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Zarqa Journal for Research and Studies in Humanities
Volume 14, No. 1, Shaa’ban1435/ June 2014
Editorial Board
Editor -in- Chief
Prof. Mahmoud AL-Wadi
Vice Editor –in– Chief
Prof. Sami M. Ali
Editorinl Manager
Dr. Ahmed A. Assaf
Members
Language Editors
Dr Rezqallah Jawdat (Arabic) Dr. Alaeddin Sadeq (English)
Rateb Al-Saud Prof.
Abd al-hamied Ghoniem Prof.
Hameed Al-Jumayli Prof.
Mohmmad Al-Taai Prof.
Adel Awwd Ziadat Prof.
Mustafa Al- Khasawneh Dr.
Editorial Secretary Faten Ahmed Al-Khawaldah
Biannual Refereed Indexed Specialized Scientific Journal Published by the
Deanship of Scientific Research and Graduate Studies
Zarqa University
P.O.Box: 132222, Zarqa 13132 - Jordan Tel: +962-5-3821100 Fax: + 962-5-3821120
E-mail: [email protected] Web Site: www.zujournal.org
The views expressed in this issue are those of the authors, and do not
necessarily reflect the views of the editorial board or the policies of
Zarqa Universiy
Zarqa Journal for Research and Studies in Humanities
Volume 14, No. 1, Shaa’ban1435/ June 2014
Advisory Board
Prof. Azmi Taha AL-ALbayt University/Jordan
Prof. Mohammad Al-Drubi AL-ALbayt University/Jordan
Prof. Ali Mahafza Jordan University/Jordan
Prof. Salameh Tnash Jordan University/Jordan
Prof. Mahmoud Sartawi Jordan University/Jordan
Prof. Ibrahim Al-Sa’afin Jordan University/Jordan
Prof. Shafiq Alawneh Yarmouk University/Jordan
Prof. Riyad Al-Moumani Yarmouk University/Jordan
Prof. Allan Odden Wisconsin- Madison University/USA
Prof. Adel Hadi El. Baghdadi Babylon University/Iraq
Prof. Walid Zakaria Saim Hashamite University/Jordan
Prof. Abdulnaser Ibrahim Nour Middle East University/Jordan
Prof. Saif Al-Muraykhi Qatar University/Qatar
Prof. Ahmad Abu Lsain Academy of Graduate School/Libya
Prof. Qasim Sha’ban American University/ Lebanon
Prof. Mazen Al-Ramadany AL-Nahrian University/ Iraq
Prof. Mohammad Al-Nadawi Aligarh Muslim University/ India
Dr. Hasan Al-Malkh AL-ALbayt University/Jordan
Dr. Hind alsaderi Princess Nora University/KSA
Dr. Maria De Pillar Murcia University/ Spain
The views expressed in this issue are those of the authors, and do not necessarily
reflect the views of the editorial board or the policies of
Zarqa University
Zarqa Journal for Research and Studies in Humanities
Paper Submission Guidelines
"Zarqa Journal for Research and Studies in Humanities" is a biannual refereed, indexed scientific journal and specialized in humanities. It is devoted to the publication of original research papers.
Submission and Descriptions:
• Four copies of the typed manuscript should be submitted to the Dean of Scientific Research and Graduate Studies. Electronic copy can be sent at the e- mail: ([email protected]).
• The manuscript should be written in good English or Arabic.
• The authors should state explicitly that the paper has neither been published nor submitted for publication elsewhere.
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• The author is asked, after the acceptance of his paper, to send the manuscript on a compact disk, or via e- mail, typed by Microsoft Word.
Preparation of Manuscript:
In preparing the manuscript the following instructions should be followed: 1. The original manuscript should be typed on two side of A4, double-
spaced with (2.2 cm from the top and 1.5 cm from each side).. All pages should be numbered
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- Font size: 12 for titles, and 11 for the rest of the text. 3. The title size 23, should be concise and brief.
4. The total length of the paper should not exceed (15) printed pages of the Journal or (8000) words.
5. The paper must include, author(s) name(s): first name, middle initial and last name, together with their current address for correspondence.
6. The papers should include two abstracts size 9 and of up to (200) words each. One in English and the other in Arabic.
7. At least 3 keywords should be size 9 and mentioned in Arabic and English.
8. Figures and tables should be numbered consecutively and must have descriptive headings in size 9. The figures and tables should be identified in the text by their numbers in size 8.
9. Footnotes are used to explain the information mentioned in the text. Superscripts may be used as (*) in size 9.
Zarqa University, P.O.Box: 132222, Zarqa 13132 – Jordan. Tel:+ 962-5-3821100, Fax: +962-5-3821120
Zarqa Journal for Research and Studies in Humanities
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Editorial Preface
Between many scientific journals, we introduce "Zarqa Journal for
Research and Studies in Humanities" as an indexed refereed scientific
journal, specialized in humanities. The coverage of the journal includes
all new findings in the research works which are original and contribute
to human knowledge. The journal was established in 1999, and
specialized in humanities in 2009. Volume 9 is the first volume published
in humanities closely. The journal publishes papers submitted by
researchers from all countries in the world in Arabic or English
languages. It covers all aspects of research in humanities. Submitted
articles are peer reviewed by distinguished specialists in their respected
fields. Two issues of the journal are yearly published: The first in June,
and the second in December.
Editor -in- Chief
Prof. Mahmoud AL-Wadi
Contents
Papers Pages
• The Effectiveness of Conciliation in Resolving Collective Labor Disputes
in Jordanian Labor Law
Dr. M. Haitham AL-Masarweh/ Saudi Arabia
1
• Substructure of Control Standards on Islamic banks Operations Risks
Dr. Abdullah Ibrahim Nazal / Jordan
• Consistency Problems among Gifted Students and their Effect on
Classroom Attention
19
31
Dr.Leen Al-hatab / Jordan
• Audit Quality, it’s Measurement and the Impact of Corporate
Governance Principles on it (from the external auditor’s Point of view in
Jordan). Mohammad Mahmud Humedat. /Dr. Khalil Mahmoud Al-Refae./ Jordan
42
• The Extnt of the Adoption of the Islamic Education philosophy by
teachers According to the Points of Views of Educational Supervisors
and Teachers of the North West and East of badya of Al-Mafraq
Governorate. Dr. Naser Ibrahim Al-Shraa’a
/ Dr. Ahmed Naser Al-Mazawdah / Jordan
54
• Al Manfalouti Style as Criticised by Al-Aqqad and Mazni (A Critical
Study)
Dr. Tawfik Abu – Alrob / Jordan
70
• Effectiveness Social Program to Raise the Self-concept of Blind Children
in Pre-school.
Dr. Nader Ahmed Jaradat / Saudi Arabia
.
• Evaluation of E-government Services from the Viewpoint of the
Beneficiaries (Empirical Study).
Rodyna Othman Yousef / Jordan.
87
101
• International Security Between Both Concepts: The Constant and the variable.
Dr. Aswad M. Amen. / Algeria
117
• Economic Gaps and the Impact on Economic Growth – Jordan Case
(1999-2008).
Dr. Samer Ali Abdelhadi / Dr. Mazen Hasan Basha
/ Dr.Hasan Touama./ Jordan
128
Contents
Papers Pages
• The Level of Creative Behavior in Classroom Management among Teachers at
"King Abdullah II Schools for Excellence" in the Hashemite Kingdom of Jordan
Dr. Misson Al-zoubi / Jordan
142
• Takaful Fund Management in Islamic Banks a Case Study: Jordan
Islamic Bank.
Dr. Hussein Mohammed Hussein Samhan. / Jordan
161
• The Effect of 2003 War on the Iraqi National Library and Archives from
their Librarians Point of View.
Dr. Luma Fakhir A. Razzaq / Prof. Fadel Jamil Klaib./ Jordan
171
• TV History.
Dr. Sulafa F Alzoubi. / Jordan
184
• Core Competencies Required For Internet Usage by Public Librarians in
Zarqa Governorate.
