This study investigates the magnitude of the impact of mandatory audits with bank
officers on increasing SMEs’ financing opportunities, reflecting the benefit of
SMEs and the national economy in general. Additionally, this study explores the
audit market for small and medium-sized enterprises (SMEs) in Egypt and the
perceptions between involved parties, especially auditors and owners/managers,
about the role of audits in strengthening this vital sector of the Egyptian
economy. Also, to determine the level of motivation to accept and undertake
mandatory audits for this sector. This study obtained empirical evidence from a survey of 276 bank officers,
304 auditors, 282 SMEs’ owners/managers, and 217 Academics/Economists in
Egypt. Additionally, 41 semi-structured interviews/phone calls; 11 bank
officers, 8 auditors, 13 SMEs’ owners/managers, and 9 academics/economists
asked their opinions about the economic consequences of mandating audits for
the Egyptian SMEs. The results obtained
confirm that mandatory audits for the Egyptian SMEs positively affect their financing opportunities. Also,
mandatory audits for the Egyptian SMEs positively affect the bank
officers’ credit-granting decisions.
References
[1]
Abd El Nasser, M. (2019). Using Management Accounting Tools in Activating the Role of SMEs in Achieving Sustainable Economic Development. In The Third Scientific Conference of the Scientific Association for Tax Legislation, Entitled: Small Enterprises and Sustainable Development (pp. 32-45) the Scientific Association for Tax Legislation. https://creativecommons.org/licenses/by-nd/4.0/legalcode.ar
[2]
Admati, R., & Pfleiderer, P. (2000). Forcing Firms to Talk: Financial Disclosure Regulation and Externalities. The Review of Financial Studies, 13, 479-519. https://doi.org/10.1093/rfs/13.3.479
[3]
Ahmed, H. (2013). Small and Medium-Sized Audit Considerations. Scientific Journal of Economists and Trade, 3, 617-680. http://search.mandumah.com/Record/480996
[4]
Aithal, A., & Aithal, P. (2020). Development and Validation of Survey Questionnaire & Experimental Data—A Systematical Review-Based Statistical Approach. International Journal of Management, Technology, and Social Sciences (IJMTS), 5, 233-251. https://ssrn.com/abstract=3724105
[5]
Allee, K. D., & Yohn, T. L. (2009). The Demand for Financial Statements in an Unregulated Environment: An Examination of the Production and Use of Financial Statements by Privately Held Businesses. The Accounting Review, 84, 1-25. https://doi.org/10.2308/accr.2009.84.1.1
[6]
Ang, J. S. (1992). On the Theory of Finance for Privately Held Firms. The Journal of Entrepreneurial Finance, 1, 185-203.
[7]
Aranya, N. (1974). The Influence of Pressure Groups on Financial Statements in Britain. Abacus: A Journal of Accounting, Finance and Business Studies, 10, 3-12. https://doi.org/10.1111/j.1467-6281.1974.tb00001.x
[8]
Bahaa, E. (2018). Determinants of the Application of the Auditing Standard for SMEs in the Egyptian Environment—Field Study. Scientific Journal of Economics and Trade, 22, 10-33. http://search.mandumah.com/Record/940327
[9]
Bauer, R. A. (1960). Consumer Behavior as Risk-Taking. In D. F. Cox (Ed.), Risk Taking and Information Handling in Consumer Behavior (pp. 389-398). Harvard University Press.
