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This paper aims to investigate the impact of intellectual capital (IC) as a mediator variable on the association between corporate governance (CG) practices and firm performance. This study also examines bi-causality linkages between these variables.

The designated corporate governance index and the value-added intellectual coefficient method were used to assess the level of CG practices and the performance of IC. Tobin’s Q (TQ) and operating efficiency ratio were used to measure firm performance.

The aggregate CG score has a significant positive impact on the IC and the two measures of firm performance. However, the IC has only a partial mediation effect on the relationship between the aggregate corporate governance score and a firm’s operational efficiency ratio. The IC has partial and full mediation effects in the relationship between the sub-dimensions of corporate governance and the performance of Egyptian corporates. Moreover, a bi-causality relationship can be observed between CG and TQ.

Generalizing the obtained results would require the sample size to be extended.

The findings should alert legislative institutions and practitioners of the need to comply with good CG practices and develop the efficiency of IC to elicit a firm’s superior performance.

This study is one of the first attempts to investigate the causality relationships and the mediation impact of IC on the relationship between CG practices and corporate performance in the Egyptian context.

Using data on 51 firms traded in the Egyptian Exchange from 2014 to 2016, this paper aimed to assess the efficiency of corporate governance (CG) and intellectual capital (IC) practices and to explore their influence on the probability of a firm's financial distress.

The relative efficiency of CG and IC practices has been measured under the Malmquist data envelopment analysis model. A modified Z-score model was applied to assess firms' financial distress.

The Wilcoxon signed-rank test revealed almost insignificant evidence regarding the improvement of CG and IC efficiency over the study period. The efficiency score of CG practices had no impact on the likelihood of financial distress. However, the efficiency score of IC negatively affected the probability of financial distress.

The integration of data envelopment analysis with Tobit regression was required for identifying the significant drivers of efficient CG and IC.

The findings shed light on the role of CG and IC in alleviating the degree of financial distress in Egypt as an emerging market, especially the need to raise firms' compliance with the Egyptian CG code from a voluntary to mandatory status.

This study, using Malmquist data envelopment analysis, is among the first attempts to assess the relative efficiency of CG and IC practices and their effects on financial distress.

The efficient use of organizational resources is integral to the existence of prime firms. This study, using Malmquist data envelopment analysis (DEA), aims to assess in the level of operational and financial efficiency and its determinants for ensuring and sustaining excellent performance in 33 Egyptian private hospitals.

This study adopted a Malmquist DEA approach to assess the changes in operational and financial efficiency in Egyptian hospitals. Tobit regression was also used to identify the significant variables affecting their efficiency. In addition, a sensitivity analysis is carried out for model validations.

Out of 33 hospitals, 17 were found inefficient due to the decline in their technical efficiency. Moreover, the total value of the software programs and operational expenses and the total number of employees are common factors affecting both operational and financial efficiency. In addition, the number of physicians significantly affects the hospital's financial efficiency.

The study sheds light on the value of using DEA to assess efficiency. DEA in the context of emerging economy such as Egypt's can be a useful tool for decision-makers and practitioners in identifying and addressing performance weaknesses and thus supports continuous improvement in performance.

Several studies have adopted the DEA approach to assess the overall efficiency of hospitals in Europe and the United States. However, in the MENA region, these studies are uncommon. This study is thought to be one of the earliest attempts to assess hospitals' efficiency in Egypt.

This study assesses the impact of corporate social responsibility (CSR) practices on the relative efficiency of conventional and Islamic Egyptian banks in the period 2012–2018.

A three-stage approach is adopted. First, data envelopment analysis (DEA) is used to assess the relative efficiency of Egyptian banks. Second, a CSR index is designed and used to assess the extent of aggregate CSR practices in Egyptian banks, together with their sub-dimensions. Third, a Tobit regression model is used to examine the impact of CSR on the technical efficiency of these banks.

There is no statistically significant difference between conventional and Islamic banks as regards their purely technical efficiency. Egyptian banks, on average, have achieved a medium score in their practices of CSR and conventional and Islamic banks have not shown significant differences, except in 2018. Moreover, the aggregate CSR practices positively affect the technical efficiency of Egyptian banks. The practices of the CSR sub-dimensions, apart from the community sub-dimension, also affect the banks' technical efficiency.

The legislative institutions and the Central Bank should enhance CSR practices in Egyptian banks, particularly the practices related to customers and the community, in order to enhance the purely technical efficiency of these banks.

The paper is original in investigating the impact of CSR on banks' relative efficiency in Egypt.

This paper aims to introduce a new perspective on long-term stock return predictability by focusing on the relative (individual and hybrid) informative power of a wide range of accounting (firm-related), technical and macroeconomic factors while considering the past performance of the stocks using machine learning algorithms.

The sample includes a panel data set of 94 non-financial firms listed in Egyptian Exchange 100 index from 2014: Q1 to 2019: Q4. Relativity has been investigated by comparing relevant factors’ individual and combined informative power and differentiating between losers and winners based on historical stock returns. To predict the quarterly stock returns, Gaussian process regression (GPR) has been used. The robustness of the results is examined through the out-of-sample test. This study also uses linear regression (LR) as a benchmark model.