Dr. Atif Yousef Odeh./ Jordan
200
• The Reality of Teaching Islamic Educational Syllabus in High Basic
Stage at. Dr. Hamed Saleh Al Kilani/ Mr. Khaled Abu Musa.
215
• Youth Unemployment in Jordan: What can be learned for the future?
Dr. Fuad Kreishan/ Associate Professor. / Dr. Ibrahim Al-Hawarein
/Assistant Professor/ Jordan
233
• Credit risks in Islamic banks Case study (Islamic International Arab
bank)
Dr.Maysa’a Munir Milhem. / Jordan
250
• The Extant of Avaiablity of Typical University Enviornemt From The
Perspective Of Zarqa University Student 2011.
Dr.Majed Al-Masadeh. / Jordan
• Attitude of Ottoman State towards the Moriscos Calls for Help in the
Period 1451 – 1616 A.D.
Dr. Bassam Abdel Al Salam Btoush / Dr. Salih Ali Al-Shora/Jordan.
265
278
• The Impact of the Volatility in Banks Performance Indicators on Stock Prices:
an Empirical Study on Jordanian Listed Banks.
Dr. Ismail Yamin/ Mr. Mohammad Sami Ali./ Jordan
302
• The Changing Perspective of Hemingway’s Fictional Women: The Need
For Fresh Perspective
Professor Taher Badinjki / Jordan.
309
Zarqa Journal for Research and Studies in Humanities Volume 14, No 1, 2014
309
The Changing Perception of Hemingway's Fictional Women: The Need for Fresh
Perspective
Professor Taher Badinjki
English Dept., Faculty of Arts, Al-Zaytoonah University/Jordan
Received 2/4/2014 Accepted 2/6/2014
Abstract: Hemingway’s fictional women remain largely misunderstood and misjudged by many critics and scholars. A number of studies tried to focus on these characters and different interpretations have been made.
Early critical interpretations came out with accepted frameworks and restrictive classifications which became
prevalent in the literary circles. Later, the fifties and sixties marked a revival of interest in Hemingway
criticism, but they did not inspire a new attitude towards female characters, and most of them reverted to the
earlier generalizations and restrictive categories. Despite the differences in their attitudes and views, the two
sides seem to stress that Hemingway’s works are autobiographical, and some of them tend to think that at
times the veil between reality and his fiction was so thin that his texts were examined before publication to
determine if some sections must be modified to protect against court action. The following decades ushered in
a new direction in critical responses to Hemingway in general, and to his female heroines in particular.
Writers started to question the prevalent interpretations and presented fresh approaches. They stressed the
need to consider them individually rather than collectively and to view them from a different angle and a new
perspective and to move beyond categorizing them as goddesses or bitches.This paper examines
Hemingway’s presentation of his fictional heroines in The Sun Also Rises, A Farewell to Arms, For Whom
the Bell Tolls, The Snows of Kilimanjaro and The Short Happy Life of Francis MaComber. It focuses on the
role of women he encountered in the portrayal of the heroines of his novels and explores what lies hidden
beneath the surface of the literary water. It also surveys some modern female scholars who are calling for a
wider insight into the Hemingway women and for fresh perspectives. They challenge the prevalent male-
imposed stereotypes and demand a reevaluation and correction of the prevalent male-imposed stereotypes to
allow women to stand as varied and plausible persons in their own right. It is hoped that an important facet of
their personalities and character will be revealed and that this new facet will complement and balance the
existing images of these women characters. It is further hoped that this study will contribute to the ultimate
goal of fully understanding the women in Hemingway's fiction.
Keywords: Changing perceptions, Hemingway’s women, Reality, Fiction, and Classification.
The Changing Perception of Hemingway's Fictional Women: The Need for Fresh Perspective
308
Context and review of literature:
Hemingway's fictional women remain largely
misunderstood and misjudged by many critics and
scholars. A number of studies tried to focus on these
characters and different interpretations have been
made. Early critical interpretations came out with
accepted frameworks and restrictive classifications
which became prevalent in the literary circles. The
fifties and sixties marked a revival of interest in
Hemingway criticism with studies such as Baker,
Young, Rogers and others1, but they did not inspire a
new attitude towards his female characters and most
of them reverted to the earlier generalizations and
restrictive categories. Despite the differences in their
attitudes and views, the two sides seem to stress that
Hemingway placed most of his heroines into the
social context of his time, and treated them in a
personal way since he derived their characters from
real women whom he encountered and who
influenced him The following decades ushered in a
new direction in critical responses to Hemingway in
general, and to his female heroines in particular.
Many women scholars challenged the traditional
views of Hemingway and women and demonstrated
the conviction that there is more to Hemingway than
wounded men and code heroes. They stressed the
need to consider them individually rather than
collectively and to view them from a different angle
and a new perspective.
Real life inspiration
To reach a full and clear view of Hemingway’s
treatment of women and portrayal of his fictional
heroines, it is necessary to look at the real women in
his life—those who cared for him, competed with
him, and who constituted the sources of his literary
inspiration and see how they impacted his portrayal
of their literary counterparts and helped to shape his
art. The first to be mentioned in this field is his
mother, Grace, who recorded the early
manifestations of his character and who deeply
affected his personality, his treatment of women, and
his attitude towards them. Grace was selfish,
pampered and spoilt. She hated children and house-
cleaning, and in her relation with her husband, she
maintained the upper-hand. Fueled by the belief that
his father surrendered his manhood to Grace, and
haunted by his parents’ relationship, Hemingway
continued to associate negative connotations with the
term “husband”. He resolved to control his wife and
be the dominant figure in the house, poisoning his
marriages, and colouring the relationships he
depicted in his fictional works. He admitted once
that he was the cause beyond any marital failure
"take as good a woman as Pauline —a hell of a
wonderful woman—and once she turns mean.
Although, of course, it is your own action that turns
her mean. Mine l mean”.3 During the Great War,
Hemingway, who volunteered to be on the Italian
front, was wounded in Italy and was moved to the
Red Cross Hospital near Milan. The main attraction
at the hospital was a nurse called Agnes von
Kurowsky. He fell in love with her and she
volunteered her unpopular night-duty in order to
spend time with him. When she was transferred to
Florence, she carried his photograph and wrote him
almost every day. Her letters were extremely
affectionate, expressing how much she missed him
and dreamt that they could marry in Italy. Suddenly,
she jilted him. Her unexpected rejection had a
devastating effect leaving his heart battered and
bruised and his feelings bitter, and in one of his
letters he wrote “I loved her once and then she
gypped me. And I don’t blame her. But I set out to
cauterize out her memory and I burnt it out with a
course of booze and other women and now it’s
gone”.4 Despite claiming that he eliminated the
memory of her, Agnes lived on with her specter
appearing several times in Hemingway’s texts. In A
Farewell to Arms (1929), He created Catherine
Barkley exactly as Agnes. Catherine, an English
nurse, meets Frederick Henry, an American
lieutenant in the Italian corps during the First World
War. They enter into an affair with each other.
Catherine is portrayed as deeply feminine who has
the ability to create an atmosphere of stability
wherever she resides. She is conspicuous for her
spiritual kindness and moral power that are coupled
with physical grace in a way that is enough to move
all men. About her beauty and attraction Frederick
says: "She looked fresh and young and very
beautiful. I thought I had never seen anyone so
beautiful... When I saw her I was in love with her.
