(Using the capital structure in interpreting the market value of the company) Application in a sample of Iraqi industrial joint-stock companies for the period 2015-2020
DOI:
https://doi.org/10.25007/ajnu.v11n4a1527Keywords:
هيكل رأس المال، قيمة الشركة، ارافعة المالية.Abstract
The study focused on testing the relationship between the cost of capital for a sample of industrial joint stock companies and the company’s value and performance by introducing the size of assets and financial leverage, given what the capital structure represents in achieving stability in profits and then maximizing the market value of the company, so the study sought to deal with the capital structure as One of the entrances used to explain the value of the company through the information announced in the financial statements, and what this information contains of valuable references to investors and lenders to enable them to formulate their financial decisions. In order to test the research hypothesis, the capital structure of a random sample of 5 industrial companies contributing in the Iraqi market was measured for the period 2015-2020 using annual data, and the study also concluded that there is an impact of the capital structure in interpreting the value of the company (Tobin Q) for the study sample companies. , that is, it necessarily means that companies borrow and raise capital when their cost is less than the return on investments. The study suggests that the financing decisions of the company's management should be included within the mechanism of calculating the financial analysis by dealers in the financial market, its cost and its accurate management.
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