Study the interactive effect between managerial entrenchment and board independence on firm value Empirical study in firms listed at Egyptian Stock Exchange

 
This study aimed to test the effect of managerial   entrenchment ( CEO  Tenure - CEO Age - CEO Duality and Board independence ) on firm value . The study also aimed to test the effect of interaction between items of managerial entrenchment and Board independence on firm value. This study using sample (50) firms listed at Egyptian Stock Exchange in the period (2013-2017). The study hypothesis a positive relationship between the CEO tenure  and the firm value, a negative relationship between CEO age and firm value , a positive relationship between CEO Duality and firm value and a positive relationship between board  independence and firm value . The study was based on measuring the firm value on the Tobin’s Q model (market perfo-rmance). Used the Multiple linear regression model to study the relation between managerial entrenchment and firm value. The results indicated that there was a positive relationship between CEO Tenure – CEO Duality - board independence and firm value for Tobin’s Q model, no significant relationship between the age of the CEO and the value of the company for Tobin’s Q model. The results also showed that there is a positive relation between( interaction of  CEO Tenure and Board indep-endence - interaction of  CEO Duality and Board independence ) and firm value For Tobin’s Q model ,and  there is a negative relation between interaction of CEO Age and board independence  for Tobin’s model.