الأبعاد التي تقيسها نسب السوق و نسب التدفقات النقدية التشغيلية في الشركات المساهمة العامة الصناعية الأردنية

Abstract EN

This study uses the Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) to examine the information content of the market-based ratios and the operating cash flow ratios.

The study aims at verifying whether each of the two groups of ratios forms are a distinct financial dimension.

Based on the financial literature, the financial ratios are grouped into nine dimensions, which are: profitability, cash position, short-term liquidity, inventory turnover, receivables turnover, capital turnover and financial leverage along with market-based and operating cash flow ratios.

Our analysis techniques are applied on a sample of Jordan’s industrial corporations comprising 73 companies and thus 232 observations over the 1998-2002 period.

Our findings of the EFA prove that the financial ratios of the Jordan’s industrial corporations can be grouped into only 7 dimensions.

This confirms that the dimensions of cash position, short-term liquidity and financial leverage represent only one dimension.

For the robustness of our findings, we applied the CFA on our data, but the technique results disagree with those of EFA