1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the...

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1998 - 2013 ( The Impact of Capital Structure on the Performance of Jordanian Conventional and Islamic Banks for the Period (1998-2013) 1320503015 2015

Transcript of 1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the...

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The Impact of Capital Structure on the Performance of

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� � � � � Q � �� � �� �� � �� �� � �� �� � ��� �� � � � � �� � � � �� � � � �� � � � ��� �� ! " � # $ % � ! $ & � � � �! " � # $ % � ! $ & � � � �! " � # $ % � ! $ & � � � �! " � # $ % � ! $ & � � � �'' '' ( � ) * � �( � ) * � �( � ) * � �( � ) * � �+ *+ *+ *+ * � � ) , - . � / � 0 " . �� � ) , - . � / � 0 " . �� � ) , - . � / � 0 " . �� � ) , - . � / � 0 " . �// // ! 1 2 # �! 1 2 # �! 1 2 # �! 1 2 # �3 # �� - 4 �3 # �� - 4 �3 # �� - 4 �3 # �� - 4 �55 55 6 / � ) & � ! 1 2 # �6 / � ) & � ! 1 2 # �6 / � ) & � ! 1 2 # �6 / � ) & � ! 1 2 # �77 77 6 # 0 8 9 � ! 1 2 # �6 # 0 8 9 � ! 1 2 # �6 # 0 8 9 � ! 1 2 # �6 # 0 8 9 � ! 1 2 # �66 66 : ; < % � ! 1 2 # �: ; < % � ! 1 2 # �: ; < % � ! 1 2 # �: ; < % � ! 1 2 # �== == ! > ? � @ . � ! A B . # ? C D B % �! > ? � @ . � ! A B . # ? C D B % �! > ? � @ . � ! A B . # ? C D B % �! > ? � @ . � ! A B . # ? C D B % �EE EE ! A B . # ? C D B % �! A B . # ? C D B % �! A B . # ? C D B % �! A B . # ? C D B % �! � F > B G � �! � F > B G � �! � F > B G � �! � F > B G � �HH HH I J K Q L � � � QMN O P � Q \ O Q � Q� R S O T � Q e O U Q \ R � Q J % �% �% �% �! V ) ,! V ) ,! V ) ,! V ) ,

1 ! W � � ) . � ! B 0 " V! W � � ) . � ! B 0 " V! W � � ) . � ! B 0 " V! W � � ) . � ! B 0 " V

2 XX XX! W � � ) . � ! B Y W! W � � ) . � ! B Y W! W � � ) . � ! B Y W! W � � ) . � ! B Y W2 ! W � � ) . � ! > Z X! W � � ) . � ! > Z X! W � � ) . � ! > Z X! W � � ) . � ! > Z X

3 ! W � � ) . � [ � ) * X! W � � ) . � [ � ) * X! W � � ) . � [ � ) * X! W � � ) . � [ � ) * X

3 ! W � � ) . � 3 # > \ � ]! W � � ) . � 3 # > \ � ]! W � � ) . � 3 # > \ � ]! W � � ) . � 3 # > \ � ]

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Page 8: 1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the capital structure measured by debt ratio and equity ratio on return on assets, in the

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� � � � � Q ! > � � $ V! > � � $ V! > � � $ V! > � � $ V! W � � ) . �! W � � ) . �! W � � ) . �! W � � ) . �4 ! W � � ) . � � 1 - �! W � � ) . � � 1 - �! W � � ) . � � 1 - �! W � � ) . � � 1 - �4 ! W � � ) . � 3 � ' ) �! W � � ) . � 3 � ' ) �! W � � ) . � 3 � ' ) �! W � � ) . � 3 � ' ) �5 ! W � � ) . � � � �! W � � ) . � � � �! W � � ) . � � � �! W � � ) . � � � �5 � 2 # � ; � � � B W �� 2 # � ; � � � B W �� 2 # � ; � � � B W �� 2 # � ; � � � B W �6 ! W � � ) . � 3 � A - V! W � � ) . � 3 � A - V! W � � ) . � 3 � A - V! W � � ) . � 3 � A - V6 . �. �. �. �! > 2 � � � � 3 # � � � @ -! > 2 � � � � 3 # � � � @ -! > 2 � � � � 3 # � � � @ -! > 2 � � � � 3 # � � � @ -7 . � 3 # W � � ) . �. � 3 # W � � ) . �. � 3 # W � � ) . �. � 3 # W � � ) . �! , ? # �! , ? # �! , ? # �! , ? # �

9 # V# V# V# V 3 # W � � ) . � � � ! W � � ) . � � � * F >3 # W � � ) . � � � ! W � � ) . � � � * F >3 # W � � ) . � � � ! W � � ) . � � � * F >3 # W � � ) . � � � ! W � � ) . � � � * F >! , ? # � . �! , ? # � . �! , ? # � . �! , ? # � . �

20 L � � � QZ � O � � QM� c � S d � I O � Q � � \ L � � � ! V ) , V! V ) , V! V ) , V! V ) , V21 6 / 9 � � � � % �6 / 9 � � � � % �6 / 9 � � � � % �6 / 9 � � � � % ��� ��6 # % � H X � � 0 > * = � � � V6 # % � H X � � 0 > * = � � � V6 # % � H X � � 0 > * = � � � V6 # % � H X � � 0 > * = � � � V22 � # ! . � � � � % �� # ! . � � � � % �� # ! . � � � � % �� # ! . � � � � % ��� ��! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *23 $ B % % �$ B % % �$ B % % �$ B % % �6 / 9 �6 / 9 �6 / 9 �6 / 9 ��� ��! > B & � ) . � � ' # � % �! > B & � ) . � � ' # � % �! > B & � ) . � � ' # � % �! > B & � ) . � � ' # � % �

23 $ B % % �$ B % % �$ B % % �$ B % % �� # ! . �� # ! . �� # ! . �� # ! . ��� ��! > � � # ' � � ' # � % �! > � � # ' � � ' # � % �! > � � # ' � � ' # � % �! > � � # ' � � ' # � % �

24 $ B % % �$ B % % �$ B % % �$ B % % �� . # ! . �� . # ! . �� . # ! . �� . # ! . ��� ��( 2 # ) /( 2 # ) /( 2 # ) /( 2 # ) /H X �H X �H X �H X �# % �# % �# % �# % �66 66## ##" � $ � . �" � $ � . �" � $ � . �" � $ � . �! � � # � - . �! � � # � - . �! � � # � - . �! � � # � - . �

27 � . # ! . � � � � % �� . # ! . � � � � % �� . # ! . � � � � % �� . # ! . � � � � % ��� ��! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *28 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��! > � � � . � � ' # � % �! > � � � . � � ' # � % �! > � � � . � � ' # � % �! > � � � . � � ' # � % �

28 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��! > � � # ' � ' � �� % �! > � � # ' � ' � �� % �! > � � # ' � ' � �� % �! > � � # ' � ' � �� % �

29

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� � � � � Q � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /

31 � ? � � . � � � � % �� ? � � . � � � � % �� ? � � . � � � � % �� ? � � . � � � � % ��� ��( � ' X � B � 6 # % � H X � � 0 > * � � X( � ' X � B � 6 # % � H X � � 0 > * � � X( � ' X � B � 6 # % � H X � � 0 > * � � X( � ' X � B � 6 # % � H X � � 0 > * � � X" � $ � . �" � $ � . �" � $ � . �" � $ � . �35 L � � � Q� � O � � QM� � � � U � Q J � � R � d R � � Q � c � S � Q ! V ) , V! V ) , V! V ) , V! V ) , V37 � � � % �� � � % �� � � % �� � � % �6 / 9 �6 / 9 �6 / 9 �6 / 9 ��� ��= � � � V= � � � V= � � � V= � � � V" � $ � . �" � $ � . �" � $ � . �" � $ � . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �# � � 2 # ) / / # � ] � ) * X / # � � " /# � � 2 # ) / / # � ] � ) * X / # � � " /# � � 2 # ) / / # � ] � ) * X / # � � " /# � � 2 # ) / / # � ] � ) * X / # � � " /37 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��7 � # � - . � $ � . � = � � � V7 � # � - . � $ � . � = � � � V7 � # � - . � $ � . � = � � � V7 � # � - . � $ � . � = � � � V

37 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " ! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " ! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " ! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " 38 � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��" � $ � . � [ � ) * X" � $ � . � [ � ) * X" � $ � . � [ � ) * X" � $ � . � [ � ) * X! � � # � - . �! � � # � - . �! � � # � - . �! � � # � - . �

40 � ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % ��� ��! � � # � - . � " � $ � . � ( 2 # ) /! � � # � - . � " � $ � . � ( 2 # ) /! � � # � - . � " � $ � . � ( 2 # ) /! � � # � - . � " � $ � . � ( 2 # ) /

41 � � � % �� � � % �� � � % �� � � % �� # ! . �� # ! . �� # ! . �� # ! . ��� ��= � � � V= � � � V= � � � V= � � � V[ � # � % �[ � # � % �[ � # � % �[ � # � % �! > V < W � �! > V < W � �! > V < W � �! > V < W � �43 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��� V < W � � [ � � % � = � � � V� V < W � � [ � � % � = � � � V� V < W � � [ � � % � = � � � V� V < W � � [ � � % � = � � � V

