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Associate Professor

Dr. Mahmoud Agha


Dr. Mahmoud Agha is currently an Associate Professor of Finance at the King Fahd University of Petroleum and Minerals (KFUPM) in Saudi Arabia. He received his PhD in 2008 from the prestigious University of Melbourne, Australia. Dr. Mahmoud is also a CFA Charterholder and a member of the CFA Institute. He graduated with honors from Yarmouk University in Jordan with a Bachelor’s degree in Banking and Finance. Before joining KFUPM, Dr. Mahmoud worked at the University of Western Australia (UWA) for over 14 years, where he taught various undergraduate and postgraduate units and supervised Honours and PhD students. He also played a leading role in the development of one of the most successful degrees at UWA, the Master of Applied Finance, a degree that incorporates the CFA curriculum. Dr. Mahmoud had seven years of professional experience. During his professional life, he worked as a Loan Officer, Financial Markets Analyst, Credit Analyst, and Financial Consultant in Jordan, Dubai, Sharjah, and Kuwait.

Dr. Mahmoud’s research interest is in corporate finance areas such as: agency costs, corporate governance, mergers and acquisitions, capital structure, and financial decisions. He has published in prestigious international journals and won various best paper awards at different levels. He also acts as a referee for many international journals.


Ph.D. in Finance from the University of Melbourne, 2008.

CFA Charter from the CFA institute, 2003.

Bachelor degree in Banking and Finance from Yarmouk University, 1998.


Corporate governance

Mergers and Acquisitions

Agency costs

Capital structure

Dividend policy

Corporate investment

Recent Research

Agha, M. and Pramathevan, S., 2023. Executive gender, age, and corporate financial decisions and performance: The role of overconfidence. Journal of Behavioral and Experimental Finance38, p.100794.

Agha, M. and Hossain, M.M., 2022. Are board monitoring and CEO incentives substitutes for each other? Evidence from Australian market reaction to acquisition announcements. International Review of Financial Analysis81, p.102042.

Agha, M., Pham, M.D.M. and Yu, J., 2021. Management connectedness and corporate investment. Journal of Banking & Finance124, p.106042.

Agha, M. and Eulaiwi, B., 2020. The alignment effects of CEO stock incentives in the presence of government ownership: International evidence from Gulf Cooperation Council countries. Australian Journal of Management45(2), pp.195-222.

Sabet, A.H., Agha, M. and Heaney, R., 2018. Value of investment: Evidence from the oil and gas industry. Energy Economics70, pp.190-204.

Agha, M. and Faff, R., 2014. An investigation of the asymmetric link between credit re-ratings and corporate financial decisions: “Flicking the switch” with financial flexibility. Journal of Corporate Finance29, pp.37-57.

Agha, M., 2016. Agency costs, executive incentives and corporate financial decisions. Australian Journal of Management41(3), pp.425-458.

Agha, M., 2013. Leverage, executive incentives and corporate governance. Accounting & Finance53(1), pp.1-30.

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