تهدف هذه الدراسة الى دراسة أثر الشمول المالى على القطاع المصرفى ومن ثم النمو الإقتصادى فى مصر فى الفترة من 2014 حتى 2019 من خلال استخدام ماكينات الصراف الآلى لكل 1000 فرد، القروض لكل 1000 فرد، وعدد البنوك التجارية لكل 1000 فرد كمقاييس للشمول المالى واستخدم العائد على حقوق المساهمين، العائد على الأصول كمقاييس لربحيه البنوك واستخدام الناتج المحلى الاجمالى كمقياس للنمو الاقتصادى. واعتمدت الباحثتان على تحليل كمى إحصائى باستخدام برنامج Stata لتحليل متغيرات تم اشتقاقها من البنك الدولى والبنك المركزى المصرى وصندوق النقد الدولي. وانتهت الدراسة إلى أن استخدام ماكينات الصراف الآلى لكل 1000 فرد، القروض لكل 1000 فرد ذات دلالة معنوية ايجابية فى النموذجين الاول والثانى فيما يتعلق بالعائد على حقوق المساهمين، العائد على الأصول بينما عدد البنوك التجارية لكل 1000 فرد ذات دلالة معنوية سلبيه على ربحية البنوك. كما توصلت الدراسة الى ان جميع مقاييس الشمول المالى المستخدمة ذات دلالة معنوية ايجابية على الناتج المحلى الاجمالى . This study examines the impact of financial inclusion on banks` profitability measured by ATMs numbers per 1000 adults, loans per 1000 adults, number of commercial banks per 1000 adults, and the economic growth in Egypt depending on GDP. The researchers depend on a quantitative approach that uses the variables that affect the bank's profitability and economic growth. The data for this study were manually obtained from the Central Bank of Egypt's (CBE) annual reports, the World Development Indicators (WDI), and the International Monetary Fund (IMF) yearly reports. The banking industry in Egypt was included in the study's population. The analysis covers the years 2014 to 2019. The findings support that Loan accounts and...

While intangible assets (IA) are key drivers of equity market value (EMV) in the knowledge economy, the mediating role of artificial intelligence (AI) in this relationship varies globally. This study investigates the assumption that the value-creating interaction between intangible assets and artificial intelligence is uniform worldwide. The study tests the mediating role of artificial intelligence on the relationship between intangible assets and equity market value, and examines the moderator role of market type (Emerging vs. Developed). Using a longitudinal panel data (2020–2024) of a global sample from the Communication & Information Technology firms, we analyzed data using Generalized Method of Moments (GMM) regression. The results confirm the significant role of AI in the relationship between IA and EMV, and reveal a key difference between the market groups. The impact of IA and EMV on AI adoption is more transparent and more efficient in Developed Markets (DM). Similarly, the analysis reveals two key findings: first, AI has a substantial direct impact on developed-market (DM) firms; second, more critically, the synergistic interaction between AI and IA is significantly enhanced in this context. Consequently, our models explain a larger proportion of the variance in DM firm valuation, offering robust empirical confirmation of the hypothesized valuation gap. This study provides strong evidence that the resource-based view should be understood within the context of market-type frameworks. We identify the “IA-AI valuation gap” and outline specific strategic imperatives: Emerging Market (EM) firms need to focus on developing foundational (IA) before fully integrating deep AI. In contrast, Developed Market (DM) firms should concentrate on using AI to enhance the value of their existing IA. Policymakers should address this gap by strengthening key institutional supports, such as intellectual property protection and digital infrastructure.

Research objective: The aim of this research is to measure the impact of firm capabilities of innovation (Licenses, Intellectual Property, Copyrights, and R&D) on firm value.Research methodology: This research uses a sample of Communication and Information Technologies (CIT) firms in Egypt stock exchange and CIT firms in London Stock Exchange. Innovation as an independent variable is measured using licenses, copyrights, intellectual property, and R&D and firm value as a dependent variable is measured by Tobin's Q.Research results: Firm value is correlated positively with license, intellectual property, and R&D at a significant acceptable level. However, this impact is greater in UK than in Egypt. On contrast, the impact of copyrights on firm value in UK is less than in Egypt.The impact of firm capabilities of innovation as a whole (License, Intellectual Property, Copyrights, and R&D) on the firm's value on London Stock Exchange is higher than the impact on the Egyptian Stock Exchange. This result supports the capability-based theory, which argues the importance of investing in intangible assets.Originality and value: This research contributes to directing the attention of managers to the importance of developing innovation capabilities to ensure the highest firm value.

This study aims to empirically investigate the moderating impact of Corporate Social Responsibility on the link between credit risk and earnings management in manufacturing companies listed on the Egyptian Stock Exchange. A sample of 40 Egyptian manufacturing firms listed on the Egyptian Stock Exchange is used for a period of seven years, from 2014 to 2021. Panel regression analysis using Panel-Corrected Standard Errors (PCSEs) has been used to test the three empirical models. The findings show that there is insignificant positive relationship between credit risk and earnings management. Besides, the authors found that there is negative relationship between Corporate Social Responsibility (CSR) and Earnings Management (EM). The findings reach to a conclusion that CSR as a moderating variable has a positive impact on the relationship between credit risk and earnings management. This implies that CSR considerably improves the connection between earnings management and credit risk. The findings have significant implications for various stakeholders, including investors, and regulators. Understanding the influence of credit risk on earnings management in the light of Corporate Social Responsibility can help these stakeholders make more informed decisions regarding investments and regulatory policies. It emphasizes the need for transparency in financial reporting. This study is the first to investigate the potential moderating influence of Corporate Social Responsibility on the link between credit risk and earnings management in manufacturing companies listed on the Egyptian Stock Exchange, as far as the researchers is aware.

The main aim of this study is to empirically investigate the mediating contribution of corporate sustainability management on the association between cost stickiness and earnings management. In this research, a sample of 41 Egyptian firms listed on the Egyptian Stock Exchange was used for eight years, from 2015 to 2023. OLS regression was used to test the four empirical models. Cost stickiness is measured using the Homburg and Nasev (2008) model. Selling, general, and administrative expenses are used as a proxy for cost stickiness. Dechow et al. (1995) model is used to measure earnings management, and the S&P Global ESG Score is used to assess a company's sustainability performance, determined by combining its environmental, social, and governance dimension scores. The findings show that cost stickiness and earnings management are positively correlated. Furthermore, corporate sustainability management negatively impacts cost stickiness. Additionally, corporate sustainability management has a positive effect on earnings management. Finally, the findings indicate that corporate sustainability management mediates the relationship between cost stickiness and earnings management and conclude that it reduces the positive impact of cost stickiness on earnings management. Practical implications: Egyptian regulatory agencies may impose limits on a company's ability to borrow a certain amount relative to its assets to mitigate economic marginalization (EM), given that high levels of financial leverage may increase the risk of EM. Social implications: Increasing the accuracy of the financial accounts of publicly traded Egyptian firms and outlawing earnings management practices. Originality: as far as the researcher is aware, the studies address a scarce relationship, specifically in Egyptian manufacturing companies. Paper type: Research paper