Everything turned over inside me".5Catherine’s
relation with Fredrick is similar to his relation with
Agnes. The intense and sincere love relationship
between Catherine and Fredrick represents what
Hemingway hoped for and his wis-fulfilement of the
love affair with Agnes which was cruelly terminated
by her unexpected jilt. So, I do believe that to
revenge himself on Agnes, Hemingway punished her
fictional counterpart, Catherine, with death at the
end of the novel when she dies in childbirth. By
killing her on the pages of his novel, the forsaken
and deserted lover had taken revenge on the cruel
beloved, and thus poetical justice, at least from his
side, was served.Emotionally crippled by his early
years experience and by Agne’s cruel jilt,
Hemingway’s life became a series of dysfunctional
relationships that failed to meet his needs, leaving
him unable to make the transition from lover to
Zarqa Journal for Research and Studies in Humanities Volume 14, No 1, 2014
307
husband and in a perpetual search for the right
woman. The post-war years marked his transition
from Agnes to Hadley; from the betrayal of love to
the commitment of marriage. In 1921 he married
Hadley, a talented charming and friendly girl. She
was grateful for his love which took her out of her
miserable life with her domineering mother, and she
committed herself thoroughly to him. This sense of
gratefulness, as we will see later, is portrayed in the
relationship between Maria and Jordan in For Whom
the Bell Toll (1940)6.With Hadley, Hemingway
achieved all that he hoped for: Love of a beautiful
woman and a comfortable income. Hemingway
became bored with her and their marriage was later
threatened by a love-affair with Mary Duff, a witty,
sexy and reckless young woman, who greatly
enjoyed enchanting and controlling men and making
them compete for her favour. Mary was the source
from which Hemingway molded the character of
Brett Ashley in the Sun Also Rises (1926)7, a
beautiful and attractive coquette who tries to tempt
men and make them compete for her favour. She
uses her beauty and charm as a bait to catch
men.Hemingway’s love-affair with Mary sapped his
moral strength and weakened his emotional
commitment to his wife. He and Hadley separated in
1927 after a considerable anguish. In the same year
(1927), he married Pauline, a vivacious woman
rather than a pretty one. She was self-confident and
powerful. Pauline was very patient and
understanding and tried to please him. Like Hadley,
she was eager to do what he wanted. She tactfully
said that she liked to be told what to do. In The
Snows of Kilimanjaro (1932) Harry's wife, who had
something of Pauline, exclaimed "I left everything
and I went wherever you wanted to go and I've done
what you wanted me to do".8 Though Hemingway
liked his wives to be talented and accomplished, he
hated competition and wanted his wives to abandon
their professional work. But as soon as anyone of
them became thoroughly domesticated and devoted
to him, he was driven to a livelier woman who was
free to pursue her own interests. He left Pauline to
start an affair with Jane Mason, an ambitious tall
woman with artistic talent, but Hemingway not have
the means to satisfy Jane's luxurious talent. During
their brief relationship, Jane was involved in a love-
affair with another man. This shocked Hemingway,
but he found it difficult to break with her totally and
their separation made him more keen to see her
again. In 1936, he had a violent and bitter break with
her. This led directly to his satirical portrayal of her
as Margot Macomber in The Short Happy Life of
Francis Macomber (1936)9 where she is presented as
an extremely handsome woman of beauty and social
position who epitomizes evil, corruption, and
immorality. While discussing Margot in a later
essay, Hemingway bitterly said: "I invented her
complete with handles from the worst bitch I knew
... [she] was flattered when people took her for Mrs.
Macomber".10The bitter break with Jane made
Hemingway receptive to Martha, a youthful and
attractive woman. She had worked as a journalist in
America and Europe. She courted the passive
Hemingway. However, their marriage failed because
Martha, who loved her work, refused to resign it and
be domesticated. This caused so many problems and
anguish that led to their separation and divorce in
1945. His marriage to Martha was an ill-fated battle
of two domineering personalities.The fourth and last
wife, but not the last woman of Hemingway was
Mary Welsh who, different from others, appealed to
his imagination. She was a society-reporter who
openly used her attraction to obtain information from
high-ranking officers. Mary was his wife during the
years of his great fame and radical deterioration. The
serious problem that faced their marriage was
Hemingway's multiple love affairs during which he
was so cruel with her. Mary sustained his bad
treatment and his whims. When Hemingway
committed suicide, she said that "his death had been
an enormous surprise and shock"11.
A woman is never just a person
Hemingway never seemed to recover from the
emotional damage inflicted by his mother and real-
life relationship experiences. He remained vigilant
and constantly concerned that he would be
controlled by a domineering bitch. Terrified of
ending up like his father, he was always protecting
his manhood from being stripped away by the
women in his life. His fear of emasculation made it
impossible for him to establish a healthy
man/woman relationship or to portray real characters
who are capable of developing themselves. A
woman is never just a person. She is the ideal
woman or she is the deadly woman, the agent of
completion or the agent of depletion, and the general
consensus of early criticism seems to be that “his
women characters fall into one of two categories,
either that of the bitch who threatens to rob the
Hemingway male of his strength and integrity, or
that of the dream girl, a mindless creature who
makes no demands upon her man and who exists
only to satisfy his (sexual) needs; in his pleasure is
her fulfillment”12. They all fall into two extremes
ignoring the middle ground, the Bitch
Goddesses who are beautiful, sensual, dominating,
powerful, destructive, selfish, predatory who are bad
for the men with whom they are involved, and the
allegedly docile, nurturing, meek, feminine,
domestic, reproductive, and helpmates who offer an
atmosphere of security and happiness for their men.
The Changing Perception of Hemingway's Fictional Women: The Need for Fresh Perspective
306
In The Snows of Kilimanjaro (1932), A Farewell to
Arms (1929), and For Whom the Bell Tolls (1940),
the heroines belong to the domestic and docile type.
The Snows of Kilimanjaro (1932) is an intensely
moving story of the last hours of Harry, an American
artist who is dying of gangrene in the leg as he waits
for a plane to fly him out of his camp to a hospital in
Nairobi. Harry's wife is a society-lady. She is
intellectual and loves anything that is exciting and
involves a change of the scene. When she married
Harry, she gave up all her wishes, changed her
customs and became primarily interested in relieving
him Harry blames his wife for his failure as a writer
and believes that her money is what has tempted him
to seek the easy way of life. Falling ill, he becomes
aware that he is in need of her help, yet he tries by
every gesture or action to tease her as if punishing
her for a fault he has committed. She plays the role
of “a kindly caretaker” (Heiny & Lanthiel 1974 )14 of
her husband, who dedicates herself totally to
nursing, mothering and making Harry a good wife.
She feels that the time they will live together is so
short, so she tries to create a safe home and a sense
of security and relief. She begs him to avoid any
kind of bickering while they are together: "I don't
quarrel. I never want to quarrel. Let's not quarrel any
more. No matter how nervous we get", but he
answers "talking is the easiest. We quarrel and that
makes the time pass" (The Snows of Kilimanjaro
[1932] 1946, 5). He intends to create an atmosphere
of tension, while she tries to smooth the matter
away. Though she lives in an unbearable
atmosphere, Helen13, Harry's wife, remains patient,
loving and caring. She lives in a situation that
requires an angel rather than a human being to be
able to cope with. This makes the reader doubt the
possibility of finding a real woman with these
virtues; a woman that remains faithful and nice to a
nasty man till the last moment of his life. Though
she enjoys virtues which are rare to be found, her
goodness and submission are the common ground
between her and the other characters who are of her
type.Catherine Barkley, the heroine of A Farewell to
Arms (1929) falls in the same category of Harry's
wife. Catherine loses no chance to prove her love to
Henry. She volunteers a night duty to be with him.
