Abstract:

This study examines the determinants that influence the Sustainable Growth Rate (SGR) of non-financial companies that are listed on the Egyptian Stock Exchange (EGX) from 2012 to 2022 with a focus on profitability, asset efficiency, dividend policy, liquidity, and leverage. The study further examines how these determinants change through the firm life cycle at various stages. Multiple regression models reveal that profitability and leverage positively influence SGR, while dividend policy has a negative impact. However, asset efficiency and liquidity do not significantly affect SGR. When analyzed across the firm's life cycle, profitability and dividend policy consistently influence SGR, while asset efficiency is significant during the growth stage, and leverage during the maturity stage. Liquidity does not significantly impact SGR at any life cycle stage. This research provides a unique perspective on the determinants of SGR within the Egyptian context, and how they vary across different stages of a company's life cycle.