Skip to main content
Have a personal or library account? Click to login
The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Egyptian Stock Exchange Cover

The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Egyptian Stock Exchange

Open Access
|Jun 2026

References

  1. Ahmad, N., Salman, A., Shamsi, A., 2015. Impact of financial leverage on firms’ profitability: An investigation from cement sector of Pakistan. Research Journal of Finance and Accounting 6.7, 2222-1697.
  2. Akhtar, M., Yusheng, K., Haris, M., Ain, Q. U., Javaid, H. M., 2022. Impact of financial leverage on sustainable growth, market performance, and profitability. Economic Change and Restructuring 1, 1-38.
  3. Amahalu, N.N., Obi, J.C., 2020. Effect of financial statement quality on investment decisions of quoted deposit money banks in Nigeria. International Journal of Management Studies and Social Science Research 2.4, 99-109.
  4. Amarjit, G., Nahum, B., Neil, M., 2011. The effects of capital structure on profitability: Evidence from United States. International Journal of Management 4.28, 3-15.
  5. Arhinful, R., Radmehr, M., 2023. The impact of financial leverage on the financial performance of the firms listed on the Tokyo Stock Exchange. SAGE Open 13.4, 1-18.
  6. Ayaz, M., Mohamed Zabri, S., Ahmad, K., 2021. An empirical investigation on the impact of capital structure on firm performance: evidence from Malaysia. Managerial Finance 47.8, 1107-1127.
  7. Dalci, I., 2018. Impact of financial leverage on profitability of listed manufacturing firms in China. Pacific Accounting Review 30.4, 410-432.
  8. Danso, A., Lartey, T. A., Gyimah, D., Adu-Ameyaw, E., 2021. Leverage and performance: do size and crisis matter? Managerial Finance 47.5, 635-655.
  9. Dsouza, S., Demiraj, R., Habibniya, H., 2023. Impact of liquidity and leverage on performance: Panel data evidence of Hotels and Entertainment services industry in the MENA Region. International Journal of Hospitality and Tourism Systems 16.3, 1-15.
  10. García-Gómez, C. D., Bilgin, M. H., Demir, E., Díez-Esteban, J. M., 2021. Leverage and performance: The case of the US hospitality industry. Quantitative Finance and Economics 5.2, 228-246.
  11. Gunarathna, V., 2016. How does financial leverage affect financial risk? An empirical study in Sri Lanka. Amity Journal of Finance 1.1, 57-66.
  12. Guo, H., Legesse, T. S., Tang, J., Wu, Z., 2021. Financial leverage and firm efficiency: The mediating role of cash holding. Applied Economics 53.18, 2108-2124.
  13. Haugen, R. A., Senbet, L. W., 1978. The insignificance of bankruptcy costs to the theory of optimal capital structure. The Journal of Finance 33.2, 383-393.
  14. Jeleel, A., Olayiwola, B., 2017. Effect of leverage on firm performance in Nigeria. a case of listed chemicals and paints firms in Nigeria. Global Journal of Management and Business Research 17.2, 15-24.
  15. Jensen, M.C., 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review 76, 323-329.
  16. Kartikasari, D., Merianti, M., 2016. The effect of leverage and firm size to profitability of public manufacturing companies in Indonesia. International Journal of Economics and Financial Issues 6.2, 409-413.
  17. Khasawneh, A. Y., Dasouqi, Q. A., 2017. Sales nationality and debt financing impact on firm’s performance and risk: Evidence from Jordanian companies. EuroMed Journal of Business 12.1, 103-126.
  18. Modigliani, F., Miller, M. H., 1958. The cost of capital, corporation finance and the theory of investment. The American Economic Review 48.3, 261-297.
  19. Myers, S.C., 1977. Determinants of Corporate Borrowing. Journal of Financial Economics 5, 147-175.
  20. Nguyen, H. T., Nguyen, A. H., 2020. The impact of capital structure on firm performance: Evidence from Vietnam. The Journal of Asian Finance, Economics and Business 7.4, 97-105.
  21. Nugraha, N. M., Ramadhanti, A. A., Amaliawiati, L., 2021. Inflation, leverage, and company size and their effect on profitability. Journal of Applied Accounting and Taxation 6.1, 63-70.
  22. Pouraghajan, A., Malekian, E., Emamgholipour, M., Lotfollahpour, V., Bagheri, M. M., 2012. The relationship between capital structure and firm performance evaluation measures: Evidence from the Tehran Stock Exchange. International Journal of Business and Commerce 1.9, 166-181.
  23. Samo, A. H., Murad, H., 2019. Impact of liquidity and financial leverage on firm’s profitability–an empirical analysis of the textile industry of Pakistan. Research Journal of Textile and Apparel 23.4, 291-305.
  24. Schoubben, F., Van Hulle, C., 2004. The Determinants of Leverage; Differences between Quoted and Non-Quoted Firms. Economic and Management 4.49, 589-621.
  25. Shuetrim, G., Lowe, P., Morling, S., 1993. The Determinants of Corporate Leverage: A Panel Data Analysis. Reserve Bank of Australia Working Paper 9313.
Language: English
Page range: 38 - 49
Published on: Jun 21, 2026
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2026 Mustafa Hussein Abd-Allah, Basma Mohamed Mohamed Ahmed, Rofida Abdelaal Ahmed Ibrahim, Nashwa Alaa Ali Mohamed, published by WSB Merito University in Gdansk
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.