الصناعية الأردنية لعينة من الشركات للمدة (2009-2015) (Z-Score) قياس الهشاشة المالية باستخدام نموذج
الشريط الجانبي للمقالة
THIS IS AN OPEN ACCESS ARTICLE UNDER THE CC BY LICENSE
محتوى المقالة الرئيسي
الملخص
يهدف البحث الى قياس مدى الهشاشة المالية التي قد تعاني منها الشركات العاملة ضمن 5042 ( والمسجلة في بورصة عمان المالية كما ويحاول - القطاع الصناعي الاردني للمدة ) 5005 التعرف فيما لو كان لحجم الشركات دور في الاصابة بالهشاشة المالية بما يسهم في زيادة الوعي المالي تجاه هذا الخطر غير الظاهر للعيان الا وهو )خطر الاصابة بالهشاشة المالية( من قبل المدراء والمستثمرين بغية التحوط منه وتجنبه كونه من المخاطر غير النظامية التي من الممكن ان تصيب شركات ومؤسسات تبدو في ظاهرها انها سليمة وتمارس نشاطها بنجاح الا انها وفي حالة تعرضها لأبسط صدمة مالية قد تنهار وتدخل في مشاكل مالية لربما تقودها للإفلاس والتصفية، ومن خلال المراجعة لمعظم الدراسات السابقة التي تناولت موضوع الهشاشة المالية فقد تم تشخيص الفجوة البحثية بان اغلب الدراسات قد اختارت فترة ازمات اقتصادية واضحة كانت سبب في هشاشة المؤسسات ومن ثم هشاشة النظام الاقتصادي كذلك الندرة في تناول موضوع الهشاشة لقياس )z-score( المالية من منظور جزئي وبالتحديد القطاع الصناعي، وقد تم اختيار نموذج )Ashraf et al., ودراسة ) 2016 )Hussein et al., الهشاشة المالية بالاتفاق مع دراسة ) 2020 وتوصلت البحث الى مجموعة من النتائج كان من ،)Fielding & Rewilak, ودراسة ) 2015 أهمها ،ان غالبية الشركات عينة البحث تعاني من هشاشة مالية مرتفعة، وكانت غالبية هذه القدرة على قياس )z-score( الشركات الهشة ماليا هي الشركات صغيرة الحجم، وكان لنموذج وتصنيف الشركات وفق الهشاشة المالية، وكانت اهم المقترحات التي تقدمت بها الدراسة بجانبين الاول لمجالس ادارة الشركات والمدراء الماليين والمتعاملين مع السوق المالي والثاني للأكاديميين والباحثين لمواجهة خطر الهشاشة المالية.
التنزيلات
تفاصيل المقالة
المراجع
Introductory Bulletin for the Amman Stock Exchange, Library and Publications,
http://www/as.com.jo/ar.
Al-Amri Muhammad Ali Ibrahim, (2007), The Nature of the Financial Crisis in the
Light of the Asian Experience, Al-Sabah newspaper, strategic prospects, quoting from
Sana Abdul Karim Al-Khanaq, University of Malaya/Malaysia/Governance of financial
institutions and their role in addressing financial crises, the Malaysian experience,
research presented To the Seventh Scientific Conference 2009, Faculty of Management,
Economics and Administrative Sciences.
Al-Atwi, Muhannad Hamid Yasser, (2017), using indicators of financing sustainable
growth in reducing financial fragility a comparative study between Iraqi and Emirati
insurance companies, University of Kufa, College of Administration and Economics,
Al-Muthanna Journal of Administrative and Economic Sciences.
Al-Hamdani, Rafaa Ibrahim & Al-Qattan, Yassin Taha Yassin, 2013, using the sherrod
model to predict financial failure an applied study in the General Company for the
Pharmaceutical Industry and Medical Appliances in Nineveh/Anbar University Journal
for Economic and Administrative Sciences Volume 5 Issue 10.
Al-Taie, Youssef Hajim & Al-Jubouri, Haider Jassim, (2017), Financial flexibility and
its impact on reducing the fragility of the banking system, An analytical study of a
sample of Iraqi private banks, Al-Ghari Journal of Economic & Administrative
Sciences, Volume Fourteen, Issue (3).
Ashraf, D., Ramady, M., & Albinali, K., (2016), financial fragility of banks, ownership
structure and income diversification: Empirical evidence from the GCC region.
Research in International Business and Finance.
Ballester, L., Casu, B. & González, A., (2016), Bank Fragility and Contagion: Evidence
from the bank CDS market, Journal of Empirical Finance.
Barth, M. E., & Landsman, W. R., (2010), how did financial reporting contribute to the DOI: https://doi.org/10.1080/09638180.2010.498619
financial crisis? European accounting review, 19 (3).
Bernanke, B., & Gertler, M. (1990). Financial fragility and economic performance. The DOI: https://doi.org/10.2307/2937820
quarterly journal of economics, 105(1).
Bernstein, S., Lerner, J., & Mezzanotti, F., (2019), Private equity and financial fragility
during the crisis. The Review of Financial Studies, 32 (4).
/9/03 : جامعة تكريت/كلية الإدارة والاقتصاد/مجلة تكريت للعلوم الإدارية والاقتصادية/المجلد 71 /العدد 55 /ج 7
Deidda & E., Panetti, L, G, (2018) Banks' Liquidity Management and Financial DOI: https://doi.org/10.2139/ssrn.3459445
Fragilityuniversity of Sassari and crenos Adress: Departement of Econonics and
Business,via Murni 25, 07100 sassari, Italy, Email:deidda@uniss.it.
