الفهرس 
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Abstract
Abstract
The key aim of this research is to investigate the moderating effect of Corporate Governance on the relationship between capital structure and a firm’s financial performance of 31 firms range of 10 manufacturing sectors among the listed companies at the Egyptian securities exchange for the period of 2011 through 2018. In this study, the multiple regression method is used under the fixed-effect model, pooled regression model, and random effect model approach on panel data.
The research investigates validity or invalidity of the research hypothesis about the moderating effect of Corporate Governance dimension as a moderator on the relationship between capital structure as independent variables (Total Debt) and firm’s financial Performances as dependent variables (Tobin’s Q, Return on Assets (ROA), Earnings per share(EPS)(, and control variable as independent variables (firm size, liquidity, growth rate).
The firm performance is measured using three proxies, Tobin’s Q, ROA, and EPS. Those three performance aspects were used as dependent variables in three different multi regression models. The current study used Tobin’s Q to measure the market-based measure of performance, (return on assets (ROA) as an accounting-based measure of financial performance, earnings per share (EPS) is an important financial measure, which indicates the profitability of a company.
The experimental results showed that the embedding confirmed the validity of the first target RO1 of the first objective RO1 “To examine the effect of the capital structure has an impact on the firm’s financial performance”.
The invalidity of the second research objective RO2 “To examine the effect of corporate governance on the Relationship between Capital Structure and firm’s financial performances”. The invalidity of the third research objective RO3 “To determine the intervening effect of capital structure (Total Debt) on the relationship between corporate governance (Board size, Board composition, and duality) and firm’s finance performance among the companies listed at the Egyptian market”. The invalidity of the main research hypothesis H ‘the expected effect of corporate governance will moderate the relationship between a firm’s capital structure and firm’s financial performance.
There are several interesting potential research recommendations and points and to be considered for further studies and improvements. In order to enhance the Egyptian firm’s sector, we need to investigate the Corporate Governance Index for the Egyptian firms and evaluate CGI each year which makes all the measurements of the firm’s financial Performances reliable. The adoption of corporate governance principles is more than a thought or creation of a code that the companies should adopt. This does not mean that we are applying corporate governance mechanisms.
Corporate governance should ensure better decision-making policies, increasing the firm’s performance, and reduce the interference of humans such as Corruption and betrayal. The interaction or interdependence between external and internal mechanisms and their effect on firm financial performance could be an area for further analysis.
The majority of the study research thesis’s selected listed companies from the Egyptian securities exchange, however, extending the studies to smaller and medium companies is another area for research. Different independent variables such as Return on investment (ROI), EBIT/ Sales ratio may also be included in further research to test whether the different result occurs. In addition, a further selection could for instance add more dependent variables such as short-term debt ratio and long-term ratio so that more models are created to analyze the capital structure-firm performance relationship.