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This research investigates the dynamic interplay between managerial ability, accounting conservatism, and the speed at which firms adjust their capital structure for firms listed in the Egyptian Stoch Exchange (EGX) for the period 2018 to 2022. The research employs a comprehensive dataset spanning multiple industries and time periods to analyze the impact of managerial ability and accounting conservatism on the speed of capital structure adjustment. The research utilizes a panel data approach and employs various econometric techniques to analyze the data from a sample of publicly listed companies. The research investigates the determinants of capital structure adjustment (SOA) and the roles of managerial ability and accounting conservatism in optimizing corporate financial decisions. The findings indicate that firms adjust their capital structure in response to macroeconomic conditions and firm-specific factors, with leverage from the previous year, company size, growth rate, and non-debt tax shields positively influencing SOA, while profitability and inflation exert negative effects. The estimated baseline SOA is 37.8%. Notably, firms with higher managerial ability exhibit a faster adjustment, increasing SOA to 60.3% (22.5% increase). Similarly, accounting conservatism significantly enhances SOA, raising it to 70.5% (32.7% increase) when measured using Tobin's Q (TQ) and 67.6% (29.8% increase) when measured using the market-to-book ratio (MTB). The combined influence of managerial ability and accounting conservatism further amplifies SOA to 93.1% (55.3% increase) using TQ and 77.4% (39.6% increase) using MTB, underscoring their complementary role in optimizing capital structure adjustments. These findings highlight the importance of integrating firm-specific capabilities and conservative financial policies to enhance corporate financial stability and strategic decision-making.

This study investigates the relationship between CEO power and corporate financial flexibility, emphasizing the moderating role of corporate governance. The authors hypothesize that a powerful CEO may influence financial decisions in two contrasting ways: by enhancing flexibility through quick and autonomous decision-making, or by fostering opportunistic behavior that weakens financial discipline. Using an empirical model applied to a sample of firms in emerging markets, the study measures CEO power through variables such as tenure, ownership share, and board duality, while governance quality is assessed via board independence and size. The findings indicate a positive relationship between CEO power and financial flexibility when governance mechanisms are strong and independent, ensuring accountability and oversight. Conversely, when governance is weak, concentrated executive authority tends to reduce financial prudence and increase risk exposure. The results highlight that financial flexibility-an essential determinant of resilience in economic downturns-depends critically on balancing managerial autonomy with institutional control. The paper concludes that effective governance structures act not as constraints but as enablers of sustainable financial performance, ensuring that executive influence is directed toward long-term corporate value rather than short-term personal or strategic gains. Abstract Written by Dar AlMandumh, 2025, Using AI

The study is designed to explore the effect of digitalization on audit quality. To achieve this objective, A Delphi study with 20 projections about the quality of auditing related to digitalization was developed and evaluated by a panel of Egyptian auditors on two rounds. Some of the results of this investigation showed that the respondents expect some major changes in the determinants of audit quality in the future as a result of digitalization especially when it comes to the qualifications of auditors, some audit procedures performed, and the timeliness of audit report. Other findings demonstrate that experts do not see a dramatic impact of technological progress on the determinants of audit quality mainly in the areas related to the audits becoming less informative or obsolete thus making audit users lose trust in them, increasing the auditing expectation gab, or increasing the regulatory gap between auditing standards and the new business reality. Among the issues that emerge from these findings are that advanced technologies such as big data analytics, artificial intelligence, blockchain technology, and Robotic process automation have the potential to decrease human involvement in the auditing process. Thus it cannot be expected that the auditing profession will stay the same under the prevalence of digitalization.

The main objective of the study is to develop a quantitative index for evaluating the effectiveness of internal control and to test its effect on predicting the risk of the stock price crash risk. To achieve this objective, the study was conducted through three steps, Firstly: Developing a quantitative index to evaluate the effectiveness of the internal control of the Egyptian companies, this index is based on the internal control index prepared by Chen et al. (2017a), taking into consideration the revised COSO standards for internal control in 2013, the special circumstances of the Egyptian business environment, the controls of the corporate governance guide updated in 2016, the relevant accounting and auditing standards, the Egyptian Companies Law, and the regulations and rules for listing and delisting in the Egyptian Stock Exchange, in addition to the findings of previous relevant research, Internal control was evaluated by the Analytical Hierarchy Methodology (AHP). The second step was the evaluation of the effectiveness of internal control in light of the proposed index for a sample of (49) companies out of the total listed companies on the Egyptian Stock Exchange within the EGX100 index during the period from 2018 to 2020, with a total of (147) observations. Finally, the proposed index was tested by measuring the effect of the level of effectiveness of internal control on the risk of stock price crash risk, which was measured by two measures DUVOL and NSCKEW. The study concluded that the average effectiveness of internal control for the research sample companies was (57%), ranging between (34%) and (84%). Which implies a great degree of ineffectiveness of internal control in the study sample, the internal control index has a negative impact on the risks of a stock price crash, that is, the more effective the internal control, the less is the possibility of stock price crash risk.

The purpose of this study is to investigate the impact of managerial ability on the choice between accruals and real earnings management in the Egyptian setting. To achieve this purpose, data was collected from the annual financial statements of the companies included in the sample composed of 83 companies that belong to 7 main sectors: real Estate, basic Resources, building Materials, contracting and Construction Engineering, Food, Beverages, & Tobacco, travel & Leisure, and health Care & Pharmaceuticals. These companies are listed and traded in the Egyptian Stock Exchange EGX during the period 2018-2020. Two regression models were developed to test the research hypotheses, the first was about the impact of managerial ability on accruals earnings management, and second was about the impact of managerial ability on real earnings management. Feasible Generalized Least squares FGLS test was used to test the research hypotheses because the problems of heteroskedasticity and autocorrelation existed in the study data. Results showed that managerial ability has a significant positive impact on both accruals earnings management and real earnings management. The study findings have implications for standards setters, investors, analysts, auditors, and tax authorities in Egypt and other emerging economies.