أَثر المرونة المالية على قيمة الشركة (دراسة تطبيقية على الشركات المدرجة في بورصة فلسطين والأردن)
Date
2024-01-03
Authors
دعاء عيسى حسن شواهين
Duaa Issa Hasan Shawaheen
Journal Title
Journal ISSN
Volume Title
Publisher
Al-Quds University
Abstract
سعت الدراسة إلى التَعرف على أَثر المرونه الماليه على قيمة الشركات المدرجة في البورصة الأردنية والفلسطينية خلال الفترة (2018-2022)، حيث طبقت الدراسة على تلك الشركات والبالغ عددها (81) شركة تتبع الى القطاع الخدماتي والصناعي وفقا لسجلات السوق المالي الأردني والفلسطيني بواقع (59) و(22) شركة في بورصة الأردن وفلسطين على التوالي، كما تم اختيار العينة الطبقية (Stratified Sample) ليكون التوزيع النهائي لعينة الدراسة (49) و(18) شركة تتبع الى البورصة الاردنية والفلسطينية على التوالي.
واشتملت الدراسة في متغيراتها على المرونه الماليه والمتمثلة في: نسبة الاحتفاظ بالنقدية، ونسبة الرافعه الماليه، ونسبة توزيع الأرباح، ونسبة التدفقات النقدية كمتغيرات تابعة، وقيمة الشركة كمتغير تابع، أما المتغيرات الضابطة فتمثلت بقطاع العمل ومكان الشركة. وتم تحليل فرضيات الدراسة للبيانات الماليه ل(67) شركة مساهمة عامة للفترة المقدرة بخمسة سنوات (2018-2022)، كما واعتمدت الدراسة نماذج تحليل الانحدار الخطية الساكنة كأسلوب إحصائي. وتوصلت الدراسة في نتائجها الى وجود أثر إيجابي لكل من الاحتفاظ بالنقدية، والرافعه الماليه وتوزيعات الأرباح على قيمة كل من الشركات المدرجة في البورصة الاردنية والفلسطينية، في حين أنه لم يَكن هناك أثر للتدفقات النقدية على قيمة الشركات المذكورة. كما وتبين وجود أثر إيجابي لكل من الاحتفاظ بالنقدية وتوزيعات الأرباح والرافعه الماليه على قيمة الشركات الأردنية المدرجة، في حين أنه لم يَكن هناك أثر للتدفقات النقدية على قيمة تلك الشركات. كذلك تبين وجود أثر إيجابي لكل من الاحتفاظ بالنقدية والرافعه الماليه على قيمة الشركات المدرجة في بورصة فلسطين، في حين أنه لم يَكن هناك أثر لتوزيعات الأرباح وللتدفقات النقدية على قيمة الشركات الفلسطينية المدرجة. واستناداً الى ما توصلت اليه الدراسة من النتائج، أوصت الدراسة كل من الشركات الأردنية والفلسطينية على ضرورة خلق إدارة تمتع بكفاءة عالية في شؤون المحافظة على النقد عند المستويات المثلى، لما لذلك من أثر واضح على قيمة الشركة.
The study aimed to identify the impact of financial flexibility on the value of companies listed on the Jordanian and Palestinian stock exchanges during the period (2018-2022). The study was applied to those companies, which numbered (81) companies affiliated with the service and industrial sectors according to the records of the Jordanian and Palestinian financial mar-kets, with a rate of (59) and (22) companies in the Jordanian and Palestine Stock Exchanges, respectively. The stratified sample was chosen so that the final distribution of the study sample was (49) and (18) companies affiliated with the Jordanian and Palestinian Stock Exchanges, respectively. The study included financial flexibility in its variables, which are: the cash holding ratio, the financial leverage ratio, the dividend distribution ratio, and the cash flow ratio as inde-pendent variables, and the value of the company as an dependent variable.While the control variables were the business sector and the location of the company. The study hypotheses were analyzed for the financial statements of (67) public companies for the estimated period of five years (2018-2022), and the study also adopted static linear regression analysis models as a statistical method. In its results, the study found a positive effect of cash holding, financial leverage and dividends on the value of each of the companies listed on the Jordanian and Palestinian stock exchanges, while there was no effect of cash flows on the value of the mentioned companies. It was also found that there was a positive effect of cash holding, dividends, and financial leverage on the value of listed Jordanian companies, while there was no effect of cash flows on the value of those companies. It was also found that there was a positive effect of both cash holding and financial leverage on the value of companies listed on the Palestine Stock Exchange, while there was no effect of dividends and cash flows on the value of listed Pales-tinian companies. Based on the findings of the study, the study recommended to both Jorda-nian and Palestinian companies the necessity of creating a management that has high efficiency in maintaining cash at optimal levels, because of this having a clear impact on the company’s value.
The study aimed to identify the impact of financial flexibility on the value of companies listed on the Jordanian and Palestinian stock exchanges during the period (2018-2022). The study was applied to those companies, which numbered (81) companies affiliated with the service and industrial sectors according to the records of the Jordanian and Palestinian financial mar-kets, with a rate of (59) and (22) companies in the Jordanian and Palestine Stock Exchanges, respectively. The stratified sample was chosen so that the final distribution of the study sample was (49) and (18) companies affiliated with the Jordanian and Palestinian Stock Exchanges, respectively. The study included financial flexibility in its variables, which are: the cash holding ratio, the financial leverage ratio, the dividend distribution ratio, and the cash flow ratio as inde-pendent variables, and the value of the company as an dependent variable.While the control variables were the business sector and the location of the company. The study hypotheses were analyzed for the financial statements of (67) public companies for the estimated period of five years (2018-2022), and the study also adopted static linear regression analysis models as a statistical method. In its results, the study found a positive effect of cash holding, financial leverage and dividends on the value of each of the companies listed on the Jordanian and Palestinian stock exchanges, while there was no effect of cash flows on the value of the mentioned companies. It was also found that there was a positive effect of cash holding, dividends, and financial leverage on the value of listed Jordanian companies, while there was no effect of cash flows on the value of those companies. It was also found that there was a positive effect of both cash holding and financial leverage on the value of companies listed on the Palestine Stock Exchange, while there was no effect of dividends and cash flows on the value of listed Pales-tinian companies. Based on the findings of the study, the study recommended to both Jorda-nian and Palestinian companies the necessity of creating a management that has high efficiency in maintaining cash at optimal levels, because of this having a clear impact on the company’s value.