تأثير مؤشرات المتانة المالية في عوائد الأسهم: دراسة تحليلية لعينة من المصارف العراقية الخاصة المدرجة في سوق العراق للأوراق المالية للفترة (2021-2005)
محتوى المقالة الرئيسي
الملخص
يهدف البحث إلى بيان تأثير مؤشرات المتانة المالية في عوائد الأسهم في القطاع المصرفي، وتكونت عينة البحث من ثمان مصارف تجارية مدرجة في سوق العراق للأوراق المالية من خلال تقاريرها السنوية المنشورة في سوق العراق للأوراق المالية وهذه المصارف هي (بغداد، التجاري العراقي، الاستثمار، سومر، الشرق الأوسط، الاهلي العراقي، الائتمان، الخليج التجاري) للمدة الزمنية 2005-2021، باستخدام البرنامج الاحصائي [Microsoft Excel vs.10،Eviews V.12 ]، وقد خرج البحث بمجموعة من النتائج منها وجود أثر ذو دلالة معنوية لمؤشرات المتانة المالية في عوائد الأسهم بوجود علاقة وثيقة بين المتانة المالية وعوائد الأسهم اذ لا يمكن تحقيق ارتفاع بالعوائد الأسهم من دون توفر المتانة المالية، وتوصل البحث الى ان المصارف التجارية عينة البحث تتباين في مؤشرات المتانة المالية وفي ضوء ذلك خرج البحث بعدد من التوصيات أهمها ضرورة الالتزام بقياس مؤشرات المتانة المالية الصادرة من الجهات المختصة بالإرشاد المصرفي.
التنزيلات
تفاصيل المقالة
المراجع
A. Books:
Brigham, Eugene F. & Houston, Joel F., (2007), Fundamentals of Financial Management. 11th Edition, Thomson South-Western, United States of America.
Gangadhar, V. & Ramesh G. Babu, (2006), “Investment Management”, Anmol Publications, Pvt. Ltd.
Gatemen Lawrence, (2009), “Principles of managerial finance”, USA, Pearson Education, 9ed.
Gitman, Lawrence J. & Chad J. Zutter, (2012), “Principles of Managerial Finance”, Thirteenth Edition, Prentice Hall, United States of America.
Mishkin, Frederic, (2000), “Markets Financial and Institutions“, Addison Wesley Longman Inc 3rd ed., USA.
B. Research and periodicals
Aissa, Ben, Sami & Goaied, Mohamed, (2016), “Determinants of Tunisian hotel profitability: The role of managerial efficiency”, Tourism Management, 52.
AL-Qudah, Anas &. Laham, Mahmoud, (2013), The Effect of Financial Leverage & Systematic Risk on Stock Returns in the Amman Stock Exchange (Analytical Study – Industrial Sector). Research Journal of Finance and Accounting, 4(6).
Ambe, Mamo Esayas, (2017), “An investigation of determinants of deposit mobilization in commercial banks of Ethiopia”, Journal of Research on Humanities and Social Sciences, Vol. 7, NO.19.
Assan, A. & Thomas, S., (2013), Stock returns and trading volume: does the size matter?. Investment Management and Financial Innovations, 10(3(.
Botchkarev, A., & Andru, P., (2011), A Return on Investment as a Metric for Evaluating Information Systems: Taxonomy and Application. Interdisciplinary Journal of Information, Knowledge, and Management, Volume 6.
Choi, Nicole Y. & Richard W. Sias, (2010), “Why does Financial Strength Forecast Stock Returns? Evidence from Subsequent Demand by Institutional Investors”, The Review of Financial Studies, Volume 25, Issue 5.
Edirisinghe, N. C. P. & Xin Zhang, (2008), “Portfolio Selection under DEA-based Relative Financial Strength Indicators: Case of U.S. Industries”, Journal of the Operational Research Society volume 59.
Edirisinghe, N. C. P. & Xin Zhang, (2010), “An Optimized Dea-Based Financial Strength Indicator of Stock Returns For U.S. Markets”, Applications of Management Science, Volume 14.
El-Batrny, Rana Mohamed & Metwally, Alaa Mamdouh Mohamed, (2021), The Impact of Financial Strength Indicators on the Value of Banks Listed on the Egyptian Stock Exchange, Arab Journal of Management.
FMI, Fonds monétaire international, (2006), “Indicateurs de Solidité Financière”, guide D’établissement, Publication Services.
Gunarathna, Vijitha, (2014), Determinants of Expected Rate of Return on Common Stock: An Empirical Study in Sri Lanka. Reshaping Management and Economic Thinking through Integrating Eco-Friendly and Ethical Practices, Proceedings of the 3rd International Conference on Management and Economics 26-27 February 2014, Faculty of Management and Finance, University of Ruhuna, Sri Lanka.
Irawati, Nisrul & Azhar Maksum& Isfenti Sadalia& Iskandar Muda, (2019), “Financial Performance of Indonesian’s Banking Industry: The Role of Good Corporate Governance, Capital Adequacy Ratio, Non-Performing Loan and Size”, International Journal of Scientific & Technology Research Volume 8, Issue 04.
John J. Vaz& Mohamed Ariff & Robert D. Brooks, (2008), “The effect of interest rate changes on bank stock returns”, Investment Management and Financial Innovations, 5.
Luxianto, Rizky & Usman Arief & Muhammad Budi Prasetyo, (2020), “Day-of-the-Week Effect and Investors’ Psychological Mood Testing in a Highly Mispriced Capital Market”, Journal of Indonesian Economy and Business Volume 35, Number 3.
Moody's, (2007), “Bank Financial Strength Ratings: Revised Methodology”, Moody’s Investors Service.
Öğüt, Hulisi, & M. Mete Doğanay & Nildağ Başak Ceylan & Ramazan Aktaş, (2012), “Prediction of bank financial strength ratings: The case of Turkey”, Economic Modelling 29.
Pandey, Rudresh, & John Francis Diaz, (2019), “Factors Affecting Return on Assets of Us Technology and Financial Corporations”, Jmk, Vol. 21, No. 2.
Pasaribu, Pananda, & Mindosa, Bonnie, (2021), “The Bank Specific Determinants of Loan Growth and Stability: Evidence from Indonesia”, Journal of Indonesian Economy & Business, Vol. 36, NO.2.
Shahzadi, Sunble & Ammar Abid & Ahmed Shahzad & Usman Zahoor, (2020), “Interactions Between Financial Indicators And Bank Financial Strength Ratings: A Case Study On Bric Countries”, International Journal of Management (IJM) Volume 11, Issue 8.
Solihati, Garin Pratiwi, (2019), “Analysis of Factors Affecting Abnormal Return Stock in Private Banking Sector Registered in Indonesia Stock Exchange 2015-2017”, International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 9, No.2.
Sucipto, Tia Novira; Hasibuan, Renika, The Effect of Return on Assets and Debt to Assets Ratio on Tax Avoidance in Plantation Companies Listed in Indonesia Stock Exchange 2016-2018 Period. Accounting and Business Journal, 2020, 2.1: 41-52.
Violita, Cynthia E. & Soeharto, Sri Maemunah, (2019), Stock Liquidity and Stock Return. Journal of Business and Management, 3 (2).
Zelalem, Desta, The impact of financial leverage on the performance of commercial banks: Evidence from selected commercial banks in Ethiopia. International Journal of Accounting, Finance and Risk Management, 2020, 5.1: 62-68