Later on, when they leave hospital, especially when
they are in Switzerland, she becomes devoted and
loving beyond credibility. She becomes more
desperately eager to please him: 'I’ll say just what
you wish and I'll do what you wish, and then you
will never want any other woman" (A Farewell to
Arms [1929] 1977, 95). She consults him in
whatever she wants to do, and she does not hesitate
in doing anything that he likes even if it does not
appeal to her. However, what really worries
Catherine is how to make a good wife for Henry, so
she keeps on saying "Don't I make you a good wife"
( A Farewell to Arms [1929] 1977, l03). The idea of
the good wife is always the motive behind her
actions, and her attempt to be submissive. In For
Whom the Bell Tolls (1940), Maria — Robert
Jordan’s loving girl — reflects Catherine’s
submissiveness and docility. She meets Jordan, an
American teacher, who comes to Spain to fight for
the Loyalists. As soon as they see each other, they
fall in love with each other and hope to marry and go
to America eventually. Maria is completely
subservient and submissive. She is portrayed as one
of the docile native wives of the English officials
who live only to serve their lords and to merge their
identities with theirs. She plays the role of a wife and
mother as perfect as Catherine. She keeps precisely
with this role till the end when she asks to remain
with Jordan while he is carrying out his mission. But
Jordan refuses that and orders her to mount a horse
giving the signal to Pilar to hit it. Maria accepts his
decision with no protest.So far we have seen three
characters: Maria, Catherine, and Harry's wife. They
all belong to the docile group of women, but the
access of each one to this group is different from the
other. Harry's wife represents the symbol of an angel
who can sustain the unbearable, Catherine is the
symbol of home and safety, and Maria is the
representative of the docile native wives of the
English officials. In general, they are loving caring,
benevolent, and sacrificial. They represent what
Hemingway says in A Farewell to Arms "When you
love you wish to do things for. You wish to sacrifice
for. You wish to serve"([1929] 1977, 69). They
adopt the idea of women's sphere; home, family,
devotion, sensibility and sacrifice. They strive to
create the feeling of home out of the atmosphere of
war in which they live.The other type of
Hemingway's female characters stand on the
contrary pole of the first. They are, in general,
deadly, selfish, corrupt, predatory, and promiscuous.
They seem to be inclined to endanger and degrade
men. Margot in The Short Happy Life of Francis
Macomber (1936) is the first and best to stand for
this type. Her relationship with her husband,
Macomber, has "a sound basis of union. Margot was
too beautiful for Macomber to divorce her, and
Macomber had too much money even to leave him"
(The Short Happy Life of Francis Macomber [1936]
1985, 28). Margot turns the life of Francis
Macomber into hell. She despises him and makes no
effort to conceal her relations with other men.
Francis hopes the solitude of the safari will bring
them together, but Francis disgraces himself on his
Zarqa Journal for Research and Studies in Humanities Volume 14, No 1, 2014
305
first day of the expedition. So, she becomes more
keen to sleep around with men. She snubs her
husband totally, and begins to throw herself at
Wilson, the professional hunter who accompanies
them. She is aware that her husband knows about
this relation but he cannot do anything about
it.Margot makes use of the occasion that her husband
loses his self-esteem in the hunting. She begins to
disgrace him in front of Wilson. She humiliates him
when she says cynically "What importance is there
to whether Francis is any good at killing lions? That
is not his trade. That's Mr. Wilson's trade. Mr.
Wilson is very impressive killing anything" (The
Short Happy Life of Francis Macomber [1936] 1985,
14). She praises Wilson in front of her husband to
make him feel ashamed. So, she demonstrates an
image of a powerful and dominant wife in front of a
fearful husband. She feeds her personality on the
shortcomings of her husband. Perhaps she suffers
from an inferiority complex that she tries to come
over by so doing. Margot is presented as a real
villain; she is both a betrayer and a murderer. Wilson
says she is one of “the hardest in the world; the
hardest, the cruelest, the most predatory” ((The Short
Happy Life of Francis Macomber [1936] 1985,
14).Similar to Margot, we have Lady Brett Ashley in
The Sun Also Rises (11926). Brett's immorality and
corruption do not destroy one man only, but a group
of men. She is a member of a group of expatriates
who make a hectic trip for the Pyreness. The party
includes Jake Barens, Bill Gorton, Lady Brett
Ashley, Michael Campbell and Robert Cohn, Lady
Brett, during this trip, dallies with some of them, and
goes off with the other. She is the most important
character among these people.Lady Brett represents
everything that offends the moral standards and the
feminine nature. She is promiscuous, neurotic,
irresponsible, and abnormal. Her hair is cut like the
men with whom she associates. In her short hair that
is brushed back as that of a boy she seems to be "the
short haired companion of men" (Sanderson 1961,
24). She calls herself a chap. She doesn't like other
women, and neither has nor wishes to have any real
friend among them. She feels a complete entity when
she is among men. She is never happier than in the
Pamplona wine shop which is the center of
masculine singing.Lady Brett’s leaves her preys
injured and humiliated. Indeed, Hemingway endows
her with all erotic aspects which enable her to
perform her role as an enchantress of men. She is
witty, sexy, and reckless. In one of the scenes, she
becomes a Circean15, enchantress who turns the men
who dance around her to swines and she is
transformed into a goddess. She is changed into an
image they dance around.Lady Brett is an example
of the Femme fatal, the temptress, and the predatory
woman. If Margot destroys her husband by the
severe psychological torture she imposes on him,
Lady Brett demoralizes and humiliates down a group
of men. The two women, however, have gone bad.
They have transcended the moral and ethical
boundaries following their whims. They are self-
centered. Harming other people means nothing to
them. On the contrary, they may enjoy it because of
their wish to reveal that they are strong, dominant
and the centre of attraction. What is noticeable about
Hemingway's female characters is that they don't
seem to be real. Hemingway, in his presentation of
them, sacrifices the characterization-in-depth for the
exigencies of the narrative movement. He places his
heroine in the atmosphere of war and treats them as
if they were men. They're the women of action, the
meaning of whose lives must be sought in the action
in which they are involved. They are never presented
as harassed mothers. Their entire orientation tends to
be premarital. Even in their relationship with their
men, their situation lacks that kind of give and take
which is a sign of the normal married state. Philip
Young remarks:
Hemingway's world is one in which things do not grow and bear fruit, but explode, break,
decompose .... [His] characters do not mature in the ordinary sense ... It is impossible to picture
them in a family circle, going to the polls to vote, or making out their income tax returns…. It
is a very narrow world seen through a crack in the wall by a man who is pinned down by
gunfire16.
There are certain points in each novel in which the
heroine strikes the reader as not convincing as a
human being. There is a sense of exaggeration which
makes one feel that they are beyond credibility.
Maria’s submissiveness and the speed with which
her affair with Robert Jordan progresses are
unrealistic. She is not a believable character but
rather a stereotype or the embodiment of a male
fantasy. She is similar to Mrs Gaskell’s Ruth 17
(1953) who never protests nor says anything. Such a
character is impossible to be found especially among
the women of war who should inevitably have an
independence to be able to pass and challenge
problems. Similar to her, we have Catherine. At the
beginning of the novel, Catherine is portrayed as a
real woman in her near madness. She is thoughtful
and loving. She proves to be independent when the
time and situation require that. Later on, she moves,
The Changing Perception of Hemingway's Fictional Women: The Need for Fresh Perspective
304
as the novel progresses, from concretion to
abstraction. The journey to Switzerland marks the
end of a real woman, and the beginning of a youthful
erotic dream-girl and impossible romantic ideal of
wifehood. She is transformed into an "abstraction of
lyric emotion"18. Harry's wife, as well, is an
exaggeration of real devotion and love. It's rare that
such a character is found in reality.Not only are the
good characters portrayed beyond reality, the bad
ones suffer also from the same idea. They are
incapable of establishing rich and traditionally
healthy relationships. They are flawed, their
relationships are strained, and their dialogue is terse
and lacks compassion and emotion. Their devilish
nature seems to be one of Satan rather than a human
being. One can see them as human beings just on
one occasion in each novel. For Margot, she seems
to be a real woman at the end when she regrets what
she has done and begins crying. While Lady Brett is
a human being only at the very beginning when she
complains to Jake about the feeling of guilt and
remorse she feels towards the men she has injured.
