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This paper aims to examine the impact of environmental, social and governance (ESG) disclosure and firm value (FV), as well as, pinpoints the role of the audit quality (AQ) as a moderating variable on such impact; where the authors hypothesize that AQ modulates the relationship between ESG disclosure and the FV.

Data of a sample of firms listed on the Egyptian Stock Exchange Market (EGX) were collected over the period of 2017–2021 and analyzed using the regression and 2SLS models.

The results suggested that: (1) the ESG has a significant positive impact on the FV in the EGX, and (2) AQ has a significant impact, as a moderating variable, on the relationship between ESG disclosure and FV.

The findings would help the Egyptian market authorities in realizing the importance of integrating ESG information within the financial reports of the listed firms. The findings could also help in developing effective disclosure procedures to provide shareholders with useful information.

This paper contributes to the literature regarding the ESG disclosure components and the FV value by considering AQ in testing such relationship.

Since the beginning of 2020, economies faced many changes as a result of coronavirus disease 2019 (COVID-19) pandemic. The effect of COVID-19 on the Egyptian Exchange (EGX) is investigated in this research.

To explore the impact of COVID-19, three periods were considered: (1) 17 months before the spread of COVID-19 and the start of the lockdown, (2) 17 months after the spread of COVID-19 and the during the lockdown and (3) 34 months comprehending the whole period (before and during COVID-19). Due to the large number of variables that could be considered, dimensionality reduction method, such as the principal component analysis (PCA) is followed. This method helps in determining the most individual stocks contributing to the main EGX index (EGX 30). The PCA, also, addresses the multicollinearity between the variables under investigation. Additionally, a principal component regression (PCR) model is developed to predict the future behavior of the EGX 30.

The results demonstrate that the first three principal components (PCs) could be considered to explain 89%, 85%, and 88% of data variability at (1) before COVID-19, (2) during COVID-19 and (3) the whole period, respectively. Furthermore, sectors of food and beverage, basic resources and real estate have not been affected by the COVID-19. The resulted Principal Component Regression (PCR) model performs very well. This could be concluded by comparing the observed values of EGX 30 with the predicted ones (R-squared estimated as 0.99).

To the best of our knowledge, no research has been conducted to investigate the effect of the COVID-19 on the EGX following an unsupervised machine learning method.

This study aims to investigate the association between corporate governance and financial transparency, using the moderating role of an Egyptian currency devaluation decision as a policy shock.

Data was collected for a sample of companies listed on the Egyptian stock exchange from 2014 to 2019. To control for time-invariant unobserved heterogeneity, the authors analyse panel data using an estimated generalised least squares regression model.

The findings underline the pitfalls of assuming that corporate governance mechanisms are effective regardless of circumstances and support the complementary roles of a number of theories in interpreting the empirical findings.

This study is limited to non-financial companies and includes only corporate board and audit committee governance mechanisms. The study results have important implications for policymakers, international lending institutions, investors and accounting standards setters. It is of particular importance to policymakers in other less-developed countries with similar economic conditions.

To the best of the authors’ knowledge, this study is the first empirical attempt to provide evidence of the impact of a currency devaluation shock on the relationship between corporate governance and financial transparency within the Egyptian context as an example of a transitional economy. Hence, it provides a significant theoretical and empirical contribution to the literature.

Most of the major Islamic countries’ stock exchanges have not been able to perform at the same pace with the major emerging countries’ stock exchanges since the mid of 1990s. The purpose of this paper is to examine the implications of stock market liberalization on cost of capital as one of the crucial driver to stock market development and physical investment growth in emerging Islamic countries.

This study employs static panel data techniques on the sample of seven emerging Islamic countries over the years 1989-2008.

The findings of this study suggest that stock market liberalization significantly reduces cost of capital in the stock markets of sample Islamic countries, which carries policy-oriented implications. Reduction in the cost of capital increases the number of exchange-traded companies, profitability of projects and aggregate investment level; therefore, the study findings are highly concerned by the economic policymakers, corporations and investors alike.

