The Impact of Firm Life Cycle on the Relationship between Dividend Policy and Capital Structure: An Empirical Study on Companies listed in the Egyptian Stock Exchange

Research objective: Studying The Impact of firm Life Cycle stages on the relationship between the dividend policy and the capital structure, applying that on companies listed in the Egyptian Stock Exchange Index (EGX70).
Research Methodology: The study is based on the content analysis approach of in annual reports examination for a sample of (52) listed companies in the Egyptian Stock Exchange Index (EGX70) during the period from 2018 to 2020.to test the hypotheses that reflect the impact firm life cycle stages (growth stage, maturity stage, and decline stage) on the relationship between dividend policy and capital structure, and multiple regression method was used to test the study hypotheses.
Results and Recommendations: The results  find that there is a significant  positive  correlation  between divid5end policy and the capital structure, also the study found a significant effect for the interactive variable  maturity stage of the firm life cycle and there is no significant effect for the interactive variable growth and deterioration stage of firm life cycle on the  relationship between dividend policy and capital structure, and  Based on that, the researcher recommends the importance of studying the stages corporations which could face systemic changes in cash flows, investment opportunities and growth rates this changes could effect on dividends policy followed by effect on capital structure, Importance of Implementing the suitable mixture of capital structure financing sources "inside and outside" which can reduce cost of capital and  improving value of company.
Originality and Value:This study participate in  reducing the research gap in the accounting literature about the impact of the firm life cycle on the relationship between dividend policy and capital structure  which may help in explaining  the difference between companies in dividend policy and what followed that policies and effects on financing decisions to finance capital structure. The study also provides additional evidence to explain that relationship in the Egyptian business environment.