The Impact of Earnings quality and Stock Liquidity on Debt Maturity Structure and Its Reflection on The Efficiency of Capital Investment: An Applied Study on Companies Listed in Small and Medium Enterprises (SMEs) Market on The Egyptian Exchange

Document Type : Original Article

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Assistant Professor, Department of Accounting and Auditing Faculty of Commerce, Ain Shams University Egypt

Abstract

This study aims to test and analyze the impact of Debt Maturity Structure as mediator variable on the relation of Earnings quality and Investment Efficiency, in addition to testing and analyzing the impact of Debt Maturity Structure as mediator variable on the relation of Stock Liquidity and Investment Efficiency of companies listed in small and medium enterprises (SMEs) market on The Egyptian Exchange.
The study found that Debt Maturity Structure is mediator variable (partial mediation) in the relationship of Earnings quality and Investment Efficiency, Besides, the study found that Debt Maturity Structure is mediator variable (Full mediation) in the relationship of Stock Liquidity and Investment Efficiency.
The study recommended the necessity of improving The quality of the financial statements and the Earnings they contain because of their impact on both Debt Maturity Structure and Capital Investment Efficiency, While companies maintain their Stock liquidity, because of their impact on Debt Maturity Structure .Thus, small and medium-sized companies can access external sources of financing, especially long-term debt.

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