竞争策略对财务杠杆与企业绩效关系的调节作用:来自Jordan的证据

Business and Economic Horizons Pub Date : 2018-07-19 DOI:10.15208/BEH.2018.44

Mahmoud Al-Rdaydeh, A. Almansour, M. A. Al-Omari

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引用次数: 18

摘要

本研究以2007年至2016年约旦工业企业为样本，考察了竞争战略在财务杠杆与企业绩效关系中的调节作用。竞争战略和财务杠杆之间的相互作用揭示了财务杠杆对企业在资产收益率(基于会计的衡量标准)和市净率(基于市场的衡量标准)方面的绩效的影响。最后，获得的结果与采用成本领先战略的公司通过债务融资和/或债务契约获得税收优势和提高效率的概念一致。本研究扩展了对财务杠杆对公司绩效影响的整体理解，以及这种关系如何被约旦等新兴市场公司之间的竞争战略所调节。

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Moderating effect of competitive strategies on the relation between financial leverage and firm performance: evidence from Jordan

This study examined the moderating role of competitive strategy in the relationship between financial leverage and performance of firms based on a sample of industrial firms in Jordan between 2007 and 2016. The interaction between competitive strategy and financial leverage was revealed to influence the effects of financial leverage towards the performance of firms in terms of return on assets (accounting-based measure) and market-to-book ratio (market-based measure). Conclusively, obtained results are in line with the notion that firms that employ cost leadership strategy experience tax advantages and increased efficiency through debt financing and/or debt covenants. This study extends the overall understanding on the effects of financial leverage towards performance of firms and how this relationship is moderated by competitive strategy among firms in an emerging market such as Jordan.

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Business and Economic Horizons ECONOMICS-

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期刊介绍： The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.