عنوان مقاله
اهرم مالی و کارایی مالی شرکت های لیست شده در بازار مرزی: شواهد پانلی در کنیا
فهرست مطالب
مقدمه
روش های اقتصاد سنجی
داده ها و آزمون ریشه واحد
نتایج تجربی و بحث
نتیجه گیری
بخشی از مقاله
نرخ تراکم مالکیت نشان می دهد که 64.286 درصد از سهام متعلق به پنج سهامدار برتر است. این مقدار 1.344 برابر بیشتر از میانگین تراکم مالکیت 48.57 درصد به دست آمده توسط لسیک و سیکان (2013) است. به این معنی است که از کل سهام شرکت های فهرست شده در NSE، سهم بالا برای پنج سهامداران 64.286٪ است و فقط 35.714 درصد از کل سهام متعلق به مالکیت متفرقه است. بیاد داشته باشیم که سهام شرکت های فهرست شده در NSE از نزدیک برگزار می شود.
کلمات کلیدی:
FINANCIAL LEVERAGE AND PERFORMANCE OF LISTED FIRMS IN A FRONTIER MARKET: PANEL EVIDENCE FROM KENYA Robert Kisavi Mule, PhD, MBA, B.Ed (Hons) Department of Accounting & Finance, School of Business & Economics Maseno University, Private Bag, Maseno, Kenya Prof. Mohamed Suleiman Mukras Department of Economics, Maseno University Abstract This paper investigates the relationship between financial leverage and the financial performance of listed firm in Kenya. We use annual data for the period 2007 – 2011. Using various panel procedures, the study finds reasonably strong evidence that financial leverage significantly, and negatively, affects the performance of listed firms in Kenya (ROA, β = - .0438, p = .0350) and Tobin’s Q, β = -.5144, p = .0124). However, financial leverage negative but insignificant effect on ROE, β = -.0176, p = .5765). Unit root test results indicate: all the variables are integrated of order zero (p = .000). Second, because the performance of firms depends on other things than just their financial leverage, we control for the effects of those other variables by including them in our models. In this respect, the findings suggest that asset tangibility (β = .2302, p = .0215) and ownership concentration (β = -.0057 (p = .0353) are important determinants of performance measured in terms of Tobin’s Q. The study concludes that; that financial leverage is an important negative predictor of financial performance measured in terms of ROA and Tobin’s Q; ownership concentration is a pertinent negative predictor of financial performance measured in terms of Tobin’s Q and asset tangibility is a significant positive predictor of performance measured in terms of ROE and Tobin’s Q
