تأثير متغيرات البيئة المالية على اعادة هيكلة مصادر التمويل دراسة قياسية على شركات المساهمة الجزائرية (2010-2015)

Abstract

The aim of this study is to find out the factors affecting the financial structure of Algerian joint stock companies during the period (2010-2015). The study also sought to find out whether the funding policies of the companies in question were consistent with the theoretical bases in prioritizing funding. The study used a sample of 15 non-financial companies to examine its financial structure. The study used Arellano and Bond (1991) self-regression techniques on dynamic data to test the model of the study. The financial structure (financial leverage) was considered as a dependent variable and profitability, liquidity, growth rate, tax rate and interest rate as independent variables. The most important results of the study are that Algerian companies rely on debt mainly to finance their needs. There is a statistically significant positive relationship between profitability and the financial structure and the existence of a statistically significant negative relationship between the rate of growth and the tax rate on the one hand and the financial structure on the other hand. The study also showed that there is no statistically significant relationship between liquidity and interest rate on the one hand and the financial structure on the other hand.