In the literature, different proxies are employed to measure stock market liberalization and cost of capital as well. Due to data limitations, this study could not employ different proxies for both, especially for stock market liberalization, for robustness purpose. That limitation further restricted the coverage of Islamic stock markets and time period. Therefore, generalization of the study results for overall Islamic stock markets can be slightly drawn.

The paper provides further understanding regarding the effects of SML on cost of capital, thereby indirectly on the stock market development, in the context of EIC.

This paper aims to discuss the evolution of the Egyptian banking sector and the main trends in financial development in Egypt. The purpose of this study is to examine empirically the relationship between the development of the financial sector and economic growth in Egypt between 1980 and 2016.

The paper draws comparisons based on critical financial indicators between Egypt and selected emerging markets and developing economies. It uses a new data set of financial development indexes released by the International Monetary Fund. This paper uses econometric time series modelling of bivariate regressions for real growth per capita and measures of financial development to assess the relationship between financial development and economic growth in Egypt.

There are three specific findings based on the empirical analysis. First, there is a strong association between real growth per capita and financial development measured by money supply to GDP. Second, access to and the efficiency of banking services are not associated with real per capita income. Third, the Financial Markets Access Index – which compiles data on market capitalization outside of the top ten largest companies and the number of corporate issuers of debt – indicates a robust association with real per capita GDP.

The paper uses advanced empirical investigation techniques and new data sets available to assess the critical relationship between finance and growth in Egypt. The main policy implications of the empirical results of this paper suggest a stronger focus on promoting a more proactive role for the financial services industry in Egypt. In particular, there is a critical role for bank financing to support the private sector to maintain an inclusive growth momentum. Further development of the capital market will promote sustainability of such economic growth.

This paper is motivated by the heated debates preceding the introduction of additional regulatory requirements of Basel III on capital conservation buffer (CCB) and regulatory leverage (RLEV) in banks of emerging markets. The paper aims to examine which policy ratio can improve bank efficiency (BE), in one of the most resilient banking settings in the Middle East and North Africa (MENA) region.

The analysis is performed on a sample of 13 banks for the period 2010–2018 in Egypt and proceeds in two steps. In the first step, the data envelopment analysis model is used to derive bank-specific efficiency scores. In the second step, BE scores are regressed on the two types of regulatory capital and a set of control variables.

The paper is motivated by regulatory debates on the viability of RLEV and CCB in enhancing BE. The results show that higher RLEV and CCB are associated with a reduction in BE and that RLEV is highly associated with BE compared to CCB. Hence, results are relevant to policymakers in designing measures for improving BE in emerging markets.

The findings contribute to a small but growing stream of research on capital adequacy in emerging markets. This study provides results on the viability of risk-based vs non-risk-based capital requirements. The findings are also relevant to bank regulators in similar emerging market settings in their efforts to introduce and phase in minimum leverage requirements according to Basel III.

The purpose of this paper is as follows: First, understanding the nature of the relationship between corporate adoption of the concept of societal responsibility [availability of environmental awareness, clear vision of the impact of societal responsibility on financial performance, managers informing employees of the latest developments in societal responsibility programs, managers' response to their corporate social responsibility (CSR) proposals] in the form of an annual report that supports the success of the company's objectives, the company's management encourages employees to participate collectively in societal responsibility programs and to protect the environment from pollution in the petrochemical industry. Second, understand the nature of the relationship between the dimensions of corporate social responsibility concept (cultural, social, economic, ethical and legal) and protect the environment from pollution in the petrochemical industry. Third, the research also seeks to show the role of societal responsibility and its application in the petrochemical companies to protect the environment from pollution in The Governorate of Alexandria – Egypt, and come out with results and recommendations that could help protect the environment from the forms of environmental pollution resulting from the production processes of this industry.