The past performance and the presence of other predictors influence the informative power of relevant factors and hence their predictive ability. The out-of-sample results show a trade-off between GPR and LR with proven superiority to GPR in limited experiments. The individual informative power outperforms the hybrid power, in which macroeconomic indicators outperform the remaining sets of indicators for losers, while winners show mixed results in terms of various performance evaluation metrics. Prediction accuracy is generally higher for losers than for winners.

This study provides interesting insight into the dynamic nature of the predictor variables in terms of stock return predictability. Hence, this study also deepens the understanding of asset pricing in a way that directly contributes to practitioners’ portfolio diversification strategies.

In concern of the chaos of factors in the literature and its accompanying misleading conclusions, this study takes another look at the approach that studies stock return predictability. To the best of the authors’ knowledge, this is the first study in the Egyptian context that re-examines the predictive power of the previously discovered factors from a different perspective that highlights their relative nature.

This paper aims to empirically examine the quality of corporate governance (CG) practices in Egyptian-listed companies and their impact on firm performance and financial distress in the context of an emerging market such as that of Egypt.

To assess the level of CG practices at a given firm, the current study constructs a corporate governance index (CGI) which consists of four dimensions: disclosure and transparency, composition of the board of directors, shareholders’ rights and investor relations and ownership and control structure. Based on a sample of 86 non-financial firms listed on the Egyptian Exchange, the effects of CG on performance and financial distress are assessed. Tobin’s Q is used to assess corporate performance. At the same time, the Altman Z-score is used as a financial distress indicator, as it measures financial distress inversely. The bigger the Z-score, the smaller the risk of financial distress.

The overall score of the CGI, on average, suggests that the quality of CG practices within Egyptian-listed firms is relatively low. The results do not support the positive association between CG practices and financial performance. In addition, there is an insignificant negative relationship between CG practices and the likelihood of financial distress. The current study also provides evidence that firm-specific characteristics could be useful as a first-pass screen in determining firm performance and the likelihood of financial distress.

The sample size and time frame of our analysis are relatively small; some caution would be needed before generalizing the results to the entire population.

The findings may be of interest to those academic researchers, practitioners and regulators who are interested in discovering the quality of CG practices in a developing market such as that of Egypt and its impact on financial performance and financial distress.

This paper extends the existing literature, in the Egyptian context in particular, by examining firm performance and the risk of financial distress in relation to the level of CG mechanisms adopted.

The purpose of this paper is to explore and measure the relative efficiency of the academic libraries within the GCC countries in terms of their abilities to transform their allocated resources into a specific level of outputs using a non-parametric frontier method – data envelopment analysis (DEA).

In order to estimate the overall efficiency score, as well as the technical and scale efficiency of the academic libraries within the GCC countries, online questionnaire is first addressed to academic libraries’ managers and directors. Second, three output measures – circulation, number of books added, and number of registered members and three input factors – number of books held, number of library staff, and the actual allocated budget are used in the analysis for the academic year 2010/2011. Third, the output-oriented version of DEA model is deployed to assess the performance and resource utilization efficiency of 11 academic libraries from the United Arab Emirates, Qatar, Oman, and the Kingdom of Saudi Arabia.

Among the 11 academic libraries analyzed, five libraries are rated fully efficient whereas inefficiency of the other six libraries is attributed to pure technical inefficiency rather than scale inefficiency. The results also shed light on the area of improvement required for inefficient libraries.

The sample is small due to the culture of high tendency toward secrecy and confidential in the GCC region. Moreover, follow-up research using panel data derived from GCC countries is required to investigate the impact of policy changes on libraries performance as an attempt to test and generalize the current results.

The paper is original in its application where the current study, as far as authors are aware, represents the first attempt to apply DEA approach for evaluating academic libraries performance in this part of the world.

The current study aims to explore and measure the profitability, marketability, and social disclosure efficiency of UAE banks using a nonparametric frontier method – data envelopment analysis (DEA).

In order to estimate the relative efficiency of the Emirati banks based on three different dimensions: profitability, marketability and social disclosure, a sample of 20 listed Emirati banks in 2009 is first selected. Second, a disclosure index to measure the extent of their social disclosure is developed and utilized. Third, the input‐oriented version of DEA model is deployed to estimate their technical and scale efficiency.

Based on nonparametric Wilcoxon signed rank test, paired‐difference t test and sign test, this study reports significant evidence that the UAE banks are performing much better in profitability and social disclosure activities than marketability activities. The results also provide additional evidence regarding the positive relation observed between the performance of social disclosure and profitability performance.

The sample is small, although it includes all relevant Emirati banks. Moreover, follow‐up research using panel data derived from the UAE banking sector are required to test and generalize the current results.

The paper is original in its approach by introducing social disclosure as a new empirical dimension to the literatures of banking efficiency analysis using DEA.