[10]
Beaver, G. (1998). Book Reviews. International Small Business Journal, 16, 123-124. https://doi.org/10.1177/0266242698163010
[11]
Beck, T., DemirgüÇ-Kunt, A., & Maksimovic, V. (2005). Financial and Legal Constraints to Growth: Does Firm Size Matter? The Journal of Finance, 60, 137-177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
[12]
Beck, T., DemirgüÇ-Kunt, A., & Martínez, M. S. (2008). Bank Financing for SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices. Policy Research Working Paper No. 4785. https://doi.org/10.1596/1813-9450-4785
[13]
Beck, T., DemirgüÇ-Kunt, A., Laeven, L., & Maksimovic, V. (2006). The Determinants of Financing Obstacles. Journal of International Money and Finance, 25, 932-952. https://doi.org/10.1016/j.jimonfin.2006.07.005
[14]
Berger, A. N., & Frame, W. S. (2007). Small Business Credit Scoring and Credit Availability. Journal of Small Business Management, 45, 5-22. https://doi.org/10.1111/j.1540-627X.2007.00195.x
[15]
Berger, A. N., & Gregory F. U. (2006). A More Complete Conceptual Framework for SME Finance. Journal of Banking & Finance, 30, 2945-2966. https://doi.org/10.1016/j.jbankfin.2006.05.008
[16]
Berger, A. N., Klapper, L. F., & Udell, G. F. (2001). The Ability of Banks to Lend to Informationally Opaque Small Business. Journal of Banking & Finance, 25, 2127-2167. https://doi.org/10.1016/S0378-4266(01)00189-3
[17]
Blackwell, D. W., Noland, T. R., & Winters, D. B. (1998). The Value of Auditor Assurance: Evidence from Loan Pricing. Journal of Accounting Research, 36, 57-70. https://doi.org/10.2307/2491320
[18]
Boushnak, E., Rageb, M., Ragab, A., & Sakr, A. (2018). Factors Influencing Credit Decision for Lending SMEs: A Case Study on National Bank of Egypt. Open Access Library Journal, 5, 1-17. https://www.researchgate.net/publication/329063746_Factors_Influencing_Credit_Decision_for_Lending_SMEs_A_Case_Study_on_National_Bank_of_Egypt
[19]
Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms. The Accounting Review, 81, 983-1016. https://doi.org/10.2308/accr.2006.81.5.983
[20]
Carey, P., Simnett, R., & Tanewski, G. (2000). Voluntary Demand for Internal and External Auditing by Family Businesses. AUDITING: A Journal of Practice & Theory, 19, 37-51. https://doi.org/10.2308/aud.2000.19.s-1.37
[21]
CFRR (2017). Small and Medium Enterprises: Financial Information as a Catalyst for Lending: Results of a Survey on Bank Lending Practices in Serbia. https://documents1.worldbank.org/curated/fr/923221561007748140/pdf/Small-and-Medium-Enterprises-Financial-Information-as-a-Catalyst-for-Lending-Results-of-a-Survey-on-Bank-Lending-Practices-in-Serbia.pdf
[22]
Chae, S. J., Nakano, M., & Fujitani, R. (2020). Financial Reporting Opacity, Audit Quality and Crash Risk: Evidence from Japan. Journal of Asian Finance, Economics and Business, 7, 9-17. https://doi.org/10.13106/jafeb.2020.vol7.no1.9
[23]
Chow, C. (1982). The Demand for External Auditing: Size, Debt and Ownership Influences. Accounting Review, 57, 272-291.
[24]
Clatworthy, M., & Peel, M. (2013). The Impact of Voluntary Audit and Governance Characteristics on Accounting Errors in Private Companies. Journal of Accounting and Public Policy, 32, 1-25. https://doi.org/10.1016/j.jaccpubpol.2013.02.005
[25]
Creswell, J. (2005). Educational Research—Planning, Conducting, and Evaluating Quantitative and Qualitative Research (3rd ed.). Pearson Merril Prentice Hall.
[26]
Creswell, J. (2010). Educational Research—Planning, Conducting, and Evaluating Quantitative and Qualitative Research (4th ed.). Pearson Merril Prentice Hall.
