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Production systems can be: (1) functional layout‐based manufacture (sometimes referred to as batch production), (2) assembly lines and manufacturing lines, (3) plant dominated systems, (4) small groups in manufacturing (group technology), (5) small groups in assembly (group assembly), or various combinations of the above.

Years after the 2011 uprising Egypt, it seems that the country’s non-Islamist parties are still included in the political game. After significant alterations in their political sphere by mid-2013 at the advent of the Muslim Brother exclusion and the subsequent discrediting of Salafi al-Nour party, non-Islamist parties took clear part in the mobilization for presidential elections (2014, 2018) and competed for legislative seats in 2015. Nonetheless, it is difficult to expect them to turn into long-term key political players with clear-cut ideological postures, unique platforms and strong grass root mobilization. With the exception of the electoral gains scored by numbered parties like Free Egyptians’ party and Nation’s Future in 2015 legislative elections, these parties seem to be lagging behind esp. in terms of their popular base; who became winners at the advent of the radical exclusion of the MB from July 2013 onwards.

This paper is based on archival research and guided by basic assumptions of rational choice institutionalism, mainly game-theoretic versions of the approach. It is divided into four sections, three of them are chronological and the last one is thematic.

Egypt’s non-Islamists engaged in the post-2011 political sphere, with strong Islamist rivals crippling their political chances in the first two years following the 2011 uprising. They surely capitalized on the exclusion and discrediting of the latter, but they suffered lack of ideological clarity and fragmentation from 2011 onwards with no enough evidence these weaknesses were surpassed after Islamists were “out of their way”. The only strand of non-Islamist parties which came out as “game winners” were those possessing the resources and enjoying overt “friendly” relations with al-Sisi regime. Nonetheless, internal conflicts inside key secularist parties shed light on their capacity to turn into long-term players in Egypt’s political sphere.

Very few papers were published on Egypt’s secularists parties after the 2011 uprising from the perspective of the alteration that occurred in their political environment affecting their political weight and gains. More generally, literature on non-ruling parties in authoritarian contexts mostly reduce these parties to secondary roles allocated by ruling regimes. The paper seeks to overcome both shortages.

This study aims to analyse 508 financially distressed firm-year observations for the period 2010–2018 of Pakistan Stock Exchange (PSX) listed firms to examine the magnitude of indirect financial distress costs (IFDC) and to investigate which firm-specific variable is relatively important in explaining these indirect costs. This will not only enrich empirical literature but also helpful in cross-country comparison.

Optimal model selection along with panel data analysis technique is used to select the most optimal model to observe the findings. Financial distress is measure through Altman’s Z-score and firm-specific variables cover leverage, level of intangible assets, investment policy, tangible assets, firm’s size, level of liquid assets and Tobin’s Q of sample firms.

The findings of this study show that the average size of IFDC for the sample observations is 6.70%. In addition to this, finding further suggest that leverage, the level of intangible assets and changes in investment policy have positive while the size of the firm and Tobin’s Q have a significant negative impact on IFDC. Further, this paper argues that the level of tangible assets and liquid assets are statistically unimportant in observing the IFDC for PSX financially distressed firm-year observations.

The findings of this study provide more insight to corporate managers and investors about the association between firm-specific financial characteristics and IFDC concerning Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries such as Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term strategies to manage the financial distress costs.

The study extends the body of existing literature on IFDC regarding Pakistan. The results suggest that policymakers may pay special attention to the quality of a firm’s capital structure strategies while predicting corporate financial distress costs.