Determinants and multi-factor dynamic model of optimal capital structure : evidence from Jordan

العناوين الأخرى

محددات هيكل رأس المال الأمثل و النموذج الديناميكي متعدد العوامل لهذا الهيكل : دراسة تطبيقية على الأردن

مقدم أطروحة جامعية

Ayish, Haytham Khalil

مشرف أطروحة جامعية

al-Khuri, Ratab

أعضاء اللجنة

Hamdun, Talal
al-Duri, Muayyad
Gharayibah, Maali A. D. Hisham
al-Maghayrh, Aktham

الجامعة

الأكاديمية العربية للعلوم المالية و المصرفية

الكلية

كلية العلوم المالية و المصرفية

القسم الأكاديمي

قسم الإدارة المالية

دولة الجامعة

الأردن

الدرجة العلمية

دكتوراه

تاريخ الدرجة العلمية

2006

الملخص الإنجليزي

The dissertation aims to examine the determinants of capital structure choices and to develop a multi-factor dynamic model of optimal capital structure.

The dependent variable is measured in two ways.

First, as total debt to book value of total assets.

Second, as total debt to market value of total assets.

Our sample consists of 42 Jordanian firms for the period from 1994 to 2003.

The statistical analysis was conducted using the Generalized Method of Moments for a dynamic panel data.

Another test was the factor analysis, which was performed for the purpose of the model building.

The dissertation extends the empirical work on capital structure theory in three ways.

First, it examines empirically a new capital structure determinant (money supply), which was not previously used.

Second, it examines a list of capital structure determinants on the levels of firm, market, and macroeconomic at the same time.

Third, it develops a new dynamic model of optimal capital structure.

The dissertation found that the financial distress, profitability, market to book ratio, market risk (beta), and interest rates are negatively related to the capital structure, while ownership structure, tax advantages, growth opportunities, assets tangibility, firm size, and money supply are positively related to the capital structure.

Therefore, the results of capital structure measured as market value of total assets are matched with the results of book value of total assets except for macro-economic variables.

These variables are interest rate, (which has a positive relationship) and money supply, (which has a negative relationship) with capital structure.

These results have logical explanations.

Also, it found that Jordanian firms are in line with the results obtained on firms in the developed countries concerning capital structure choice.

When we apply the developed model on Jordanian firms (294 case), the results indicate that the new capital structure explains the changes in firms' positions.

In a dynamic setting, we suggest to adjust capital structure with reference to the developed model.

This key finding provides the base for future research, which could focus on developing the model further to be applicable for other countries, with different institutional characteristics.

التخصصات الرئيسية

الاقتصاد و التجارة

الموضوعات

• الإدارة
• المالية
• رأس المال
• الأردن

عدد الصفحات

107

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-306787