Accounting and Financial Management

Our PhD students

Photo of Noha Elberry

Noha Elberry

  • Role Title: PhD student
  • Address: Richmond Building Portland Street Portsmouth PO1 3DE
  • Telephone: tbc
  • Email:
  • Department: Accounting and Financial Management
  • Faculty: Portsmouth Business School


Nationality:                     Director of studies: Khaled Hussainey and Lei Tao      Year of graduation:

Factors Influencing Corporate Investment Efficiency: Evidence from MENA region stock exchanges

Due to corporations' internal problems such as agency costs and information asymmetries; and deficiencies of firms' liquidity and financing status, corporations tend to acquire excessive or insufficient investment, which in either cases will definitely affect the enterprise value maximization goal, and so corporate investment efficiency is considered to be one of the most fundamental and important aspects that determine the value of the firm and therefore investors’ wealth specially in the MENA region countries including both developed and developing ones; Also, the macroeconomic factors are major variables that influence corporate investment efficiency, including the FDI and its determinants which are the interest rates, market size and macroeconomic stability, so this research does not only study the effect of these determinants on FDI as usual, but aims at exploring their effect on the relationship between FDI and corporate investment efficiency as moderating variables, which acts as a contribution for this research, as economic interest rates, GDPs and GDP/capita in MENA region developing countries are important figures to be analyzed and how they are affected especially in the period covering the financial crisis of 2008 and the revolutions and political instability taking place starting in 2011, for example, Egypt's stock exchange, tourism and attraction of investments as a whole were strongly affected by the 2011 revolution and till now it did not achieve a full recovery; Accordingly, firms’ financing behaviors and  stakeholders’ behaviors are considered the key firm related factors and the FDI and its determinants are the macroeconomic factors all associated with making efficient investment decisions.