Fielding, D., & Rewilak, J., (2015), Gredit booms, Financial Fragility and banking DOI: https://doi.org/10.1016/j.econlet.2015.09.041
crises Economic Letters, 136, 233-236.
Allen, F., Gale,D., (2004), Financial Fragility, Liquidity, and Asset Prices Journal of the DOI: https://doi.org/10.1162/JEEA.2004.2.6.1015
European Economic Association, 2(6), 1015-1048.
Goodhart, C. A., Sunirand, P., & Tsomocos, D. P., (2006), a model to analyse financial DOI: https://doi.org/10.1007/s00199-004-0572-7
fragility. Economic Theory, 27(1).
Harem, Hussain, (2010), managing organizations a holistic perspective, second edition,
Dar Al-Hamid for publication and distribution.
Hussein, Ali Ibrahim & Ziyad Ibrahim & Saddam Mahmoud, (2020), Enhancing DOI: https://doi.org/10.1155/2020/6290693
Financial Efficiency Under IFRS Standards to Reduce Financial Fragility An
Experimental Study of the Reality of Crises in Iraq Using Data Envelope Analysis,
Tikrit Journal of Administrative and Economic Sciences/Volume 16/Issue (Special) Part
/2020 (The Fourth Scientific Conference: Hidden Economy and Crisis Management).
Iftikhar, Syed Faizan, (2015), Financial Reforms and Financial Fragility International DOI: https://doi.org/10.3390/ijfs3020084
Journal of Financial Studies, published 24 April 2015.
Jabal, Aladdin, 2004, Financial Statement Analysis, Directorate of University Books
and Publications, Aleppo University, Syria.
KRAVCHUK, IGOR, (2019), Management of Investment Funds Financial Fragility DOI: https://doi.org/10.14254/1800-5845/2019.15-4.2
Montenegrin Jornal of Economics, vol. 15, no 4.
Kund, A. G., & Rugilo, D., (2020), Does IFRS 9 increase Financial Stability? work
paper, https://ssrn.com.=3282509.
Lagunoff, Roger, Stacey Schreft, (2001), A Model of Financial Fragility. Journal of DOI: https://doi.org/10.1006/jeth.2000.2733
Economic Theory, 99 (1-2).
Li, S., (2010), financial fragility and securitisation: the discussions with Australian DOI: https://doi.org/10.1108/S1569-3767(2010)0000011012
regulators and bank risk managers. International Finance Review, 11.
Lizal, Lubomir, (2002), Determinants of Financial Distress: what Drives Bankruptcy in DOI: https://doi.org/10.2139/ssrn.307224
a Transition Economy? The Czech Republic Case. Working paper No 451.
Munir, Mohammad ahmad & Salman Ali & Muhammad bilal & Naveed & Asif
Mehmood, (2020), Dynamic Measuring the Impact of financial fragility on the
performance of Non-Financial Firms Listed at the Pakistan stock Exchange
International transaction journal of Engineering, management, & Applied sciences &
technologies c2021coden: ITJEA8.
Rejda, G. E., (2003), Principles of Risk Management and Insurance,8th Ed, New York:
Addison Wesel.
Rui Huang & Guiying Liu, (2009), Study On The Enterprise Sustainable Growth And DOI: https://doi.org/10.5539/ijbm.v4n3p200
The Leverage Mechanism, International Journal Of Business And Management.
Salah Abdul Rahman Mustafa, 2000, Adapting financial analysis tools to measure the
level of success of business companies, an analytical study in Iraqi industrial
/9/03 : جامعة تكريت/كلية الإدارة والاقتصاد/مجلة تكريت للعلوم الإدارية والاقتصادية/المجلد 71 /العدد 55 /ج 7
companies, unpublished doctoral thesis, College of Administration and Economics,
University of Mosul.
Schroeder, S., (2009), Defining and Detecting Financial Fragility: New Zealand's DOI: https://doi.org/10.1108/03068290910932765
Experience, International Journal of Social Economics.
Shobha, C., (2012), the Effects Of Financial Liberalization In Emerging Market
Economies, Thesis, University Of South Africa.
Siqiwen Li. (2015).Financial Fragility and Securitisation: The Discussions with
Australian Regulators and Bank Risk Managers in International Banking in the New
Era: Post Crisis Challenges and Opportunities. Published Online.
Torres Filho, E., Martins, N., & Miaguti, C., (2017), Minsky's Financial Fragility: An
Empirical Analysis of Electricity Distribution Companies in Brazil (2007-15). Levy
Economics Institute, Working Papers Series.
Tuzcuoğlu, T., (2020), the impact of financial fragility on firm performance: an analysis DOI: https://doi.org/10.3934/QFE.2020015
of BIST companies. Quantitative Finance and Economics, 4(2).
Tymoigne Éric, (2012). Measuring Macroprudential Risk through Financial Fragility: A DOI: https://doi.org/10.2139/ssrn.2049331
Minskyan Approach, Levy Economics Institute Working Paper Collection Presents
Research in Progress by Levy Institute Scholars and Conference Participants.
Tymoigne, É., (2011), Measuring macroprudential risk: Financial fragility indexes. DOI: https://doi.org/10.2139/ssrn.1785655
Working Paper, Levy Economics Institute of Bard College.