Love, Inessa2012-03-192012-03-192011-04-01https://hdl.handle.net/10986/3400This paper presents empirical analysis of corporate savings in Egypt using two datasets: a survey of small and medium enterprises and data from accounting statements for the largest publicly traded firms. There are two main findings. First, larger firms invest more (they have more physical saving) and have greater access to finance than smaller firms. Second, despite the financial deepening, the use of credit products has been declining during the past decade. The study reaffirms the importance of improving access to financial services in Egypt and points out the need for more research. In addition, policies aimed at reducing macroeconomic volatility are likely to result in increased investment and growth in Egypt.CC BY 3.0 IGOACCESS TO CREDITACCESS TO EXTERNAL FINANCEACCESS TO FINANCEACCESS TO FINANCIAL SERVICESACCESS TO FINANCINGACCOUNTINGACCOUNTS RECEIVABLEACCOUNTS RECEIVABLESAFFILIATED ORGANIZATIONSASYMMETRIC INFORMATIONAVAILABILITY OF FINANCEBALANCE SHEETBALANCE SHEETSBANKSBENCHMARKBONDSBOOK VALUEBOOK VALUESBUSINESS ENVIRONMENTCAPITAL RATIOCAPITAL RATIOSCASH BALANCESCASH EXPENSECASH FLOWCASH FLOWSCASH HOLDINGSCOMPETITIVENESSCORPORATE SAVINGSCOST OF CAPITALCREDIBILITYCREDIT PRODUCTSDEBTDEBT LEVELDEBT LEVELSDEBT OBLIGATIONSDECISION MAKINGDEVELOPING COUNTRIESDEVELOPMENT POLICYDISINVESTMENTDIVIDENDDIVIDENDSDUMMY VARIABLESEARNINGSEMPLOYEEEQUIPMENTEQUIPMENT PURCHASESEQUITY HOLDERSEXCHANGE RATEEXPORTEREXPORTERSEXTERNAL FINANCEEXTERNAL FUNDSFINANCE ACCESSFINANCE CONSTRAINTSFINANCIAL ACCESSFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL SAVINGSFINANCIAL SYSTEMFINANCING ACCESSFINANCING NEEDSFINANCING OBSTACLESFIXED ASSETSFIXED CAPITALFLOW OF FUNDSFOREIGN FIRMSFOREIGN OWNERSHIPFUTURE CASH FLOWSFUTURE GROWTHFUTURE GROWTH OPPORTUNITIESGDPGENDERGOVERNMENT OWNERSHIPGOVERNMENT PAPERGOVERNMENT SAVINGSGREATER ACCESSGROSS MARGINGROSS VALUEGROWTH OPPORTUNITIESGROWTH OPPORTUNITYGROWTH POTENTIALHOLDINGHOLDING COMPANIESHOLDINGSHOUSEHOLD SAVINGSINCOMEINCOME VOLATILITYINDUSTRIAL COUNTRIESINFLATIONINTEREST EXPENSEINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNAL FINANCEINTERNAL FUNDSINTERNAL SAVINGSINTERNATIONAL BANKINTERNATIONAL MARKETSINVENTORIESINVENTORYINVESTMENT BEHAVIORINVESTMENT CLIMATEINVESTMENT CLIMATE ASSESSMENTINVESTMENT FINANCEINVESTMENT OPPORTUNITIESINVESTMENT OPPORTUNITYINVESTMENT PROJECTSINVESTMENT PURPOSESLACK OF ACCESSLIABILITYLIABILITY SIDELIQUID ASSETSLOANLOAN APPLICATIONLONG TERM DEBTMACROECONOMIC UNCERTAINTYMACROECONOMIC VOLATILITYMANUFACTURING INDUSTRYMARKETABLE SECURITIESNET VALUEOUTPUTSOUTSIDE INVESTORSOVERDRAFTOVERHEAD COSTSPHYSICAL ASSETSPOLITICAL UNCERTAINTYPREFERENTIAL ACCESSPRIVATE SECTOR DEVELOPMENTPRODUCTIVE ASSETSPRODUCTIVE INVESTMENTPRODUCTIVITYPROFITABILITYPUBLIC POLICYRAPID GROWTHREGRESSION ANALYSISREGULATORY POLICYRETAINED EARNINGSRETURNRETURN ON ASSETSROAROESALES GROWTHSALES REVENUESSAVINGSSAVINGS ACCOUNTSAVINGS ACCOUNTSSECURITIESSHAREHOLDERSHAREHOLDERSSHORT TERM DEBTSTATEMENTSTATEMENTSSTOCK EXCHANGESTOCK HOLDERSSTOCKSTOTAL DEBTTOTAL FACTOR PRODUCTIVITYWAGESWORKING CAPITALWorld Bank10.1596/1813-9450-5634