[27]
De la Torre, A., Martínez-Pería, M. S., & Schmuckler, S. L. (2010). Bank Involvement with SMEs: Beyond Relationship Lending. Journal of Banking and Finance, 34, 2280-2293. https://doi.org/10.1016/j.jbankfin.2010.02.014
[28]
Dedman, E., & Kausar, A. (2012). The Impact of Voluntary Audit on Credit Ratings: Evidence from UK Private Firms. Accounting and Business Research, 42, 397-418. https://doi.org/10.1080/00014788.2012.653761
[29]
Dedman, E., & Lennox, C. (2009). Perceived Competition, Profitability and the Withholding of Information about Sales and the Cost of Sales. Journal of Accounting and Economics, 48, 210-230. https://doi.org/10.1016/j.jacceco.2009.07.003
[30]
Dedman, E., Kausar, A., & Lennox, C. (2014). The Demand for Audit in Private Firms: Recent Large-Sample Evidence from the UK. European Accounting Review, 23, 1-23. https://doi.org/10.1080/09638180.2013.776298
[31]
Defond, M., & Zhang, J. (2014). A Review of Archival Auditing Research. Journal of Accounting and Economics, 58, 275-326. https://doi.org/10.1016/j.jacceco.2014.09.002
[32]
Dewing, I., & Russell, P. (1997). Models for the Regulation of UK Company Audit. Managerial Auditing Journal, 12, 271-280. https://doi.org/10.1108/02686909710180625
[33]
Dewing, I., & Russell, P. (2002). UK Fund Managers, Audit Regulation and the New Accountancy Foundation: Towards a Narrowing of the Audit Expectations Gap? Managerial Auditing Journal, 17, 537-545. https://doi.org/10.1108/02686900210447533
[34]
Don, R., & Dianne, A. (2010). The Value of an Audit to Small and Medium-Sized Businesses. Pitcher Partners.
[35]
Downing, J., & Langli, J. C. (2018). Audit Exemptions, and Compliance with Tax and Accounting Regulations. Accounting and Business Research, 49, 28-67. https://ssrn.com/abstract=2944007 https://doi.org/10.2139/ssrn.2944007
[36]
Duréndez Gomez-Guillamon, A. (2003). The Usefulness of the Audit Report in Investment and Financing Decisions. Managerial Auditing Journal, 18, 549-559. https://doi.org/10.1108/02686900310482687
[37]
Ebrahim, A., Prince, M., & Nasser, M. (2019). Analysis of the Content of the 2015 Egyptian Accounting Standard for SMEs: An Analytical Study. Journal of the Faculty of Commerce for Scientific Research, Faculty of Commerce, Assiut University, No. 67, 7-34.
[38]
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. The Academy of Management Review, 14, 57-74. https://doi.org/10.5465/amr.1989.4279003
[39]
Eldaly, M., & Abdel-Kader, M. (2018). How to Regain Public Trust in Audit Firms? The Case of the Financial Reporting Council. Accounting Research Journal, 31, 343-359. https://doi.org/10.1108/ARJ-11-2015-0134
[40]
Elsas, R., & Krahnen, J. P. (1998). Is Relationship Lending Special? Evidence from Credit-File Data in Germany. Journal of Banking and Finance, 22, 1283-1316. https://doi.org/10.1016/S0378-4266(98)00063-6
[41]
European Federation of Accountants and Auditors for SMEs (EFAA) (2019). Evidence on the Value of Audit for SMES in Europe. https://efaa.com/wp-content/uploads/2021/06/20190514_EvidenceValueAuditSMEs.pdf
[42]
Fatoki, O. (2014). Factors Influencing the Financing of Business Start-Ups by Commercial Banks in South Africa. Mediterranean Journal of Social Sciences, 5, 94-100.
[43]
Fenn, G. W. (2000). Speed of Issuance and the Adequacy of Disclosure in the 144A High-Yield Debt Market. Journal of Financial Economics, 56, 383-405. https://doi.org/10.1016/S0304-405X(00)00045-3
[44]
Gamage, P. (2015). Bank Finance for Small and Medium-Sized Enterprises in Sri Lanka: Issues and Policy Reforms. Studies in Business and Economics, 10, 32-43. https://doi.org/10.1515/sbe-2015-0018
[45]
George, U., Ioana A., & Horodnic, A. (2015). How Reliable Are Measurement Scales? External Factors with Indirect Influence on Reliability Estimators. Procedia Economics and Finance, 20, 679-686. https://doi.org/10.1016/S2212-5671(15)00123-9
[46]
GIZ (2021). Promotion of Access to Financial Services for Small and Medium Enterprises. https://www.giz.de/en/worldwide/43438.html
[47]
Goldberg, L. G., & White, L. J. (1998). De Novo Banks and Lending to Small Businesses: An Empirical Analysis. Journal of Banking and Finance, 22, 851-867. https://doi.org/10.1016/S0378-4266(98)00011-9
[48]
Gonedes, N., & Dopuch, N. (1974). Capital Market Equilibrium, Information Production, and Selecting Accounting Techniques—Theoretical Framework and Review of Empirical Work. Journal of Accounting Research, 12, 48-169.
