The Assoccation Between The Privecy Of Liquidity, Profitability And Previous Outstanding Debte On Capital Structure Of Industerial Companies Listed

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1 The Assoccation Between The Privecy Of Liquidity, Profitability And Previous Outstanding Debte On Capital Structure Of Industerial Companies Listed In Kuwait Stock Exchange Market 2012

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13 ABSTRACT The Assoccation Between liquidity, profitability and outstanding debte on financial leverage of industerial Companies listed in Kuwait Stock Exchange Market Prepared by: Fahd Mohammed Saad AL-Mahgan Supervised by: Prof Abdul Naser Nour Dr. Abdul Rahim Qaddoumi This study aimed to analysis the assoccation between liquidity, profitability and outstanding debte on financial leverage of industerial Companies listed in Kuwait Stock Exchange Market. In order to achieve the objectives of the study, the researcher analysis the financial statements of the companies under study for the years 2009, 2010 and The statistical package for social sciences (SPSS) was used to analyze and examine the hypotheses. The researcher used many statistical methods to achieve the

14 study objectives, mean, standard deviation and multi regression. The main results of the study were: 1. There is a positive relationship between financial leverage and outstanding debt in industrial Companies listed in Kuwait Stock Exchange Market. 2. There is a positive relationship between financial leverage and liquidity in industrial Companies listed in Kuwait Stock Exchange Market. 3. There is a reverse relationship between financial leverage and profitability in industrial Companies listed in Kuwait Stock Exchange Market The main recommendations of the study were: 1. The companies under study must change financial behaviors in direction not only equity financing, but the adoption of financing the borrower to take advantage of the tax protection exemption offered by this type of financing. 2. Industrial companies under study, which are characterized by a high rate of profitability and have the opportunity to capture profits, to rely less on borrowed money, and more on retained earnings; Due to the high risk implications of borrowing, and in line with the economic conditions they face. 3. Encouraging industrial companies under study be directed retained earnings for growth, which improves their financial structure, and will reduce their dependence on borrowing, it is known that increased borrowing requires increasing the proportion of liquidity; which requires higher investment in current assets, and this means less money will go to long term investements.

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54 39.. Capital Structure of Insurance " (Najjar & Petrov, 2011)."Companies in Bahrain..( ). Effect of Capital Structure on " (Al-Farisi & Hendrawan, 2012) Banks Performance: A Profit Efficiency Approach Islamic and Conventional Banks."Case in Indonesia. : (2008) (2002). (%60)

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81 66 : 1. Al-Farisi, Ade Salman & Hendrawan, Riko, (2012), Effect of Capital Structure on Banks Performance: A Profit Efficiency Approach Islamic and Conventional Banks Case in Indonesia, International Research Journal of Finance and Economics, Vol.86: AL-Zubi, K. Al-Abadi, M & Afaneh, H, (2008), Capital adequacy, risk profiles and bank behaviour: Empirical evidence from Jordan, Jordan Journal of Business Administration, Volume 4, No. 1: Gill, Amarjit; Biger, Nahum & Mathur, Neil, (2011), The Effect of Capital Structure on Profitability: Evidence from the United States, International Journal of Management, Vol. 28, No. 4: Harrise, M., & Raviv, A, (1990), Capital structure & the information role of debt, Journal of Finance, Vol. 43: Heng, Teh Boon; Azrbaijani, Shabnam & San, Ong Tze, (2012), Board of Directors and Capital Structure: Evidence from Leading alaysian Companies, Asian Social Science, Vol. 8, No. 3: Jose M. B, Amiyatosh. P & Uday. R, (2008), Corporate Hedging, Investment and Value, Working Paper, Kouki, Mondher & Ben Said, Hatem, (2012), Capital Structure Determinants: New Evidence from French Panel Data, International Journal of Business and Management, Vol. 7, No. 1:

82 67 8. Loof, Hans, (2003), Dynamic optimal capital structure and technical change, Working paper, The Royal Institute of technology, Centre of Excellence for Science and Innovation Studies. 9. Lutsoja, Kaja & Lutsoja, Margus, (2008), The Main Changes in Financial Behaviour Of Estonian Firms In Transition Economy, International Business & Economics Research Journal, Vol.7, No.1: Myers, S. C., & N. Majluf, (1984), Corporate financing & Investment decisions when firms have information that Investors do not have, Journal of Financial Economics, Vol. 13: Najjar, Naser & Petrov, Krassimirr, (2011), Capital Structure of Insurance Companies in Bahrain, International Journal of Business and Management, Vol. 6, No. 11: Oskan, A, (2001), Determinants of capital structure & Adjustment to long run target: evidence from UK company panal data, Journal of business financial & accounting, Vol 28, No. 1&2, Jan/March: Pike, Ricarel & Neale, Bill, (2006), Corporate finance and investment decisions & strategies,5 th ed, Prentice Hall, N.Y. 14. Titman, Sheridan & Wessels, Roberto, (1988), The determinants of capital structure choice, Journal of Finance, Vol.43, No.1, March: 1-19.

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