The researcher has relied on each of the following approaches: Case study methodology is a research strategy aimed at solving a problem or facing a particular situation. It is based on preliminary hypotheses through full analysis of all data collected and recorded. Which depends on the study of a limited number of cases or vocabulary in-depth comprehensive study through the study of all or a large number of variables overlapping and interrelated and influential on the problem under consideration. Thus, it provides a deep and rich understanding of what is going on around the research and the processes that are related to it, and not only the external or apparent description of the situation or phenomenon; it cares about the total description and looks at the particles, in relation to the whole. Quantitative approach: by giving a numerical description indicating the size or size of the phenomenon or the degree of association with the phenomenon. Other phenomena. Accordingly, the role of the petrochemical companies in Alexandria Governorate, and the social responsibility programs carried out within the governorate in terms of importance, growth and requirements, and the most important characteristics and constraints and components and methods of work and developments have been described. Thus, the researcher can analyze the relationship between CSR and environmental protection from pollution in Alexandria Governorate.

There is paucity in the studies that dealt with the relationship between CSR and environmental protection against pollution in public organizations. There is agreement among the sample on the importance and feasibility of adopting the concept of social responsibility and placing it at the top of the top management concerns, especially in the field of petrochemical companies. With the need to take concrete implementation measures to support social responsibility programs aimed at serving the community among all stakeholders. The effective implementation of the mechanisms for the implementation of meaningful social responsibility programs requires fundamental changes in management practices, existing organizational structures and the quality of personnel working in the relevant departments, in general, and the social responsibility group, in particular, which may be difficult for political and economic reasons.

Time: The study period was set from 2015 to 2017. Place: The study focuses on the petrochemical companies operating in Alexandria. Humanity: The study focuses on the employees of the petrochemical companies operating in Alexandria Governorate.

The adoption of social responsibility positively affects the protection of the environment from pollution, and this effect shows that the adoption of the concept of corporate social responsibility is influenced by the following factors: increasing the participation of workers with healthy environmental contributions to the productive process; increasing the companies' economic and social activities toward protecting the environment from pollution; increasing the capacity of companies to pay greater costs to preserve the environment; increasing the awareness of green consumers with the products it offers Companies; development of continuous internal work environment companies; and clearly defined strategy followed in social responsibility programs.

The social responsibility of the public organizations derives their strength through, first, the keenness of these organizations to analyze the variables of the ethical dimension of social responsibility and their availability, which will lead the organizations to provide their services with the highest quality and sincerity. That this analysis (ethics of individuals) as training members of the social responsibility team to solve problems using brainstorming and provide employees with official data related to improving work (ethics of leadership), such as the identification of business objectives through the participation of managers with subordinates, and the punishment of workers who exhibit immoral behaviors (ethics of productive processes) as a decision-making process to ethical standards regardless of the costs involved. When there is an immoral behavior and managers are responsible for implementing the changes needed to reach the targeted outcomes), second, promote partnerships with other relevant sectors for community service.

According to the results of the previous studies and the applied study results, the researcher would like to submit a mechanism to the directors and heads of the boards of directors of the Egyptian petrochemical companies under study.

This study aims to explore how managers exercise agency in strategic investment decisions (SIDs) by drawing on their knowledgeability of the strategic context. Specifically, the authors address the role of position–practice relations and irresistible causal forces in this conduct.

The authors examine SID-making (SIDM) practices in four case organisations operating in highly competitive markets, conducting interviews with managers at various levels and analysing company documents. Drawing on strong structuration theory, the authors show how managerial decision makers draw upon their knowledge of organisational context when exercising agency in SIDs.

The authors provide insights into how SIDM behaviour, specifically agents’ conduct, is shaped by a combination of position–practice relations and the agents’ comprehension of their organisation’s context.

The authors extend the SIDM literature by surfacing the issue of how actors’ conjuncturally-specific knowledge of external structures shapes the general dispositions they draw on in exercising agency in practice.

The authors extend the SIDM literature by surfacing the issue of how actors’ conjuncturally-specific knowledge of external structures shapes the general dispositions they draw on in exercising agency in practice. Particularly, the authors contribute to this literature by identifying irresistible causal forces and illuminating why actors might not resist in SIDM processes, despite having the potential to do so.