Fresh perspectives
A growing number of critics19 and female scholars
are calling for a wider insight into the Hemingway
women and for looking at them from fresh
perspectives. They say that we cannot know what an
author intended or what he or she was thinking, so
we shouldn’t try to use the author’s life as a tool of
interpretation. They argue that there is more to
Hemingway than wounded men and code heroes and
that women need to be re-examined outside the old
frameworks in which they have been placed. Gloria
Holland, Rena Sandrsson, Gail Siclair and others20,
challenge the prevalent male-imposed stereotypes and demand a reevaluation and correction of the
prevalent male-imposed stereotypes to allow women
to stand as varied and plausible persons in their own
right. While male scholars see in Lady Brett Ashley
a type or a real woman to be judged, these scholars
recognize in her Hemingway's own psychic
struggles with women, and stands out as the new
woman21. She is the object of everybody´s desire;
she personifies the new woman who emerged from
the value loss that the war caused. Brett is part of the
new generation of women that rebels against the old
values and the stereotypical Victorian ideals. They
do not want to be seen as possessions and want to
have a life of their own. Her situation is somewhat
ambiguous; she wants to stand on her own two feet
but she needs men for company and financial
support. Another notable view is that the female
characters are not stereotypes, but instead complex
women who suffered from diagnosable
psychological conditions and that they deserve our
sympathy.22 Thus, a new study of this complicated
problem is needed to correct inadequate and
mistaken interpretations.
Conclusion: In his relationship with women, Hemingway is torn
between two kinds which are either too good, or too
bad. Reflecting this in his writings, he ends up
having two contradicting extremes. On the other
hand, he does not ignore the social context of the
time in which he creates his characters. He treats
them in a personal way, but their actions are
inevitably affected by the circumstances in which
they live or have lived. Hemingway’s fear of
emasculation made it impossible for him to establish
a healthy man/woman relationship and by extension,
to portray healthy relationships in his stories. Lack
of character development, especially of female
characters, has resulted in them being viewed with a
diminished importance and a tendency to clump
them into stereotypes. The early classifications into
which these women have been placed have not been
challenged successfully. The critics' common
practice of classifying his women characters as
goddesses or as bitches, is indicative of how
simplistic their approaches have been.
Classifying his misinterpreters is as difficult as
those critics must have found their task when they
attacked him. No one of them seems to be able to
hold his thesis long enough to show its
significance to the whole design. With these
diverse generalizations opinions and conflicting
classifications it becomes clear that there is a need
for a fresh insight into these heroines that will
complement and balance the existing images of
these women characters. It is further hoped that
this study will contribute to the ultimate goal of
fully understanding the women in Hemingway's
fiction.
End Notes 1.Baker, Calos. (1952) Hemingway:
The Writer As Artist; Philip Young,
(1966)Ernest Hemingway:A Reconsideration
and KatherineRogers, (1966)
The Troublesome Helpmate:A History.
2. Broer, R. L. (1973) Hemingway’s Spanish Tragedy.
University of Alabama Press, p.1847.
3. Meyers, Jeffrey. (1986) Hemingway:
A Biography.London: Macmillan, p. 347.
4. Lynn, S. Kenneth. (1995) Hemingway.
Harvard University Press, p. 98.
5.Hemingway, Ernest. (1929) 1977.
A Farewell to Arms.
Herts: Panther Books, p. 84.
6.--------------. (1940) 2003. For Whom the Bell Tolls.
New York: Scribner Book Company.
Zarqa Journal for Research and Studies in Humanities Volume 14, No 1, 2014
303
7. -------------. (1926) 2006. The Sun Also Rises.
New York: Scribner Book Company.
8.--------------. (1932) 1946. “The Snows of
Kilimanjaro” in The First Forty Nine Stories.
Oxford: Laden Press, p.9.
9. -------------. (1936) 1985. “The Short Happy Lif of
Francis Macomber” in The Concise Anthology of
American Literature, edited by. George McMichael,
second edition, New York:
Macmillan Publishing Company.
10.Jeffrey Meyers, Hemingway: A Biography, p. 186.
11.Jeffrey Meyers, Hemingway: A Biography, p. 561.
12. Holder, Alan. “The Other Hemingway”
in Twentieth Century Literature, 9.3(1963),153-157.
13. Heiny, Donald. & Lanthiel H. Downs. (1974) Recent
American Literature to 1930, Contemporary Literature
of the Western World, vol 3. New York: Barrons
Educational Series Inc.
14.Harry's wife Helen, also known as The Wife, remains
unnamed until the end of the story, when a delirious Harry
finally refers to her by name as he dies.
15.Circe: A Greek mythological figure who tempts men
and turns them into swines.
16. Young, Philip. (1973). Ernest Hemingway.
Minneapolis, University of Minnesota Press, p. 187.
17. Gaskell, Elizabeth. (1953) 2011. Ruth. Oxford:
Oxford University Press.
18. Baker, Carlos (1973). Hemingway: The Writer
as Artist. New Jersey, p. 114.
19. See Theodore Bardacke, "Hemingway's
Women”, in Ernest Hemingway: the Man and His
Work. Ed. John K. MaCaffery, New York, 1969;
Charles J.Nolan, “Hemingway’s Women’s
Movement” in Hemingway’s Review, 3.2 (1984),14-
22; and John Leland, “The Happiness of the
Garden” in Hemingway’s Review, 3.1 (1983), 44-53.
20. Borer, L. R., & G. Holland, et al. Hemingway
and Women: Female Critics and the Female Voice.
University Alabama Press, 2004. p.28.
21. January, Emily, “Hemingway Week:
Bitch Goddesses”, The bookshelf of Emily J. – life,
lessons and literature. Jun. 2013. n. pag. Web. 02
Jan. 2014.
Books, 2008. 1-14. Web. 02 Jan. 2014
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302
The Impact of the Volatility in Banks Performance Indicators on Stock Prices: an
Empirical Study on Jordanian Listed Banks
Dr. Ismail Yamin
1
Mohammad Sami Ali 2
Financial and Banking Science Dept., Zarqa University/Jordan1
Anglia Ruskin University /U.K2
Received 26/11/2013 Accepted 25/5/2014
Abstract: The aim of this research is to investigate the Impact of the Volatility in Jordanian Listed
Banks performance’s indicators as proxies by (M/BV, turnover ratio, no. of shares, no. of
transactions, and traded volume) on its Stock Prices. To achieve the aim of this research, we
formulated a key hypothesis assumes that the volatility in Jordanian listed banks performance’s
indicators doesn’t affect its stock’s prices and this main hypothesis has been divided into five Sub-
Hypotheses. Testing of these hypotheses has been mainly depended on both Financial and Statistical
analysis’ techniques. Thus, after applying the linear, the multiple regression and the correlation tests,
the key hypothesis and three of the sub- hypotheses were proven, and the study revealed that there is
indeed a positive correlation among banks performance’s indicators and the level of its stock prices.
Additionally, the results found that these indicators could play a significant role in determining the
directions of Jordanian banks stock’s prices. Similarly, the strict volatility in these indicators could
convey a positive or a negative effect to the direction of stock’s prices. Consequently, by depending
on these results, the researchers have recommended that it is very important for Amman Stock
Exchange’s Investors to use these indicators to predict the direction of the intended stocks.
Keywords: Performance Indicators, M/BV, Turnover Ratio, No. of Transactions, No. of Shares,
traded Volume/ Value.
The Impact of the Volatility in Banks Performance Indicators on Stock Prices: an Empirical Study on Jordanian Listed
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301
Introduction:
All over the world, banking sector is deemed as
the back-bone of countries’ economies, for the
reason of its essential function of financing the
most investments of individuals, companies and
governments. In a majority of stock markets,
banking sectors behave as market’s leader, and
this is the answer for why a majority of rational
investors tend to check banks performance’s
indicators before investing or speculating on
markets’ indexes?
Financial Analysis represents the core interest of
investors of emerging and emerged financial
markets, for the reason of its key role in
maximizing the wealth of companies and their
shareholders alike. As a result of the great
success that financial ratios have proved in the
last quarter of the twentieth century, they
became the main component of financial
analysis; thus using these ratios in a scientific
manner might assist investors to discover
stocks’ fair values better. Moreover, it became
essential to investigate whether the volatility in
banks performance’s indicators effect its stock
prices or not?
