Özet:

Abstract The objective of this paper is to investigate empirically the determinants of capital structure for a sample of 1101 firms from 11 MENA region countries over the period 2003-2017. Using a comparative approach, we find that firm-specific determinants explain better differences in capital structure choices than other country-specific determinants. Comparisons between countries, sub-regions (GGC and non-GCC countries) and legal origin (Common and Civil law countries) show furthermore that there are differences in terms of significance and importance of capital structure determinants. The most important determinant in the MENA region is profitability. The firm’s capital structure is positively impacted by size, tangibility of assets and private credit and it is negatively impacted by profitability, growth opportunities, GDP growth rate and stock market capitalization as a proportion of GDP. Moreover, we find that total leverage ratio, expressed in market values, give better results than leverage ratio expressed in book values and long-term leverage ratios expressed in book and/or market values. Finally, there is some evidence that the “Jasmine Revolution” has had an impact on firms’ capital structure determinants. Specific-level determinants play a much more prominent role after the revolution than in the past. Downloads Download data is not yet available. Downloads FULL TEXT Published 2023-01-14 How to Cite Ben Hamouda, R. Z., Hamzaoui, N., & Jilani, F. (2023). Capital Structure Determinants: New Evidence from the MENA Region Countries. International Journal of Economics and Financial Issues, 13(1), 144–163. https://doi.org/10.32479/ijefi.13695 More Citation Formats ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX Issue Vol. 13 No. 1 (2023) Section Articles Most read articles by the same author(s) Sana Zidi, Boutheina Regaieg, Nessrine Hamzaoui, The Determinants of the European Banking Crisis , International Journal of Economics and Financial Issues: Vol. 11 No. 4 (2021) Nessrine Hamzaoui, Boutheina Regaieg, Exploration of the Foreign Exchange Forward Premiums and the Spot Exchange Return: A Multivariate Approach , International Journal of Economics and Financial Issues: Vol. 6 No. 2 (2016) Nessrine Hamzaoui, Boutheina Regaieg, The Glosten-Jagannathan-Runkle-Generalized Autoregressive Conditional Heteroscedastic Approach to Investigating the Foreign Exchange Forward Premium Volatility , International Journal of Economics and Financial Issues: Vol. 6 No. 4 (2016) Nessrine Hamzaoui, Boutheina Regaieg, The Long Memory Behavior of the EUR/USD Forward Premium , International Journal of Economics and Financial Issues: Vol. 7 No. 3 (2017) Make a Submission Make a Submission Dergi Kapağı

Anahtar Kelimeler: