اختيار الهيكل المالي للمؤسسات المدرجة في بورصة الجزائر : دراسة قياسية للفترة 2011-2013

Abstract EN

Choosing the ideal capital structure, which allows maximizing the company’s market value and reducing the financing cost, is influenced by a set of factors related to the company’s financial characteristics as assumed by the Trade Off Theory (TOT), while the Pecking Order Theory (POT) assumes that it is due to the financing deficit.

Through a sample of four companies listed on the stock exchange in Algeria for a period of three years (2011 to 2013), the study shows that the financing policy of these companies is influenced by investments where it is rely on these investments in order to get loans, as financing deficit explains the increase occurring in the financial debt ratio.

The study also shows that the combination between the two theories (TOT, POT) allows more effective quality interpretation of the capital structure of the sample.