This paper explores the impact of cash holdings on stock returns in small and medium enterprises. The sample includes 24 SMEs listed on the Egyptian Nile Exchange, excluding service firms, with a total of 96 observations from 2016 to 2019. Data was collected from financial statements and reports obtained through an information dissemination company in Egypt. This study uses a panel data analysis with comparing all results via ordinary least squares and the generalized method of moments. The findings show a statistically significant negative effect of cash holding on stock returns in small and medium enterprises on the Egyptian Nile Exchange. Further, the evidence shows that firms with higher levels of cash holding have higher investment alternatives and then lower stock returns. This result supports the agency theory that an increase in cash holding leads to managers exploiting cash resources to achieve personal benefits, thus increasing agency costs, lowering investment efficiency, and therefore lowering stock returns. The results support the trade-off between risk and return by using cash holding to finance operational activities and investing in higher investment alternatives and then lower stock returns.

The impact of government assistance, entrepreneurial self-efficacy, conceptual development support, and educational development support on green entrepreneurial aspirations through university curriculum during the COVID-19 epidemic is explored in this research. It is the first of its kind in Egypt and is based on a sample population of 502 undergraduate students from various faculties at five Egyptian universities (two public, two private, and one institution with international cooperation). It employs structural equation modelling via SmartPLS. This study can assist other Egyptian universities in creating strategic plans for environmental initiatives and ensuring that students are given the necessary skills to succeed. The study aims to evaluate the impact of conceptual development support offered by universities in terms of fostering interest and presenting novel ideas to students to start a new project, government support provided in terms of laws and programs to encourage entrepreneurship, development of university curriculum to promote entrepreneurial self-efficacy through regular courses, postgraduate practices, and networking with entrepreneurs. Academics, especially those in universities in Egypt or other Arab or African nations, as well as policymakers, can gain from this research's potential to build new standards to support green entrepreneurship and sustainable economies.

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