[49]
Haney, E., & Hanan, A. (2014). The Impact of the International Standard for SMEs on Determining the Tax Base in Egyptian Enterprises—An Analytical, Theoretical study. In The 5th Annual Conference of the Accounting Department, Faculty of Commerce, Cairo University, Accounting in the Face of Recent Economic and Political Changes (pp. 8-25). Faculty of Commerce, Cairo University.
[50]
Hanh, H., & Anh H. (2020). Determinants of Voluntary Audit of Small and Medium-Sized Enterprises: Evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 7, 41-50. https://doi.org/10.13106/jafeb.2020.vol7.no5.041 https://www.koreascience.or.kr/article/JAKO202014862061388.page
[51]
Haw, I. M., Qi, D., & Wu, W. (2008). The Economic Consequence of Voluntary Auditing. Journal of Accounting, Auditing & Finance, 23, 63-93.
[52]
Hodgman, D. R. (1960). Credit Risk and Credit Rationing. The Quarterly Journal of Economics, 74, 258-278. https://doi.org/10.2307/1884253
[53]
Hope, O. K., Langli, J. C., & Thomas, W. B. (2012). Agency Conflicts and Auditing in Private Firms. Accounting, Organizations and Society, 37, 500-517. https://doi.org/10.1016/j.aos.2012.06.002
[54]
Huguet, D., & Gandia, J. L. (2014). Cost of Debt Capital and Audit in Spanish SMEs. Spanish Journal of Finance and Accounting/Revista Española De Financiación y Contabilidad, 43, 266-289. https://doi.org/10.1080/02102412.2014.942154
[55]
Huq, A. M., Hartwig, F., & Rudholm, N. (2022). Do Audited Firms Have a Lower Cost of Debt? International Journal of Disclosure and Governance, 1-23. https://doi.org/10.1057/s41310-021-00133-1
[56]
Hyytinen, A., & Pajarinen, M. (2008). Opacity of Young Businesses: Evidence from Rating Disagreements. Journal of Banking and Finance, 32, 1234-1241. https://doi.org/10.1016/j.jbankfin.2007.10.006
[57]
ICF & BMG (2017). The Impact of Exempting Small Companies from Statutory Audit. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/583972/audit-exemption-small-companies-impact.pdf
[58]
IFAC (2018). Guide to Using ISAs in the Audits of Small and Medium-Sized Entities Volume 1—Core Concepts. https://www.ifac.org/system/files/publications/files/IFAC-Guide-to-Using-ISAs-Vol-I-4th-edition.pdf
Jamal, K., & Sunder, S. (2008). Are Regulatory Mandate and Independence Necessary for Audit Quality? Accounting Organizations and Society, 36, 284-292. https://ssrn.com/abstract=1331550 https://doi.org/10.2139/ssrn.1331550
[62]
Jensen, M. C., & Meckling, H. W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3, 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
[63]
John, H., & Kalina, S. (2016). SME Audits: Challenges and Insights. IFAC. https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/sme-audits-challenges-and-insights
[64]
Kalya, E. (2013). The Relationship between Selected Supply-Side Factors and Lending to Small and Medium Enterprises by Commercial Banks in Kenya. Master Dissertation, University of Nairobi.
