الفهرس 
Determinants of Egyptian SMEs Financial Failure
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Abstract
However, SMEs playsa crucial role in developing the economy. Nevertheless, there is a scarcity for literature that investigatetheir financial failure risk. Therefore, thisresearch investigates determinants of Egyptian SMEs financial failure based on a sample of 32 failure SMEs and 28 non-failure SMEs for the period 2013 and 2019. The determinants of SMEs failure are categorized into four groups; Working Capital, Asset Structure, Liquidity, and Leverage. Factor and logistic regression analysis used to identify the most significant independent variables that classify between both groups. Findings significantly show that failing SMEs suffer from long cash conversion cycles CCC resulting from long inventory holding period INV, average collection period ACP, and average payment period APP, in addition to lower liquidity CR&QR, excessive use of debt to assets D/A, and lower fixed assets percentage FA/TA, in contrast to non-failure Egyptian’s SMEs.
Results are crucial for entrepreneurs, and policy makers to develop strategies regarding optimizing management of SMEs working capital.
Findings provide very important insights for policy makers regrading real reasons for SMEs failure that driven by debt to finance fixed assets. As a result of poorly managed their working capital.
Future researches could be conducted using questionnaire and in-depth interviews with entrepreneur’s and SMEs experts to investigate more SMEs challenges