Problem Statement
Financial ratios considered one of the most
important standards which investors tend to take
into account for assessing securities that they are
willing to deal with. However, recently it has
been noticed that the performance indicators of
Jordanian listed banks, have fluctuated
continuously, and that might affected the level
of its stock prices. Therefore, the current
research is trying to answer the following
question:
• Does the volatility in banks performance
indicators affect stock prices?
Research Significance
Because of the intense competition in the recent
Financial Environment, the financial ratios have
received a startled interest in developing and
developed financial markets alike, therefore the
investors’ perception for the importance of these
ratios became an essential factor for the survival
of financial institutions. Therefore, the
importance of this research comes from its
focusing on investigating the impact of the
volatility in banks performance indicators on
stock prices.
Research Objectives
This research is focusing on achieve the
following objectives:
1- Investigate the impact of the volatility in
banks performance’s indicators on stock
prices.
2- Identify the nature relationship among the
study’s variables.
3- Assist investors in evaluating stocks more
accurately, through providing them with
important information about the essential role
of these indicators in making rational
decisions before demanding or offering banks
stocks. Consequently, this would enhance the
performance of the exchange via creating an
efficacious supply and demand mechanism.
4- Put forward some recommendations and
suggestions that could enrich the financial
and investment background of Jordanian
investors.
Research Hypothesis
H0: The volatility in banks performance
indicators doesn’t affect its stock prices.
- This main hypothesis divided into five sub-
hypotheses, and they are boiling down as
follows:
H0: The volatility in Market-to-Book value ratio
doesn’t affect stock prices.
H0: The volatility in the traded volume doesn’t
affect stock prices.
H0: The volatility in the number of transactions
doesn’t affect stock prices.
H0: The volatility in the number of shares
doesn’t affect stock prices.
H0: The volatility in the turnover ratio doesn’t
affect stock prices.
Operational definitions
Market-to-book value ratio
It calculated by dividing a stock's price by its
book value per share. It used to assess whether a
banks stock is overvalued or undervalued.
Traded volume
The value of banks total stocks which traded
during a specific period and it come out through
multiplying stock prices by its number.
The number of transactions
The number of purchases or sales of the banks
stocks contracts that have been made during a
specific time.
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300
The number of shares
Means the total number of banks stocks that
traded during a specific time.
Turnover ratio
This ratio consider as an important standard
for assessing the liquidity of banks stocks,
and it come out by dividing the number of a
specific period’s traded stocks on the same
period’s initial offered stocks.
Stock price
It means the current value that banks stock
selling by in the market.
Data & Methodology
In this research, the researchers followed the
quantitative approach to achieve its objectives.
Thus, after having an initial look at the
literature related to the topic, the researchers
investigated the impact of the volatility in
Jordanian listed banks performance’s
indicators on its stock prices. To accomplish
the research’s objectives we’ve used various
techniques to collect data. For instance, the
primary data of this research come from
Amman Stock Exchange and Jordanian banks
annual reports and that for the period of
December 2002 Until December 2011.
Relating to the secondary data, we have
collected them from books, researches and
dissertations that searched in the chosen field,
financial journals and the internet search
engine. To make the statistical analysis job
easier, we built a comprehensive data by
preparing them in a table where as each
column represents the data/ logarithm/
variance of one variable. This data specific to
the performance’s indicators and stock prices
of 10 Jordanian banks that listed at Amman
stock exchange. Via excel we’ve applied the
financial analysis, and then via SPSS we have
applied both the linear and multiple regression
tests and the correlation test for the purpose of
testing the study’s hypotheses. Eventually, the
study has provided information about the
impact of the volatility in banks performance’s
indicators as proxies by (M/B, No. of
Transaction, Traded V, No. of S, and Turnover
R as independent variables) on banks stock’s
prices (as a dependent one).
Literature Basis
For the purpose of covering the side of
research’s hypotheses, the analysis method
depended on Jordanian banks and Amman
Stock Exchange’s annual reports. However, to
cover the theoretical foundation, the
researchers have depended on financial
journals, theses, and books that search in the
same chosen field. Thus, the literature used is
considered by authors to have high quality and
relevance, because it came from highly
respected authors within the financial field.
Indeed, there is a large amount of literature
written on the subjects covered in this
research, but unfortunately there is always a
risk that some relevant articles have been
looked-over. However, the researches believe
that most of the important theoretical
foundation is covered judging by what other
researches on the similar subjects, have been
using as a theoretical base.
Theoretical Framework
Financial statements’ reports both on firms
position at a point in time and on its operations
over some past period. However, the real
value of financial statements lies in the fact
that they can be used to help prognosticate
future earnings, dividends and free cash flows
(Brigham & Ehrhardt, 2005, p.443). Accrual
accounting data in financial statements are
noisy, and unsophisticated investors can assess
firms' performance only imprecisely (Ray,
2001, p.65). Financial analysts who
understand Managers disclosure strategies
have an opportunity to create inside
information from public data, and they play a
valuable role in enabling outside parties to
evaluate a firms urrent and prospective
performance (Brigham & Ehrhardt, 2005,
p.92-93).
Common Stock Valuation
Common stocks represent an ownership
interest in a corporation, but to the typical
investor a share of common stock is simply a
piece of paper characterized by two features:
1. It entitles its owner to dividends, but only in
the company has retained earnings out of
which dividends can be paid, and only if
management chooses to pay dividends rather
than retaining and reinvesting the cash used
to pay the dividends.
2. Stock can be sold at some future date,
hopefully at a price greater that the purchase
The Impact of the Volatility in Banks Performance Indicators on Stock Prices: an Empirical Study on Jordanian Listed
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299
price, (Brigham & Ehrhardt, 2005, p.254-257).
The Factors that Determine Stock’s Prices
Book value
A common valuation measure, which is the net
worth of a company, as it’s in the balance sheet.
It calculated through applying a set of arbitrary
accounting rules to spread the acquisition cost of
assets over a specified number of years, whereas
the market price of a stock, takes account of the
firm’s value as a going concern (Fabozzi, 2008,
p.663).
Market value
It represents the price that owners in a free
market are willing to pay for. (Fabozzi and
Pamela, 2003, p.13).
Market-to-Book Ratio
Market-to-Book value ratio (M/B) equals the
market price of a share of the firms common
stock divided by its book value that is
shareholders’ equity per share. Analysts
sometimes consider the stock of a firm with a
low Market-Book value as a safer investment,
seeing the book value as a floor supporting the
market price (Helfert, 2001, p.387). Analysts
presumably view book value as the level below
which market price won’t fall, because the firm
always has the option to liquated, or sell its
assets for their book values. However, this view
is questionable. In fact, some firms sell for less
than book value. Nevertheless, low Market-
Book value ratio is seen by some as providing a
margin of safety and some analyst will screen-
out or reject high M/B firms in their stock
selection process (Bodie, 1999, p.583).
Intrinsic as value versus Market price
Is the most popular model for assessing the
value of a firm as a going concern starts from
the observation that an investor in stock expects
a return consisting of cash dividends and
capital gains or losses. Whereas, intrinsic
value: Defined as the present value of all cash
payments to the investor in the stock, including
dividends as well as the proceeds from the
ultimate sale of the stock, discounted at the
appropriate risk-adjusted interest rate.
Whenever the intrinsic value, or the investor’s
own estimate of what the stock is really worth,
exceeds the market price, the stock is
considered undervalued and a good investment.
Here the rational investor must make a
comparison between the intrinsic value and the
current stock’s price, whereas:
1. When the intrinsic value exceeds the current
market price that means the stock is
undervalued.
2. When the intrinsic value turns out to be lower
than the current market price, then the stock
is overvalued.
3. -When the intrinsic value equals the current
market price, the stock is valued by its fair
value. Then the current market price will
reflect the intrinsic value estimates of all
market participants, because the market
would be in equilibrium (Bodie, 1999,
p.564).
Considerations in Selecting Stocks:
For an experienced investor, choosing shares is
a routines matter, such as experienced investor
will ready have established in his mind a list of
possible shares, on the basis of his experience
and knowledge. However, an alert and
intelligent investor should consider the
following points before choosing shares (Lal,
1995, p.85):
1. Investment decisions should be based on
both: fundamental and technical analysis.
