impact of firm’s situation, on their financi...
TRANSCRIPT
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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
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Paul Marsh 1982
2111 2174
LogitProbit
Cécile Carpentier (2000)
1772 2127 2117
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.
Philippe Gaud (2003)
Logit
2161519892000
Imed Zorgui (2009)
LogitProbit201
21121001
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, 1998)
(Carpentier
Zorgui
(Carpentier,2000)
1
200677
17
47,71
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2-
Logit
2-1-
Bernolli2
P0q=1-p6
Logit
Yi=1
LogitMaximum likelihood
2-2-
Logit
Pi
Z
Zprob
%5
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2-3-
log vraisemblanceLR
(LRH0(LU)
H0LR²χ
K LR
²χK5 H0
02
Pseudo–R²
Eviews04
(4)McFadden
R–squared(LR)
Restr.log likelihood(LU)Log
likelihood LR statistic
LR(3)
2-4- Logit
P(Y=1)
P(Y=0)
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P(y=1)
Logit
P(yit=1)it
Xitεit
Ditit
20
C
Ecartit:
LFt-1iLF*
t
RFit it
TSRit
t
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CBit it
CBit-1 it-1
DIVit it
DPAitit
Pitt-1
t
MBit it
dum2
0
l'effet dilutif
.
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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
1111
Eviews04
1
Logit
0,0128
%5
0,0275%5
dum
McFaddenR-squared%40,3588 Logit
LR17,16891
²χ5%5
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Ho
%95%99%40,3588
McFaddenR-squared
Zorgui
(Titman et Wessels,1999; Booth et Al, 2001; Graham,
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2000)
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
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9 Ibid, P :301- 303.
10
t
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11
102082
12Imed Zorgui, OP-Cit, P :63.
13 Ibid, P : 40-41.