No abstract

The purpose of this paper is to examine how the dimensions of financial literacy could affect the behavioral biases of individual investors in the Egyptian stock exchange. The study examines the data collected from 403 individual investors in Egypt. The findings revealed the presence of some kinds of behavioral biases among individual investors in the Egyptian stock exchange, which could be categorized into three main categories: belief perseverance biases, information processing biases, and emotional biases (Pompian, 2012). This supports the view that individual investors do not necessarily act rationally. The findings also support the general view that financial literacy has a negative effect on behavioral biases; however, the effect differs between the categories of the behavioral biases, with the most effect on information processing biases, moderate effect on belief perseverance biases, and low effect on emotional biases. Also, this study indicated that the impact of financial literacy on behavioral biases is greater on females than males (Baker, Kumar, Goyal, & Gaur, 2019). Financial intermediaries and consultants can possibly become more effective by understanding the decision-making processes of individual investors. This study adds to the limited academic research that attempted to tackle the impact of financial literacy on the categories of behavioral biases

This paper seeks examining the effect of Board of Directors Characteristics on firm's financial performance in Egypt, using a sample of 50 more active Egyptian companies listed on the Egyptian Stock Exchange of the non-financial sector covering the period of three financial years from 2012 to 2017. Board of Directors Structure is represented by CEO Duality, Board Size, Board Meetings, Independence board members and Gender Diversity. Return on Assets (ROA), Return on Equity (ROE) and Tobin's Q is used as a proxy for Firm financial Performance. In this research, correlation and regression analysis are used to examine the relationship between Corporate Governance and firm's financial performance. corporate governance existed. Throughout the years, however, that lack of awareness has radically changed [2].The collapse of several companies worldwide has had a particularly significant role in increasing the significance of corporate governance both in the USA and in other parts of the world. Since the 1930s, organizational scholars have developed theoretical frameworks related to corporate governance along such dimensions as board characteristics, transaction costs, institutional one-to-one correspondence, and behavior of agents, occupational communities, resource dependence, and stakeholder management [3].Good corporate governance has become significant in protecting investors and in strengthening and stabilizing capital markets. Sound corporate governance improves firm performance, hence attracting investment [4]. Good corporate governance also enables management to recognize corporate objectives, meet legal requirements, protect shareholder rights, and demonstrate to the public how the business is running and how is it conducting its operations [5].The focus of this study is to investigate the relationship between Board of Directors Characteristics and firm financial performance in the Egyptian firms. Literature ReviewThe board of directors, an important mechanism in a company, holds the responsibility for leading and directing a firm, as well as protecting the interests of the company's shareholders [6]. More specifically, the board of directors performs several functions, such as deciding the appropriateness of the company's strategies [7]; monitoring and controlling managers [8]; appointing, supervising and remunerating senior managers [9]; linking the corporation to the external environment; and providing information to managers. These functions make the board of directors one of the important internal corporate governance control mechanisms in an entity [9]. Conversely, boards of directors have been criticized for corporate failures and the decline of shareholder value [10]. CEO Duality and Firm Financial PerformanceAgency theorists advocate separation of the chief executive officer (CEO) and board chair positions as necessary to avoid managerial entrenchment and to curb the CEO's power [11]. When the CEO is also the chair, it becomes more difficult to replace the CEO for poor performance [12]. According to age...

Purpose -Branding issues and corporate social performance (CSP) are growing in importance for both companies and customers. In place marketing, places could be branded as each place should define and communicate its competitive advantages effectively and adapt to fit the needs of place customers. On the other hand, in Egypt, a major challenge for marketers is retail banking which is experiencing significant changes and entails the marketing of intangible services rather than tangible products. The purpose of this paper is to provide a useful starting point to consider retail banks as place brands, and advise place brand managers about how to integrate their values with CSP and branding issues. Design/methodology/approach -The study is quantitative in nature, focusing on the relationship between CSP measures and place branding through enhancing brand equity. A total of 220 self-administered surveys were distributed among bankers and investors of two Egyptian-based retail banks listed in the CASE (Cairo and Alexandria Stock Exchange). Findings -Results indicated that there is a lack of association between CSP measures and brand equity measures of retail banks in Egypt. Findings yield useful insights for both academics, and corporate and brand practitioners about the importance of synthesizing brand equity of a place with CSP in the banking sector.Research limitations/implications -A longitudinal and qualitative research is required to investigate how customers perceive retail banks' brands in Egypt and whether or not they value banks applying CSP. A quantitative study should be conducted on a larger sample to generalize findings within the banking sector. Practical implications -CSP is mainly driven by external pressures such as pressure of international financial institutions. This will only encourage passive compliance without any effective change on the ground in terms of greater corporate accountability and transparency. Banks should emphasize their CSP to develop or enhance their brand equity. Social implications -Results depicted that if the individuals themselves can conduct their businesses in an ethical and sustainable manner, then companies will inevitably conform to any external CSP standard that will be utilized in the development of place brands image and the welfare of the society. Originality/value -Limited research has addressed the relationship between CSP and place branding. This study draws a model that investigates the relationship between applying corporate social responsibility (CSR) and place branding through improving brand equity of retail banks in a developing country, namely Egypt. Results of this research might be of interest to companies, practitioners, and society concerning the role of CSR in developing a place brand.

No abstract