2. The stock should be traded frequently and in
fairly sizable volume. (Fabozzi and Pamela,
2003, p.354)
Previous Related Studies:
Al-Khatib (2012) empirically aimed to examine
the financial performance of five Palestinian
commercial banks listed on Palestine securities
exchange (PEX). In this paper, financial
performance has been measured by using three
indicators; Internal–based performance
measured by Return on Assets, Market-based
performance measured by Tobin’s Q model
(Price / Book value of Equity) and Economic–
based performance measured by Economic
Value added. The study employed the
correlation and multiple regression analysis of
annual time series data from 2005-2010 to
capture the impact of bank size, credit risk,
operational efficiency and asset management
on financial performance measured by the three
indicators, and to create a good-fit regression
model to predict the future financial
performance of these banks. The study rejected
the hypothesis claiming that “there exist
Zarqa Journal for Research and Studies in Humanities Volume 14, No 1, 2014
298
statistically insignificant impact of bank size,
credit risk, operational efficiency and asset
management on financial performance of
Palestinian commercial banks”. The study of
Mehrabanpoor, et al. (2011) investigates the
empirical relationship between the stock
exchange indices and turnover volume. The
study’s data gathered in time series form. The
variables have been determined from monthly
reports of Tehran Stock Exchange, during the
period 2003 to 2009. The findings proved that
there is a positive relationship between
exchange turnover value, and stock exchange
indices. Taani and Banykhaled (2011) aimed to
examine the effect of accounting information
on earning per share (EPS) by using five
categories of financial ratios. A sample of 40
companies listed at Amman Stock Market was
selected. To measure the impact of financial
ratios on EPS multiple regression method and
stepwise regression models are used by taking
profitability, liquidity, debit to equity, market
ratio, size which is derived from firms total
assets, and cash flow from operation activities
as independent variables ,and EPS (Earning Per
Share) as dependent variable. The study
revealed that the profitability ratio (ROE),
Market ratio (PBV), cash flow from
operation/sales, and leverage ratio (DER) has
significant impact on Earnings per share.
Strahle (2011), in his value and growth of the
Swedish stock market’s study he aimed to
investigate, whether an investor can get
superior returns when investing in value stocks
(cheap stocks neglected by the market with a
bad performance record), compared with
investing in growth stocks (popular stocks with
a good performance record) on the Stockholm
stock exchange during the period (1989-2010).
The classification of value and growth stocks is
governed by financial ratios. In this study,
stocks with low price to earnings ratio, price to
cash flow ratio, market to book value ratio, and
price earnings growth ratio are considered to be
value stocks. Conversely, stock that score high
on the aforementioned ratios are considered to
be growth stocks. The stocks were sorted into
different portfolios that consisted of only value
stocks and growth stocks. Holding periods for
the portfolios looked at were 6, 12, 36 and 60
months. The absolute returns and risk-adjusted
returns for portfolios composed of value stocks
and portfolios composed of growth stocks were
compared. Consequently, the study concluded
that an investor can get higher returns by
investing in value stocks compared to growth
stocks on the Stockholm stock exchange, even
when the returns are risk-adjusted.Sharma
(2011), has examined the Empirical
relationship between equity share prices, and
explanatory variables such as: book value per
share, dividend per share, earning per share,
price earnings ratio, dividend yield, dividend
payout, size in terms of sale, and the net worth
for the period 1993-94 to 2008-09. After the
examination, the study found that Earning per
share, dividend per share and book value per
share have a significant impact on the market
price of share. Further, results of this study
indicated that dividend per share, and earnings
per share being the strongest determinants of
the market price. And that agrees with a study
of Aflatooni and Nikbakhat (2008), who - From
another aspects - aimed to compare the
combined value relevance of dividends and
book value versus combined value relevance of
earnings and book value, and investigate their
relationships with market value of stocks listed
in Tehran stock exchange during the period
1996-2004. This study revealed that there is a
positive relationship between dividends, book
value, and earning with stock market value in
Tehran stock exchange. Ioannidis et al, (2008)
examined the relationship between bank
efficiency and stock returns. Firstly, the
researchers estimated the cost and profit
efficiency of a sample of Asian and Latin
American listed banks over the period 2000-
2006 while controlling for cross-country
differences such as regulations and the
macroeconomic environment. Then, they
regress the annual efficiency changes on stock
returns. The results indicate apositive and
robust relationship between profit efficiency
changes and stock returns. However, the study
found that there is no evidence that cost
efficiency changes are reflected in stock
returns. From another aspect Mais (2005)
investigated the effect of financial ratios,
including NPM, ROA, ROE, DER, and EPS,
on stock price of companies listed on Jakarta
Islamic Index in 2004. And the studies revealed
The Impact of the Volatility in Banks Performance Indicators on Stock Prices: an Empirical Study on Jordanian Listed
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297
that statistically all variables except DER are
significant and have positive effect on stock
price.
Another study on PBV ratio was conducted by
Utama and Sentosa (1998) on 128 companies
listed on Jakarta Stock Exchange in 1995. The
study proves that PBV ratio can be used in
setting investment strategy because by using
PBV ratio, investor can predict which stocks
will be undervalued and overvalued so they can
gain significant return. Moreover, this research
alsodiscussed fundamental factors that affect
PBV which are comprised of ROE, growth
prospect, risk level, and dividend policy. The
result confirmed that only ROE which has
positive correlation with PBV consistently and
significantly.
What distinguishes this Research
Through reviewing the previous related studies,
it observed that a majority of them just talked
about the relationship between M/B value ratio,
stock prices and market indexes, as it used also
different variables to measure the performance
of banks, such as (total assets, ROE & ROA).
Thus, upon the researchers’ knowledge this
research is distinguished through slights the
light on investigating the impact of the volatility
in banks performance indicators as proxies by
(M/B, No. of Transaction, Traded Value, No. of
Shares, Turnover Ratio) on stock prices.
Statistical analysis’s Results
First: Test Hypotheses’ Results
Descriptive statistics results
N Minimum Maximum Mean Std. Deviation
M/B 100 1.06 16.62 3.9709 2.89810
Value traded. 100 612297.00 3.95E8 6.3890E7 8.00359E7
No. Transactions 100 96.00 66125.00 10901.1800 10480.37010
No. of Shares 100 402114.00 1.18E8 1.6822E7 1.87087E7
Turnover Ratio 100 .30 207.30 24.8489 30.22365
Stock-price 100 .96 19.99 3.8203 2.91528
Valid N (List-wise) 100
1. Linear Regression Analysis’s Results
Hypothesis Number One
H0: The volatility in Market-to-Book value ratio doesn’t affect the stock prices.
Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .899a .809 .807 1.28085
a. Predictors: (Constant), M/B
Coefficientsa
Model
Unstandardized Coefficients Standardized
Coefficients
B Std. Error Beta t Sig.
1
(Constant) .228 .218
1.045 .299
M/B .905 .044 .899 20.368 .000
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296
Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .899a .809 .807 1.28085
a. Dependent Variable: Stock-price
The linear regression method was used to
examine the null hypothesis, and the
examination shows that the value of the
calculated T (20.368) is statistically significant
at the α level of significance, so we rejected the
null hypothesis and accepted the alternative one.
Briefly, that means the volatility in Market-to-
book value ratio strongly affects the stock price
of 0.899 and since is 0.899 > 0.60 that means
there is a strong-positive correlation between
Market-to-Book value ratio and stock prices.
The coefficient of determination is 0.809,
Therefore about 80.9% of the fluctuation in the
stock price is explained by the fluctuation in the
ratio of Market-to-Book value.
The Linear Regression Equation is: Stock
price = .228 + .905X
Hypothesis Number Two
H0: The volatility in the traded volume doesn’t affect stock prices.
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .250a .063 .053 2.83679
a. Predictors: (Constant), Value
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
B Std. Error Beta t Sig.
