implications: The research provides a set of recommendations to the Egyptian local fashion brands on how to focus on providing affordable prices to the price sensitive customers. In addition, the study recommends various strategies to improve the local brands’ products’ quality. And to improve the social media activities to increase the purchase intention on the Egyptian fashion local brands. By implementing these recommendations, Egyptian local fashion brands will enhance the purchase intention.
The Impact of Board Diversity on Intellectual Capital Disclosure
(October University for Modern Sciences and Arts, 2024) Adel, Youssef; Ahmed, Karim
This study aims to examine the impact of board diversity (board gender diversity and board nationality) on intellectual capital disclosure. This study uses a sample of Egyptian firms listed in EGX100 for the period (2019-2022). To test the research hypotheses, the study used descriptive analysis and regression analysis. Results showed that both gender diversity and nationality diversity have a significant positive impact on the level of intellectual disclosure in the sample of the Egyptian firms.
“The Impact of Board Gender Diversity on Tax Avoidance
(October University for Modern Sciences and Arts, 2024) Ahmed Mohamed, Khaled
This study aims to investigate the impact of board gender diversity on firm’s tax avoidance. The study used a sample of Egyptian firms listed in EGX100 as of year 2022. To test the research hypotheses, descriptive analysis and regression analysis are used results showed that women on firms’ board have a negative significant impact on firms’ tax avoidance. This indicates that by increasing the number of women on board of directors, the tax avoidance decreases.
The Impact of Corporate Social Responsibility on Brand Trust Applied on Domty
(October University for Modern Sciences and Arts, 2024) Hossam, Amir; Mohamed, Yahya
Purpose: This study aims to investigate the impact of corporate social responsibility and studying the types of CSR which are Environmental responsibilities, Economic responsibility and Philanthropic responsibilities on DOMTY. Methodology: The researchers used both secondary and primary sources of data to gather information about the research topic. The study used secondary data from articles, journals, and books, and primary data from 219 individuals (121 men and 98 females) using Arabic and English questionnaires and also used interviews with experts and customers. The study analysed the relationship between variables using IBM's statistical software for social sciences (SPSS). Findings: In this research it has been found that There are positive relationships between philanthropic responsibility, environmental responsibility, economic responsibility and brand trust. Recommendations: The study makes a few suggestions to DOMTY on how to improve corporate social responsibility. The research suggests methods to increase consumers' knowledge of corporate social responsibility. These proposals attempt to improve DOMTY's environmental responsibility and increase consumer trust via corporate social responsibility. By implementing these recommendations, Domty should increase philanthropic activities because customer engagement with it and promote sustainable practices in the industry such as green packaging. Originality/Value: This research contributes to the previous research by filling the knowledge gap, as there is a lack of studies that was conducted about CSR activities and trust in Egypt.
The Impact of Forward-looking disclosure on Firm Value and Performance
(October University for Modern Sciences and Arts, 2024) Osama Muhammad, Muhammad; El-din Mohamed, Shams
This study sheds some light on the impact of forward-looking information on the firm’s value and on the firm’s performance. The study used a sample of Egyptian firms listed in EGX 100 for years 2019-2022. Manual content analysis is used to measure forward-looking disclosures. To test the research hypotheses, descriptive analysis and regression analysis are used. Results show that forward-looking disclosure has a negative significant impact on firm value, but has no impact on firm’s performance.
The Impact of Gender Diversity on Sustainable Performance and Firm Size as a Moderating Variable
(October University for Modern Sciences and Arts, 2024) Moamen, Yasmine; Samir, Aya
Abstract This research investigates the impact of gender diversity on the sustainable performance of Egyptian firms, focusing on three dimensions: environmental, economic, and social. The paper tests the relationship between both the independent and dependent variables under different conditions by having firm size as its moderating variable, with firm age and leverage as control variables to maintain internal validity. A sample of 35 non-financial companies listed on the Egyptian Stock Market (EGX100) has been considered from 2018 through 2022. The independent variable, gender diversity, is quantified by counting the number of women on board while sustainable performance is measured by a unique sustainability performance index. Moreover, the data was extracted from corporate governance reports, annual reports, and ESG reports and then analyzed on STATA. An empirical study that involved descriptive statistics, pairwise correlations, and panel data regression was utilized to test the hypotheses of this study. Furthermore, the results showed an insignificant impact between gender diversity and sustainable performance, however, the relationship between both variables becomes positive when firm size is taken into account.
