impact of firm’s situation, on their financi...

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Abstract:

This study aimed to highlight the

impact of firm’s situation,

compared with the target debt

ratio on their financing choices,

in light of the most important

theories that explain the

financing choices, which is the

static trade –off theory and the

pecking order theory. By using

logistic regression applied to a

simple of industrial firms listed

in Amman stock exchange, in

2006.The results showed that

both of deviation from the target

debt ratio and the financial

performance, has a positive

significant impact on the

probability of issuing new shares

instead of indebtedness.

2006

274 1024

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Paul Marsh 1982

2111 2174

LogitProbit

Cécile Carpentier (2000)

1772 2127 2117

277 1024

.

Philippe Gaud (2003)

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2161519892000

Imed Zorgui (2009)

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likelihood LR statistic

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Dependent Variable : Y

Method : ML-BinaryLogit(Quadratic hill climbing)

Convergence achieved after 7 iterations QML(Huber/White) standard errors & covariance

Std. Error Z

C 2,530479 1,423569 1,075100 0,2823

ECART 0,076798** 0,030867 2,488036 0,0128

Rf 0,200433**0,0909042,2048950,0275

TSR 0,0003660,0016590,2204120,8256

MB -1,4128610,778216-1,8155120,0694

DUM -2,549530 1,602640 -1,5908320,1116

(LR) Restr.log likelihood -21,27032 (LU) log likelihood -12,68587

McFadden R– squared 0,403588

(5 df) LR17,16891

LR 0,004190

20.05(5) 11,070

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(Titman et Wessels,1999; Booth et Al, 2001; Graham,

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Gaud (2003)

1007

Cécile

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Carpentier (2000) Paul Marsh (1982)

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1 Paul Marsh, The choice between equity and debt : An empirical

2 Cécile Carpentier, Choix de financement et ratio cible : le cas

français”, l'actualité économique, 76 (3), 2000, 365- 392.

3 Philippe Gaud, Choix de financement des firmes Européennes,

cahier de recherche, N° 09-2003 Université de Genève, Section

HEC, Suisse, Mars, 2003.

4 Imed Zorgui, Le choix de financement entre la dette et l'équité :

survol de la théorie et application pour les firmes canadiennes de

1998 à 2003, Québec University, Montérial, Canada, April, 2009.

http://www.archipel.uqam.ca/2312/1/M10927.pdf 13/05/2010

5- Cécile Carpentier, Op-Cit, P : 368.

- Imed Zorgui, Op-Cit, P : 40-41.

6

171022221

7 Régis Bourbonnais, Econométrie, Dunod, Paris, 2005, 6

ème édition,

P: 299-301.

8

201274

9 Ibid, P :301- 303.

10

t

222 1024

11

102082

12Imed Zorgui, OP-Cit, P :63.

13 Ibid, P : 40-41.