الفهرس 
Chapter One: Introduction and OverviewerOnly 14 pages are availabe for public view
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Abstract
The present study aims to investigate the effect of investors’ sentiment on
corporate decisions of firms listed in the Egyptian Stock Market including investment,
financing and dividend decisions, through utilizing both direct and indirect measures
of investors’ sentiment. The study depended on a sample of 61 non-financial firms,
and collected market related data for each firm, along with data included in firms’
financial statements for 10 years covering the period 2003-2012. The study found that
investors’ sentiment has a significant positive effect on corporate investment and
financing decisions. However, its effect on dividend decision was found to be
negative but insignificant. Additionally, the current study tests the relation between
firms’ characteristics such as size, age, volatility and profitability and the sensitivity
of corporate decisions to sentiment. Findings did not provide evidence that firms’
characteristics are related to the sensitivity of investment decision to sentiment.
Alternatively, evidence was found that the characteristics that reflect firms’ exposure
to sentiment fluctuations are significantly related to the sensitivity of their financing
decisions to sentiment. Finally, the study found that profitable firms with lower
earnings volatility have higher ability to adjust their payout ratio; thus their dividend
decision is more sensitive to sentiment than other firms