members - zu.edu.jozujournal.zu.edu.jo/eng/images/stories/2014/volume14... · 2014-07-10 ·...

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


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


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.

• Papers submitted will be refereed and, if necessary, author may be asked to revise his manuscript.

• 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

2. Authors are requested to adhere to the following order: Print the content of the research (introduction, research problem, research materials and methods, results and discussion, appendices, references) on both sides of the paper (size A4), so that the type and size of the line as follows: - Font type: Simplified Arabic.

- 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


10. References should be in the order in which they are first mentioned and referred to by numerals in brackets, e.g. (12). References at the end of the manuscript should be complete, and arranged in the following style:

A. Periodicals: Author(s)’ last name followed by initials, “Title,” Periodical Name, Volume, Number, Page numbers, Year.

B. Books: Author(s)’ last name followed by initials, Title, Publisher, Year.

C. Theses: Author, last name followed by initials, “Title,” MSc or PhD Thesis, University, Year.

D. Brochures & Statistical Prints: Source, Title, Country, Pages, Year.

E. Proceedings: Researcher Name (researchers), starting with the family name, “Title,” in Proceedings of Conference Name, volume, page numbers, Year.

Reprints: (2) copies of the issue will be sent to the main author, in addition to (20) reprints, free of charge.

Publication Fees: The Journal depends in part, on the payment of publication fees to finance its operations. Authors of accepted research article must pay a sum of 200$ per article. Fees may be paid by the following method : ZU-Journal Islamic International Arab Bank, Zarqa University Branch , Jordan A/C No: (US $) 1310000828515–IBAN No.: JO78 IIBA 1310 0000 0131 0000 8285 15

Zarqa University, P.O.Box: 132222, Zarqa 13132 – Jordan. Tel:+ 962-5-3821100, Fax: +962-5-3821120

Subscription Form

Zarqa Journal for Research and Studies in Humanities Biannual Refereed Indexed Specialized Scientific Journal

Published by the Deanship of Scientific Research & Graduate Studies Zarqa University

Dean of Scientific Research & Graduate Studies,

I would like to subscribe to the Zarqa Journal for Research and Studies in

Humanities for a period of ........................ year/years starting......................... Name : .................................................................................................. Address : .................................................................................................. .................................................................................................. ...................................................................................................

Annual Subscription Rates (Postpaid): In Jordan: Outside Jordan: Individuals: 10 JD Individuals: 30 US Dollars. Institutions: 20 JD Institutions: 50 US Dollars.

Forms of Payment : � Cheque � Bank draft � Postal order Payment at the specified rates is required with all subscriptions and may be made by the following methods: 1. By sending a cheque in Jordanian Dinar (JD) via postal mail paid to the order of

The Dean of Scientific Research & Graduate Studies/Zarqa University- Jordan.

2. By direct mony transfer to: ZU-Journal, Islamic International Arab Bank, Zarqa University Branch, A/C No.: (US $) 1310000828515–IBAN No.: JO78 IIBA 1310 0000 0131 0000 8285 15

P.O.Box: 132222, Zarqa 13132-Jordan Tel: +962-5-3821100 Fax: +962-5-3821120 E-mail: [email protected] Web Site:www.zujornal.org

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


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.


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


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,


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.


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


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

Banks

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


H0: The volatility in the number of shares


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.


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


Banks

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


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


Banks

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


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


1 (Constant) 3.238 .364 8.902 .000

Value 9.120E-9 .000 .250 2.560 .012




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.


Banks

295


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


Standardized

Coefficients


1 (Constant) 3.181 .414 7.676 .000

Trans 5.867E-5 .000 .211 2.136 .035





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


1 (Constant) 3.829 .395

9.694 .000

shares -4.949E-10 .000 -.003- -.031- .975


294





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.


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


1 (Constant) 3.695 .380 9.735 .000

Turnover .005 .010 .052 .517 .607




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.


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


Banks

293

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


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


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


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.

References

[1] Aflatooni, Abbas & Zahra Nikbakhat,

(2008), the Pricing of Dividends and

Book Value in Equity Valuation: The

Case of Iran, International Research

Journal of Finance and Economics,

Vol. 13, no. 11. pp. 1-23.

[2] Bodie, Zvi, Alex Kane & Alan J.

Marcus, 1999, 4th

Ed, Investments,

McGraw-Hill, New Jersey, the United

States of America.


Banks

291

[3] Brigham, Eugene M. & Michael C.

Ehrhardt, 11th

. Ed. Financial

Management “Theory & Practice”,

2005, Elm Street publishing services,

Inc. Florida, United States of America.

[4] Fabozzi, Frank J., 2008, Financial

Markets and Instruments, Jhon Wiley

& sons Inc., New jersey, The United

States of America.

[5] Fabozzi, Frank J. & Pamela p.

Peterson, 2003, 2nd

Ed. Financial

Management and Analysis, Jhon Wiely

& sons Inc., New jersey, The United

States of America.

[6] Helfert, Erich A., 2001, 1st. Ed.

Financial Analysis Tools and

Techniques, McGraw-Hill, New York,

The United States of America.

[7] Ioannidis, C., Molyneux, P., and

Pasiouras, F, (2008). The Relationship

between Bank Efficiency and Stock

returns: Evidence from Asia and Latin

America. University of Bath School of

Management, Working Paper Series, No.

10.

[8] Al-Khatib, Akram (2012). Financial

Performance of Palestinian

Commercial Banks. International

Journal of Business and Social

Science, Vol. 3 No. 3, pp. 175-184.

[9] Lal, Jawahar, 1995, 1st Ed, Personal

Investing ‘Making Intelligent

Decisions’, A. H. Wheeler & Co. Ltd,

New Delhi, India.

[10] Mais, Rimi Gusliana. (2005, July-

September). Pengaruh rasio-rasio

keuangan utama perusahaan terhadap

harga saham perusahaan yang terdaftar

di jakarta islamic index tahun 2004.

Jurnal Ekonomi STEI, 14(3), 30.

[11] Mehrabanpoor M., Babak, Valizadeh

& Gholamreza, Jandaghi1 (2011).

Stock exchange indices and turnover

value-evidence from Tehran Stock

Exchange. Malaysia African Journal of

Business Management; No.5, pp. 783-

791.

[12] Ray, Christina., 2001, 1st

.Ed., Think

Like a Trader, Invest Like a Pro,

McGraw-Hill, New York, The United

States of America.

[13] Strahle, Mikael, (2011), Value and

growth stocks on the Swedish stock

market, Master Thesis, Copenhagen

Business School.

[14] Sharma, Sanjeet (2011), Determinants

of Equity Shares Prices in India,

Journal of Arts, Science & Commerce,

Vol.2, no. 4, pp 60.

[15] Taani, Khalaf and Banykhaled,

Mari'e, 2011. The Effect of Financial

Ratios, Firm Size and Cash Flows from

Operating Activities on Earnings Per

Share: (An Applied Study: On

Jordanian Industrial Sector).

International Journal of Social

Sciences and Humanity Studies, Vol 3,

No 1, pp. 197-205.

[16] Utama, Siddharta & Santosa, Anto

Yulianto Budi. (1998, January). Kaitan

Antara rasio price/Book value dan imbal

hasil saham pada bursa efek jakarta.

Jurnal Riset Akuntansi Indonesia, 1(1),

pp. 127-140.

[17] www.ase.com.jo. 21st / Dec/ 2013.

members - zu.edu.jozujournal.zu.edu.jo/eng/images/stories/2014/volume14... · 2014-07-10 ·...

Documents