[65]
Kamarudin, N., Zainal, A., & Smith, M. (2012). Audit Exemption among SMEs in Malaysia. Asian Review of Accounting, 20, 152-162. https://doi.org/10.1108/13217341211242196
[66]
Kausar, A., Shroff, N., & White, H. (2016). Real Effects of the Audit Choice. Journal of Accounting and Economics, 62, 157-181. https://doi.org/10.1016/j.jacceco.2015.10.001
[67]
Kim, J. B., Simunic, D. A., Stein, M. T., & Yi, C. H. (2011). Voluntary Audits and the Cost of Debt Capital for Privately Held Firms: Korean Evidence. Contemporary Accounting Research, 28, 585-615. https://doi.org/10.1111/j.1911-3846.2010.01054.x
[68]
Kim, N., & Elias, R. (2007). Financial Statements, Attestation Level and Lending Decision by Small Banks. Southwest Business and Economics Journal, 16, 63-72.
[69]
Koren, J., Kosi, U., & Valentincic, A. (2014). Does Financial Statement Audit Reduce the Cost of Debt of Private Firms? https://doi.org/10.2139/ssrn.2373987
[70]
Lee, J. W., & Xuan, Y. (2019). Effects of Technology and Innovation Management and Total Factor Productivity on the Economic Growth of China. Journal of Asian Finance, Economics and Business, 6, 63-73. https://doi.org/10.13106/jafeb.2019.vol6.no2.63
[71]
Lennox, C. S., & Pittman, J. A. (2011). Voluntary Audits versus Mandatory Audits. The Accounting Review, 86, 1655-1678. https://doi.org/10.2308/accr-10098
[72]
Likert, R. (1932). A Technique for the Measurement of Attitudes. Archives of Psychology, 22, 55 p.
[73]
Loewe, M., Al-Ayouty, I., Altpeter, A., Borbein, L., Chantelauze, M., Kern, M., Niendorf, E., & Reda, M. (2013). Which Factors Determine the Upgrading of Small and Medium-Sized Enterprises (SMEs)? The Case of Egypt. German Development Institute. https://doi.org/10.2139/ssrn.2283056
[74]
Malaysian Institute of Accountants (MIA) (2016). Why Audit Matters to SMEs? https://www.mia.org.my/v2/downloads/resources/publications/smp/2016/12/14/MIA_Why_Audit_Matters_to_SMEs.pdf
[75]
Mansour, T., Abdelaziz, M., Eleshmawi, K., & El-Ghani, S. (2019). The Role of Small and Medium Enterprises in Economic Development, Case of Egypt. The International Journal of Business Management and Technology, 2, 165-173. https://www.researchgate.net/publication/338122690_The_Role_of_Small_and_Medium_Enterprises_in_Economic_Development_Case_of_Egypt/link/5e00c807299bf10bc372b8b8/download
[76]
Melumad, N., & Thoman, L. (1990). On Auditors and the Courts in an Adverse Selection Setting. Journal of Accounting Research, 28, 77-120. https://doi.org/10.2307/2491218
[77]
Miller, J., & Smith, L. (2002). The Effects of the Level of Assurance, Accounting Firm, Capital Structure, and Bank Size on Bank Lending Decisions. Journal of Accounting, Auditing & Finance, 17, 51-71.
[78]
Minnis, M. (2011). The Value of Financial Statement Verification in Debt Financing: Evidence from Private U.S. Firms. Journal of Accounting Research, 49, 457-506. https://doi.org/10.1111/j.1475-679X.2011.00411.x
[79]
Mitchell, V. (1999). Consumer Perceived Risk: Conceptualisations and Models. European Journal of Marketing, 33, 163-195. https://doi.org/10.1108/03090569910249229
[80]
Mohamed, A. (2020). Competitiveness and Its Role in Supporting Small Projects—A Comparative Study. The National Center for Legal Publications.
[81]
Mohamed, E., Mohamed, S., & Ayat, H. (2018). Evaluation of the Effectiveness of the Egyptian Accounting Standard for Medium-Sized Enterprises and Its Impact on the Quality of Accounting Disclosure. In The Second Scientific Conference of the Department of Accounting and Auditing, Faculty of Commerce, Alexandria University, from December 20-21 Accounting and Professional Dimensions of Financial Inclusion within the Framework of Egypt’s Vision 2030 (pp. 23-38). Faculty of Commerce, Alexandria University.