The impact of gender equality, work life balance and flexible work arrangements on career development
(October University for Modern Sciences and Arts, 2024) Khaled, Nelly
The following research investigates the impact of gender equality, work-life balance, and flexible work arrangements on career development. Through applying the study on the banking sector in Egypt, the research examines how the variables affect the females career growth and progression. Purpose: The purpose of this research is to develop a conceptual model in order to investigate female’s career development and the influences of some factors such as: gender equality, work life balance and flexible work arrangements on the development and progression of their careers. Methodology: The researcher conducted a survey a survey design targeting the females working in the banking sector in Egypt. The research data was collected through surveys and analyzed using the Statistical Package for Social Science (IBM SPSS v26 2019). Findings: The research findings indicate that the Gender equality measures enhance the career advancement opportunities for women, through providing a more inclusive work environment. Work-life balance is considered a critical element in fostering females job satisfaction, which leads to career progression. Moreover, Flexible work arrangements give females more independence as they have the freedom to choose their working conditions, which increases morale and affects career development. Implications: The integration of Gender equality, Work-life balance and Flexible work arrangements creates a collaborative impact that positively influences female’s Career development. Organizations that implement these practices not only support their employee’s professional growth, but also enhance their competitive advantage in the market.
The Impact of Managerial and Institutional Ownership on Firm Value: The Mediating Role of Capital Structure
(October University for Modern Sciences and Arts, 2024) Omar, Lamiss
The purpose of this study is to examine the impact of managerial ownership and institutional ownership on the firm value, taking into consideration capital structure as a mediator. The sample of this study includes a sample of non-financial firms listed in EGX100 in Egypt for the year 2022. To test the research hypotheses, descriptive analysis, multiple regression analysis and Sobel test were used. Results show that managerial ownership has negative significant impact on firm value which indicates that when the level of managerial ownership increases the firm value decreases. Moreover, institutional ownership has positive significant impact which indicates that when the level of institutional ownership increases the firm value increases. In addition, the capital structure as a mediator was tested by Sobel test. Results show that Capital structure does not mediate the relationship between either managerial ownership or institutional ownership and firm value..
The Impact of Merger and Acquisition on Financial Performance: Evidence From the Non-Banking Financial Sector of Egypt
(October University for Modern Sciences and Arts, 2024) Abdelmoaty, Abdelrahman Waleed; Mohamed, Ali Nasser
Abstract This study investigates the impact of merger and acquisition (M&A) on financial performance (FP) in the long term and the short term by investigating the M&A effects on profitability, liquidity, and leverage in the long term, and the short term by examining the market reactions to the M&A news through investigating the abnormal returns on the acquiring firms’ shares. The sample in this study consists of 19 M&A transactions that have been executed by non-banking financial firms and occurred between 2013 and 2021. A paired T-test is used to compare 2 years of pre- and post-M&A for the acquiring firm to investigate the impact on profitability, which is measured by net profit margin (NPM), return on assets (ROA), and return on equity (ROE). Liquidity is measured by the current ratio (CR) and cash-asset ratio (CAR). Leverage is measured by debt-to-asset ratio (DOA), and debt-to-equity ratio (DOE). For the short term, average abnormal returns (AARs), and cumulative average abnormal returns (CAARs) are used to investigate the market reaction to the merger news. The findings of this study indicated that the Debt-to-asset ratio increased significantly as well as the cash ratio, indicating that the firms were able to improve their creditworthiness and benefit from the lower cost of capital acquired through debt in addition to benefiting from the lower taxes generated from the financial synergy those firms gained. Moreover, horizontal M&As increased the DOA and NPM of the acquiring firms, while conglomerate M&As did not result in any improvements. On the other hand, the short-term data analysis revealed that the market reacted positively to the M&A announcements the acquiring company’s shareholders were significantly impacted by the merger and acquisition announcement and the shareholders of the acquiring companies had positive cumulative average abnormal returns on the event window. The findings of this study support the diversification theory due to the decreased risk and increased debt capacity that resulted from diversification. Moreover, the findings support the efficiency theory since the firms became more efficient through revenue and cost synergy which was gained from the M&A. Furthermore, the findings contradict the agency theory, as both, the principals, and the agents benefited from M&A and there was no conflict of interest between them.

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