أثر الهيكل المالي على قيمة المؤسسة الاقتصادية دراسة حالة الشركات المدرجة في بورصة الجزاير خلال الفترة 2010-2021

Abstract

This study aimed to study the relationship between financial structure and the value of companies listed on the Algiers Stock Exchange (2010–2021). A descriptive approach was adopted to present concepts related to financial structure, firm value, and financial theories that explain their relationship. Additionally, an econometric statistical approach was employed using a panel data model to analyze the relationship between the dimensions of the independent variable, “financial structure”, which includes: The total debt-to-equity ratio (TDEQ), The long-term debt-to-equity ratio (LDEQ), The short-term debt ratio (SDFS), the weighted average cost of capital (WACC), and the dependent variable, “firm value”, measured by the market share price. The study sample consisted of Firms listed on the Algiers Stock Exchange, namely: Saidal Group ,Aurassi Company, And Alliance Company. However, Biopharm and Rouiba were excluded as they were listed after 2010. The study's data were obtained from the annual reports of the selected Firms and the reports of the COSOB. Data analysis was conducted using Excel and EViews 14 software. The study concluded that there is a significant relationship between the financial structure dimensions and the value of companies listed on the Algiers Stock Exchange during the period (2010–2021). a positive relationship was found between the total debt-to-equity ratio (TDEQ) and the Firms Value. Conversely, a negative relationship was identified between the long-term debt-to-equity ratio (LDEQ), the short-term debt-to-equity ratio (SDFS), the weighted average cost of capital (WACC), and the value of Firms listed on the Algiers Stock Exchange. The study confirmed the main hypothesis, demonstrating that the composition of the financial structure impacts the value of listed Firms in Algeria over the specified period