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العلاقة بين هيكل راس المال ومقسوم الارباح واثرهما في لا تماثل المعلومات : دراسة تحليلية == The Relationship Between Capital Structure & Dividend & Theirs Impacts On The Asymmetric Information An Analytical Study
Author name:
شذى عبد الحسين جبر علي الزبيدي
Supervisor name:
عبد الرضا شفيق خليل البصري
General topic:
Administration and Economics
Specific topic:
Business Administration
Degree:
Doctorate
University:
University of Baghdad - Faculty Of Administration And Economics - Department Of Business Administration
Language:
Arabic
University location:
Baghdad
Key words:
- : نظرية الالتقاط
- الهرمية في التمويل
- التغير بالمقسوم، لا تماثل المعلومات
- الاختيار المعاكس
- العوائد غير الاعتيادية
- نظرية الاشارة
First pages:
07T3769 - p.pdf
Abstract:
هدفت الدراسة الى تحليل واختبار العلاقة بين قرارات هيكل راس المال وقرارات مقسوم الارباح وتحديد فيما كانت قرارات هيكل راس المال ومقسوم الارباح المتخذة في ضوء الميزة المعلوماتية للادارة تحقق عوائد غير اعتيادية لا يمكن ان يحققها المستثمرون في السوق، وعينة ال | This study aims to analyze and test the relationship between capital structure decisions and dividend decisions besides determining whether the decisions of capital structure and dividend that are taken according to the information merit for management achieve the unusual returns in which are not possible to be achieved by investors in the market., The Sample 15 electronic companies that made indicator (S&P(500)) in New York Stock market at the period (1998 - 2007)the study used quantities measurement to measure dependent variables The pecking order theory has been chosen in funding capital structure because it runs from exactions of asymmetric information theory, besides it works good in case of the asymmetric information rise between management and investors, on contrary, the companies do not follow pecking order when it goes down, also the change in dividend was used because the change in the dividend rates gives sign to investors about asymmetric information besides the importance of dividend decisions in determining capital structure , and abnormal returns for independent variable (Asymmetric Information) The study reached to the following most important conclusions : 1. The depression of dividend rates in the companies due to the existence of investment chances needs fund and improving its cash.2. The companies do not apply pecking in financing their capitals, and the results of asymmetric information analysis came congruent. The results confirmed the depression in asymmetric information between management and investors. almost companies didn’t make abnormal returns , on contrary the expected return excess the actual return.
