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Register a new userDeterminants of Financial Structure Decision : Evidence from Syria Companies subject to the supervision of Syrian Commission on Financial Markets and Securities (2007 - 2011)
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Tishreen University مقالة
Publication date
2016
fields
Economy
and research's language is
العربية
Created by
امانة التحرير مجلة جامعة تشرين
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The aim of this study is to explore the determinants of the capital structure in Joint Stock Companies that subject to the supervision of Syrian Commission on Financial Markets and Securities, focusing on the period (2007-2011). The research try to explore whether the decision of the firms concerning the financial leverage is in conformity with the patterns proclaimed in previous studies. The study summarized the relation between the accountancy indicators and financial structure of the Joint Stock Companies in Syria by using multi-regression analysis. The study included the following independent variables: size; age; profitability; volatility; liquidity; growth prospects; tangibility; ownership structure; and taxes. On the other hand, the leverage ratio represented the variable related to the company’s financial structure. The study concluded that the leverage ratio in the Syrian companies is about (48%). In addition, the study concluded a statistically significant positive relationship (at 5% significance level) between the financial structure of Syrian companies and all of the company's size; profitability; and ownership structure. The study also found that there is a significant negative relationship (at 5% significance level) between the financial structure of Syrian companies and all of the company's volatility; liquidity; and tangibility. Finally, no evidence has been provided by the study about the relationship between financial structure and all of the company's life; the expected growth; and the company's tax.
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This study aims at testing the impact of financing structure (financial leverage) on the performance of listed companies in Damascus Security Exchange, according to accounting performance measures namely: Earning Per Share (EPS); Dividends Per Share
(DPS); Stock book Value (BV); Stock Market Value (MV); Return on Assets (ROA); and Return on Equity (ROE). By focusing on two time series: the first series before the current crisis (2007-2011); and the second series during the crisis (2012-2016). In order to analyze and test the hypothesis, the researcher used two models: the static model (Panel data analysis); and the dynamic model (Distributed lag model). The results show that the financing structure (debt ratio) has a positive and significant impact on the return on assets; and the return on equity, and this impact extends for several years later. Finally, no evidence has been provided by the study about the impact of the financing structure on earnings per share; dividends per share; book value per share; and market value per share, as measures of financial performance of the Syrian listed firms.
This research aims to shed light on the impact of the financial performance of companies listed in the Damascus and Amman Stock Exchanges on the dividend policy adopted by these companies during the period. (2010-2017) to achieve this objective, the
researcher used a hypothetical-deductive approach to formulate the hypotheses; and analyzed the financial statements of all companies listed in the Damascus and Amman Stock Exchanges. The results of the study showed that there is an impact on the proportion of the company's investment potential (EPS) and the activity ratios (FAT) affect the percentage of cash dividends distributed by the industrial companies listed in the Damascus and Amman Stock Exchanges. The profitability ratio (return on assets (ROA)), Earnings per share (EPS), Debt ratio (DR) and activity ratios (FAT) effect on the percentage of cash dividends distributed in the service companies listed in the Damascus and Amman Stock Exchanges. The profitability ratio (return on assets (ROA)), and the ratio that measures the company's investment potential (EPS) effect on the percentage of cash dividends (DPR) in the financial companies listed in Damascus and Amman Stock Exchanges.
The aim of this study is to explore the determinants of the capital structure in Joint
Stock Companies that subject to the supervision of Syrian Commission on Financial
Markets and Securities, focusing on the period (2007-2011). The research try to
explore
whether the decision of the firms concerning the financial leverage is in conformity with
the patterns proclaimed in previous studies. The study summarized the relation between the
accountancy indicators and financial structure of the Joint Stock Companies in Syria by
using multi-regression analysis. The study included the following independent variables:
size; age; profitability; volatility; liquidity; growth prospects; tangibility; ownership
structure; and taxes. On the other hand, the leverage ratio represented the variable related
to the company’s financial structure. The study concluded that the leverage ratio in the
Syrian companies is about (48%). In addition, the study concluded a statistically significant
positive relationship (at 5% significance level) between the financial structure of Syrian
companies and all of the company's size; profitability; and ownership structure. The study
also found that there is a significant negative relationship (at 5% significance level)
between the financial structure of Syrian companies and all of the company's volatility;
liquidity; and tangibility. Finally, no evidence has been provided by the study about the
relationship between financial structure and all of the company's life; the expected growth;
and the company's tax.
This research aims to shed light on the impact of corporate governance on the performance of listed companies in Damascus Securities Exchange (2012-2016). To achieve this objective, the researcher used a hypothetical-deductive approach to formulate t
he hypotheses; and analyzed the financial statements of all shareholding Syrians listed companies. Results indicate that, despite of the variation in applying corporate governance between listed companies, there is a sufficient level of commitment to the principles of corporate governance. As well as, the results showed that all performance indicators effected by corporate governance principles. The results of this study provides an empirical evidence to policy makers and regulators in Syria to emphasize the importance of the continuation of Syrian companies to abide by the applying of the principles of corporate governance; as well as the need to find a unified measure corporate governance can be applied in Syria; and at the same time the need to educate the public concerning corporate governance.
This research sheds light on an important sector of the national economy, which is the marine transport sector, because it provides many services. We studied the standards of financial and administrative estimation used in this sector in order to eva
luate the performance of Lattakia and Tartous ports and check if these standards are suitable for the competing sectors. It becomes clear that the evaluation standards in both ports are not suitable to evaluate the performance; nor do they suit the new competitive environment of the two ports as a result of the competition of the international ports which offer high standard services such as speed and good quality. So, we must provide additional suggestions and other standards that may enhance the level of performance of these two ports and develop the quality of their services, such as the immaterial, qualitative and timescale standards, because these standards have a great role in improving the quality of work and performance. The concept and importance of the financial and administrative estimation and phases of financial and administrative estimation are explained in order to get the desired result of the evaluation and enhance the performance by showing the obstacles and deviations. This is to get the optimum methods to solve problems, show the efficiency in performance, and make sure to develop it in the future.
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