ABSTRACT

This paper examines the relationship between capital expenditure and firm value in the MENA region, and the moderating role that market competition and information asymmetry play in this relationship. The study consists of 3,930 observations that include yearly data from the 2010–2019 period. Empirical tests show that in markets of high product competition, capital expenditure exerts a negative effect on firm value, while under the condition of high information asymmetry, this effect is positive. The results also suggest that the hypothesized relationships are stronger for small-sized firms and for Shariah-non-compliant companies.

中文翻译：

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中东和北非地区的资本支出和企业价值：市场竞争和信息不对称的作用

摘要

本文考察了中东和北非地区资本支出与企业价值之间的关系，以及市场竞争和信息不对称在这种关系中发挥的调节作用。该研究包括 3,930 个观察结果，其中包括 2010-2019 年期间的年度数据。实证检验表明，在产品竞争激烈的市场中，资本支出对企业价值产生负面影响，而在信息高度不对称的情况下，这种影响是正面的。结果还表明，对于小型公司和不遵守伊斯兰教法的公司，假设的关系更为牢固。