[82]
Mohsen, A. (2019). Small Projects Are the Mainstay of Economic Development in Egypt. www.Youm7/section.com
[83]
Mona, A., & Irene, S. (2021). Unleashing Employment Potential in the Manufacturing Sector: Developing SME Finance and the Way Forward. Alternative Policy Solutions, Policy Paper. https://aps.aucegypt.edu/en/articles/647/policy-paper-unleashing-employment-potential-in-the-manufacturing-sector-developing-sme-finance-and-the-way-forward
[84]
Nagwa, M. (2020). The Relationship between the Application of Accounting and Auditing Standards for SMEs and the Quality of the Auditing. In The Fourth Conference of the Faculty of Commerce—Tanta University, Entitled Financing and Managing Entrepreneurship Projects and Their Role in Achieving Economic Development (pp. 41-88). Faculty of commerce, Tanta University, CAF. https://caf.journals.ekb.eg/article_154085_0724c2a69b8811dadac5295de2a25009.pdf
[85]
OECD (2015). New Approaches to SME and Entrepreneurship Financing: Broadening the Range of Instruments. https://www.oecd.org/publications/new-approaches-to-sme-and-entrepreneurship-financing-9789264240957-en.htm
OECD (2018). The Mediterranean Middle East and North Africa 2018: Interim Assessment of Key SME Reforms: Chapter 7. Egypt. https://www.oecd-ilibrary.org/sites/9789264304161-11-en/index.html?itemId=/content/component/9789264304161-11-en
[88]
Palazuelos, E., Herrero Crespo, á., & Montoya del Corte, J. (2020). Auditing and Credit Granting to SMEs: An Integrative Perceptual Model. Managerial Auditing Journal, 35, 152-174. https://doi.org/10.1108/MAJ-12-2018-2118
[89]
Pallant, J. (2001). SPSS Survival Manual—A Step by Step Guide to Data Analysis Using SPSS for Windows (Version 10). Buckingham Open University Press.
[90]
Pentland, B. (1993). Getting Comfortable with the Numbers: Auditing and the Micro-Production of Macro-Order. Accounting, Organizations and Society, 18, 605-620. https://doi.org/10.1016/0361-3682(93)90045-8
[91]
Petersen, M. A., & Rajan, R. G. (1994). The Benefits of Lending Relationships: Evidence from Small Business Data. The Journal of Finance, 49, 3-37. https://doi.org/10.1111/j.1540-6261.1994.tb04418.x
[92]
Power, M. (1999). The Audit Society: Rituals of Verification. Oxford University Press.
[93]
Quick, R., Turley, S., & Willekens, M. M. T. A. (2008). Auditing, Trust and Governance: Developing Regulation in Europe. Routledge, London. https://epdf.pub/auditing-trust-and-governance-developing-regulation-in-europe.html https://doi.org/10.4324/9780203936016
[94]
Rashed, A., & Sieverding, M. (2014). Micro and Small Household Enterprises in Egypt: Potential for Growth and Employment Generation. Economic Research Forum Working Paper Series No. 831.
[95]
Saleh, S. (2017). Auditor Assurance and Related Services: Motives and Implications for Small and Medium-Sized Enterprises’ Development. The Business and Management Review, 8, 131-142.
[96]
Salleh, A., Rose, R. C., Kumar, N., & Jaafar, S. (2008). Auditors’ Perceptions on Obliteration of Mandatory Annual Audit: An Empirical Study. International Research Journal of Finance and Economics, 14, 61-67.
[97]
Santos, J. A. (2006). Why Firm Access to the Bond Market Differs over the Business Cycle: A Theory and Some Evidence. Journal of Banking & Finance, 30, 2715-2736. https://doi.org/10.1016/j.jbankfin.2005.10.006
[98]
Sekaran, U. (1992). Research Methods for Business: A Skill-Building Approach. John Wiley & Sons.
[99]
Shaimaa, E. (2016). A Proposed Framework for Measuring the Impact of the Application of Egyptian Auditing Standards on the Audit of SMEs. Ph.D. Thesis, Faculty of Commerce, Suez Canal University.
