التأثيرات المباشرة والوسيطة بين قوة المدير التنفيذي الأول، كفاءة الاستثمار، وقيمة الشركة "دراسة اختبارية على الشركات المساهمة المصرية" The Direct and Mediation Effects Between CEO Power, Investment Efficiency, and Firm Value “Experimental study on Egyptian joint stock companies”

This study Examines whether CEO Power affects Firm value of the Egyptian listed companies, and whether the impact of CEO Power on Firm Value is mediation by investment efficiency. This Study examines the potential impact of Four mechanisms of CEO Power. These mechanisms include: CEO duality, CEO Tenure, CEO Ownership ,and board independence). Hence, my First study questions: What are The direct effects of index (mechanisms) of the CEO Power on Firm Value for the Egyptian listed companies? Second study questions: What are the indirect effects index (mechanisms) of the CEO Power (by: investment efficiency) on Firm Value for the Egyptian listed companies? Third Study questions: Does index (mechanisms) of the CEO Power have an effect on Firm Value by the level of investment efficiency in the Egyptian listed companies? In order to test the hypotheses, the researcher relied on Tobin's Q ratio and the market capitalization to measure the Firm value. In addition, a model (Biddle et al., 2009) was used to measure investment efficiency. The researcher tested the hypotheses of the study on a sample of 117 Listed non- financial Egyptian companies (585 observations) belonging to sectors in the period from 2017 to 2021. Using the path analysis method, the researcher concluded: 1) There is a negative and significant relationship between CEO Power and Firm value. With regard to the impact of the four mechanisms that make up the CEO Power index on Firm value, the results of the study showed that there is a negative relationship between the CEO Tenure and the Firm Value. While the results of the study showed that there is no significant relationship between each of (the CEO Duality, the CEO Ownership in the company's shares, and the board independence) and the Firm Value. (2) There is no relationship between CEO Power and investment efficiency. With regard to the impact of the four mechanisms that make up the index, the results of the study showed that there is no significant relationship between each of (the CEO Duality, the CEO Tenure, the CEO Ownership in the company's shares, and the board independence) and investment efficiency. (3) we find a significant and positive relationship between investment efficiency and Firm value. The important result of the study is that there are no moderated effects, as investment efficiency does not have a significant effect on the relationship between CEO Power and Firm value. With regard to the mechanisms, the important result of the study is that there are no mediation effects, as the investment efficiency does not significant effect on the relationship between the mechanisms of CEO Power and Firm value.