محددات هيكل رأس المال في الشركات المساهمة العامة الاردنية : "دراسة من واقع سوق الأوراق المالية الأردني" للفترة2000-2006

Abstract EN

The aim of this study is to explore the determinants of the corporate capital structure in Jordan, focusing on the period 2000-2006.

We explore whether the decision of the firms concerning the financial leverage is in conformity with the patterns proclaimed in previous studies.

We analyze the panel data of the Jordanian firms listed in ASE 100 Index to demonstrate the relationship of leverage with: size, age, profitability, liquidity, tangibility, growth prospects, volatility, taxes and non-debt tax shied.

This study adopts a Least-Squares Dummy Variable Regression Model with nine independent variables as possible determinants of capital structure of the Jordanian listed companies.

The study concluded a negative correlation with economic and statistical significance between the capital structure of Jordanian companies and all of the company's profitability, liquidity, composition of assets and risks in a significance level less than 0.000.

The study also found that the relationship between the capital structure of Jordanian companies and the firm’s size is a direct correlation with economic and statistical significance at a level of significance less than 0.000.

The study did not provide any evidence of a relationship between capital structure and all of the company's life, the expected growth of the company and the company's tax shield.

The findings come in line with the results of studies conducted in many developed countries about the capital structure.

The results of this study opposed the results of a study conducted by (Myers, 2001) and a study conducted by (Green, Murinde and Suppakitijarak, 2002) regarding the impact of tax-shield on the capital structure.

The results of this study differed from the results of a study conducted by (Esperance et al., 2003) about the impact of the company's life on the capital structure.

The results also opposed the results of a study conducted by (Hall et al., 2004) and a study conducted by (Cassar and Holmes, 2003) about the impact of the expected growth rate on the company's capital structure.