[100]
Shen, Y., Shen, M., Xu, Z., & Bai, Y. (2009). Bank Size and Small-and-Medium-Sized Enterprise (SME) Lending: Evidence from China. World Development, 37, 800-811. https://doi.org/10.1016/j.worlddev.2008.07.014
[101]
Stiglitz, J. E., & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. The American Economic Review, 71, 393-410.
[102]
Sunder, S. (2003). Rethinking the Structure of Accounting and Auditing. Innovar, 13, 85-96. https://ssrn.com/abstract=413581
[103]
Taherdoost, H. (2016). Validity and Reliability of the Research Instrument; How to Test the Validation of a Questionnaire/Survey in a Research. International Journal of Academic Research in Management, 5, 28-36. https://ssrn.com/abstract=3205040 https://doi.org/10.2139/ssrn.3205040
[104]
Tauringana, V., & Clarke, S. (2000). The Demand for External Auditing: Managerial Share Ownership, Size, Gearing, and Liquidity Influences. Managerial Auditing Journal, 15, 160-168. https://doi.org/10.1108/02686900010322353
[105]
Tesar, G., & Zsuzsanna, V. (2017). Motivating SMEs to Cooperate and Internationalise: A Dynamic Perspective (1st ed.). Routledge. https://doi.org/10.4324/9781315412610-1
[106]
United Nations Conference on Trade and Development (UNCTAD) (2016). Accounting and Financial Reporting by Small and Medium-Sized Enterprises: Trends and Prospects. https://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=2300
[107]
Vinten, G. (1999). Audit Independence in the UK—The State of the Art. Managerial Auditing Journal, 14, 408-438. https://doi.org/10.1108/02686909910301475
[108]
Watts, R. (1977). Corporate Financial Statements, a Product of the Market and Political Processes. Australian Journal of Management, 2, 53-75.
[109]
Watts, R. L., & Zimmerman, J. L. (1983). Agency Problems, Auditing, and the Theory of Firm: Some Evidence. The Journal of Law & Economics, 26, 613-633.
[110]
Weber, M. (1968). Economy and Society. University of California Press.
[111]
Wright, M., & Davidson, R. (2000). The Effect of Auditor Attestation and Tolerance for Ambiguity on Commercial Lending Decisions. AUDITING: A Journal of Practice & Theory, 19, 67-81. https://doi.org/10.2308/aud.2000.19.2.67
[112]
Yoshino, N., & Taghizadeh-Hesary, F. (2016). Major Challenges Facing Small and Medium-Sized Enterprises in Asia and Solutions for Mitigating Them. Asian Development Bank Institute (ADBI) Working Paper Series, No. 564. https://www.adb.org/sites/default/files/publication/182532/adbi-wp564.pdf https://doi.org/10.2139/ssrn.2766242
[113]
Youssef, I. (2014). Small and Medium Enterprises and Access to Finance in Egypt. Master Thesis, American University.
[114]
Youssry, S. (2020). Egypt: New Law Regarding the Development of Medium, Small and Micro Enterprises. https://youssrysaleh.com/Investment-in-Egypt/egypt-new-law-regarding-the-development-of-medium-small-and-micro-enterprises/
[115]
Yulia, A. (2019). Egypt: SME Financing in Egypt. Mondaq. https://www.mondaq.com/fund-management-reits/772428/sme-financing-in-egypt
[116]
Zambaldi, F., Aranha, F., Lopes, H., & Politi, R. (2011). Credit Granting to Small Firms: A Brazilian Case. Journal of Business Research, 64, 309-315. https://doi.org/10.1016/j.jbusres.2009.11.018
[117]
Zeneli, F., & Zaho, L. (2014). Financing SMEs in Vlora City, Albania: Between Game Theory and Lack of Information. Procedia—Social and Behavioral Sciences, 150, 126-131. https://doi.org/10.1016/j.sbspro.2014.09.016 https://www.sciencedirect.com/science/article/pii/S1877042814050654
