This paper attempts to identify the effects of firm performance and governance indicators on the credit rating of firms in the MENA region. We used ordered probit model considering a panel structure with a dependent variable (credit rating) and six independent variables that include financial ratios and governance indicators. This sample include 2463 firms during eight years (2006-2013). The results of the initial model show that debt ratio, payout ratio, return on assets, rule of law and market to book ratio are significant.


Management Department

Degree Name

MS in Finance

Graduation Date


Submission Date

May 2015

First Advisor

Azzam, Islam

Committee Member 1

Ahmed, Neveen

Committee Member 2

Elshahat, Ahmed


33 p.

Document Type

Master's Thesis

Library of Congress Subject Heading 1

Credit ratings -- Egypt.

Library of Congress Subject Heading 2

Corporate governance -- Egypt.


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Institutional Review Board (IRB) Approval

Not necessary for this item