1 (Constant) 3.238 .364 8.902 .000
Value 9.120E-9 .000 .250 2.560 .012
a. Dependent Variable: Stock-price
The linear regression method was used to
examine the null hypothesis, and the
examination shows that the value of calculated
T (2.560) is statistically significant at the α level
of significance; therefore we rejected the null
hypothesis and accepted the alternative one.
Briefly, that means the volatility in the Traded
value is strongly affect stock prices of 0.250 and
since is 0.250 < 0.30 that means there is indeed
a weak-positive correlation between the traded
volume and the stock prices. The coefficient of
determination is 0.063, Therefore about 6.3% of
the fluctuation in the stock price is explained by
a fluctuation in the ratio of traded value.
The Impact of the Volatility in Banks Performance Indicators on Stock Prices: an Empirical Study on Jordanian Listed
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The Linear Regression Equation is: Stock
price = 3.238 + 9.120X
Hypothesis Number Three
H0: The volatility in the number of transactions
doesn’t affect stock prices
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .211a .044 .035 2.86421
a. Predictors: (Constant), Transactions
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
B Std. Error Beta t Sig.
1 (Constant) 3.181 .414 7.676 .000
Trans 5.867E-5 .000 .211 2.136 .035
a. Dependent Variable: Stock-price
The linear regression method was used to
examine the null hypothesis, and the
examination shows that the value of calculated
T (2.136) is statistically significant at the α level
of significance; therefore we rejected the null
hypothesis and accepted the alternative one.
Briefly, that means the volatility in the Number
of transactions is strongly affect the stock prices
of 0.211 and since is 0.211 < 0.30 that means
there is indeed a weak-positive correlation
between these two variables. The coefficient of
determination is 0.044, Therefore about 4.4% of
the fluctuation in the stock price is explained by
a fluctuation in the number of transaction.
The Linear Regression Equation is: Stock price = 3.181 + 5.867X
Hypothesis Number Four
H0: The volatility in the number of shares doesn’t affect the stock prices.
Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .003a .000 -.010- 2.93011
a. Predictors: (Constant), No. shares
Coefficientsa
Model
Unstandardized Coefficients Standardized Coefficients
B Std. Error Beta t Sig.
1 (Constant) 3.829 .395
9.694 .000
shares -4.949E-10 .000 -.003- -.031- .975
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294
a. Dependent Variable: Stock-price
The linear regression method was used to
examine the null hypothesis, and the
examination shows that the value of calculated
T (-0.031) is statistically insignificant at the α
level of significance, therefore we accepted the
null hypothesis. Therefore, the fluctuation in the
No. of shares doesn’t affect stock prices.
The Linear Regression Equation is: Stock
price = 3.829 - 4.949
Hypothesis Number Five
H0: The volatility in the turnover ratio doesn’t affect the stock prices.
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of
the Estimate
1 .052a .003 -.007- 2.92614
a. Predictors: (Constant), Turnover Ratio.
Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients
B Std. Error Beta t Sig.
1 (Constant) 3.695 .380 9.735 .000
Turnover .005 .010 .052 .517 .607
a. Dependent Variable: Stock-price
The linear regression method was used to
examine the null hypothesis, and the
examination revealed that the value of the
calculated T (0.517) isn’t statistically significant
at the α level of significance; therefore we
accepted the null hypothesis. Briefly, that means
that the fluctuation in the turnover ratio doesn’t
affect the stock prices.
The Linear Regression Equation is: Stock
price = 3.695 + .005X
2. Multiple Linear Regression Estimation
test’s Results
The key hypothesis
H0: The volatility in banks performance’s
indicators doesn’t affect stock’s prices
.Multiple Linear Regressions (MLR)
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of
the Estimate
1 .924a .854 .846 1.14482
The Impact of the Volatility in Banks Performance Indicators on Stock Prices: an Empirical Study on Jordanian Listed
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Model Summary
Model R R Square
Adjusted R
Square
Std. Error of
the Estimate
1 .924a .854 .846 1.14482
a. Predictors: (Constant), Turnover, M_B, shares, Value,
Trans
ANOVAb
Model
Sum of
Squares df Mean Square F Sig.
1 Regression 718.192 5 143.638 109.597 .000a
Residual 123.197 94 1.311
Total 841.389 99
a. Predictors: (Constant), Turnover, M_B, shares, Value, Trans
b. Dependent Variable: Stock-price
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
B Std. Error Beta T Sig.
1 (Constant) -.006- .230 -.028- .978
M_B 1.048 .049 1.041 21.276 .000
Value -8.480E-9 .000 -.233- -3.531- .001
Trans -5.014E-5 .000 -.180- -2.145- .035
shares 8.154E-9 .000 .052 .847 .399
Turnover .025 .007 .258 3.516 .001
a. Dependent Variable: Stock-price
Here, the multiple linear regression estimation
test was used to examine the key null
hypothesis, and after the examination, the
statistical analysis revealed that the p-value is
0.000, and since 0.000 ≤ 0.05, we rejected the
null hypothesis that assumes (The volatility in
banks performance’s indicators doesn’t affect its
stock’s prices), and substituted it by the
alternative one, thus, that means that (the
volatility in the banks performance’s indicators
affect its stock’s prices). The fluctuation in
banks financial indicators is strongly affect its
stock prices of .924 and since is 0.924 > 0.60
that means there is a very strong positive
correlation between the performance’s
indicators and the stock prices. The coefficient
of determination is 0.854. Therefore, about
85.4% of the fluctuation in banks stock prices is
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292
explained by the fluctuation in its performance’s
indicators. From the table of coefficients, it can
be concluded that the variable of Market-to-
book value is the most variable that affects
banks stock prices.
The Multiple Linear Regression Equation is:
Stock price = -.0006 + 1.048X1 – 8.480X2 –
5.014X3 + 8.154X4 + .025X5
PEARSON CORRELATION
The following table exhibits the correlation’s
cases among the study’s variables. It can be
clearly seen that there is a positive correlation
among all of the study’s variables. MB INDEX TRANS TRADED NO.SHARE Stock Price
M/B 0.788 0.745 0.770 0.638 0.899
Turn-Over 0.936 0.958 0.945 0.052
TRANS 0.987 0.967 0.211
TRADED 0.965 0.250
NO.SHARE 0.03
Stock Price 1
Second: Results and Recommendations
• Results’ Summary
After applying the suitable statistical analysis
tests and testing the study’s hypotheses, the
study revealed the following results:
1. The volatility in banks performance
indicators affects the stock prices of
Jordanian listed banks.
2. The volatility in Jordanian banks market
to book value ratio affects its stock prices.
3. The volatility in Jordanian banks traded
volume affects stock prices.
4. The volatility in Jordanian banks number
of transactions affects its stock prices.
5. The volatility in Jordanian banks number
of shares doesn’t affect the stock prices.
6. The volatility in Jordanian banks turnover
ratio doesn’t affect the stock prices.
• Conclusion
The study concluded that the ratio of M/BV is
a useful tool for judging on the direction of
listed Jordanian banks stock prices. That
agrees with the study of (Mais, 2005) who
found that M/BV has a significant impact on
market price. Additionally, the turnover ratio
has a significant positive effect on stock
prices. Additionally, The current study found
that there is indeed a significant impact to turn
over ratio on stock prices, and that agrees also
with the result of (Mehrabanpoor, et al, 2011)
who investigated the relationship among stock
exchange indices and the turnover volume
from another aspect.
• Recommendations
Based on the study’s results, we suggested a
set of recommendations, as follows:
1. It is very important for Jordanian investors
to adopt the ratio of M/BV as an effective
tool for judging on the directions of Jordanian
banks stock prices.
2. The higher positive change in book value
leads to enhance the levels of banks stock
prices, and vice versa. Therefore, it is
important for investors to take it into account
before offering or demanding banks stocks.
3. It is essential for Jordanian investors to
take these indicators into consideration before
dealing with stocks of Jordanian listed banks.
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