How Financial Inclusion Moderates the Curvilinear Nexus between Tangible Investment and Sustainable Firm Growth: New Evidence from the Middle East and North Africa Region

被引：5

作者：

Khemiri, Wafa ^{[1
]}

Attia, Eman Fathi ^{[2
,3
]}

Chafai, Ahmed ^{[4
]}

机构：

[1] Univ Manouba, Ecole Super Commerce Tunis, Dept Finance, LARIMRAF LR21ES29, Campus Univ Manouba, Manouba 2010, Tunisia

[2] Univ Business & Technol, Coll Business & Adm, Accounting Dept, Jeddah 21448, Saudi Arabia

[3] Arab Acad Sci & Technol & Maritime, Coll Business & Technol, Accounting & Finance Dept, POB 1029, Cairo, Egypt

[4] Univ Manouba, Ecole Super Commerce Tunis, Dept Econ, ThEMA LR16ES10, Campus Univ Manouba, Manouba 2010, Tunisia

来源：

SUSTAINABILITY | 2024年 / 16卷 / 06期

关键词：

financial inclusion; investment; sustainable firm growth; SGMM; MENA region; UNIT-ROOT TESTS; CAPITAL STRUCTURE; CORPORATE-INVESTMENT; ECONOMIC-GROWTH; JOINT ANALYSIS; AGENCY COSTS; PANEL-DATA; CASH-FLOW; INNOVATION;

D O I：

10.3390/su16062573

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

The aim of this study was to examine the curvilinear relationship between tangible investment and sustainable firm growth in the MENA region, as well as the moderating role of financial inclusion on this connection. To achieve this, we selected a sample of 465 firms over the period 2007-2020. Employing a system GMM model for the empirical analysis, the findings reveal that there is a curvilinear (inverted U-shaped) nexus between tangible investment and sustainable firm growth. Moreover, this study employs a moderating effect model to demonstrate that financial inclusion can enhance sustainable firm growth. The system GMM model further indicates that financial inclusion moderates the curvilinear relationship between tangible investment and sustainable firm growth. This study offers valuable insights for strategic firm planning and policy development, highlighting the role of financial inclusion in promoting firm sustainability.

引用

页数：27

共 10 条

[1] The moderating effect of audit quality on the relationship between financial inclusion and corporate investment: new evidence from the Middle East and North Africa region
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