43 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��! > ' � 9 � ! > V < W � � " � $ � . � � " ! > ' � 9 � ! > V < W � � " � $ � . � � " ! > ' � 9 � ! > V < W � � " � $ � . � � " ! > ' � 9 � ! > V < W � � " � $ � . � � " 44 � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��! > V < W � � [ � # � % � C 2 # � &! > V < W � � [ � # � % � C 2 # � &! > V < W � � [ � # � % � C 2 # � &! > V < W � � [ � # � % � C 2 # � &

45 � ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % ��� ��! > V < W � � [ � # � % � [ � ) * X! > V < W � � [ � # � % � [ � ) * X! > V < W � � [ � # � % � [ � ) * X! > V < W � � [ � # � % � [ � ) * X

46 � � � % �� � � % �� � � % �� � � % �� . # ! . �� . # ! . �� . # ! . �� . # ! . ��� ��� � / X� � / X� � / X� � / X� ? # " - . �� ? # " - . �� ? # " - . �� ? # " - . �[ < - & � /[ < - & � /[ < - & � /[ < - & � /� ?� ?� ?� ?" � $ � . �" � $ � . �" � $ � . �" � $ � . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �! > V < W � � /! > V < W � � /! > V < W � � /! > V < W � � /47 � � � % �� � � % �� � � % �� � � % �� ? � � . �� ? � � . �� ? � � . �� ? � � . ��� ��( � ' X( � ' X( � ' X( � ' X" � $ � . �" � $ � . �" � $ � . �" � $ � . �49 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��( � ' 9 � = � � � V( � ' 9 � = � � � V( � ' 9 � = � � � V( � ' 9 � = � � � V

49 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��( � ' 9 � > � # , V( � ' 9 � > � # , V( � ' 9 � > � # , V( � ' 9 � > � # , V

50 � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��! W � � ) . � 3 � A - % � # % � � > B � - . �! W � � ) . � 3 � A - % � # % � � > B � - . �! W � � ) . � 3 � A - % � # % � � > B � - . �! W � � ) . � 3 � A - % � # % � � > B � - . �

55

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1 � � � � � � � � � ! " # � $ � � % & ' # (� � � � � � � � � ! " # � $ � � % & ' # (� � � � � � � � � ! " # � $ � � % & ' # (� � � � � � � � � ! " # � $ � � % & ' # ( 5

2 � ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � � 55

3 � ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � � 57

4 � " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / �� ) * � + � , � & � - . / �� ) * � + � , � & � - . / �� ) * � + � , � & � - . / � 59

5 � ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � � 61

6 � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )GG GG 63

7 � & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !� & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !� & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !� & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !GG GG 64

8 � ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )GG GG 65

9 � ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !� ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !� ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !� ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !GG GG 66

10 � & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �G VG VG VG V 67

11 � 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0Breusch-Godfrey Serial Correlation LM

Test� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

68

12 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV 69

13 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

69

14 � & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 70

15 � 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0Breusch-Godfrey Serial Correlation LM

Test� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

71

16 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 71

17 S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� &� &� &� &UU UUOLSVV VV72

Page 12: 1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the capital structure measured by debt ratio and equity ratio on return on assets, in the

� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

18 � ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV 73

19 � 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0Breusch-Godfrey Serial Correlation LM

Test� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

73

20 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� X 0 5 Y Z � ? �� X 0 5 Y Z � ? �� X 0 5 Y Z � ? �� X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ �� ) * � + � " # � $ - � 4 5 0 5 $ �� ) * � + � " # � $ - � 4 5 0 5 $ �� ) * � + � " # � $ - � 4 5 0 5 $ �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV 74

21 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

75

22 � ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 76

23 W $ / T � D > 5 W / 0W $ / T � D > 5 W / 0W $ / T � D > 5 W / 0W $ / T � D > 5 W / 0� 5� 5� 5� 5Breusch-Godfrey Serial Correlation LM

Test� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

76

24 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 77

25 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV $ - �$ - �$ - �$ - �� ) * � + � " # �� ) * � + � " # �� ) * � + � " # �� ) * � + � " # �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

78

26 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �G VG VG VG V

79

27 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � - . / � � " # � $ - �� - . / � � " # � $ - �� - . / � � " # � $ - �� - . / � � " # � $ - �� &� &� &� &UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

80

28 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

81

29 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU� > 5 ? � �� > 5 ? � �� > 5 ? � �� > 5 ? � �� 9 - 1 � = - !� 9 - 1 � = - !� 9 - 1 � = - !� 9 - 1 � = - !VV VV

82

30 � W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0� W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0� W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0� W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0UU UUOLSG VG VG VG V83

Page 13: 1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the capital structure measured by debt ratio and equity ratio on return on assets, in the

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2 � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �56

3. � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �56

4 � � � � � � �� � � � � � �� � � � � � �� � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � �58

5 � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �58

6. � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �60

7 � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �60

8 � � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �62

9 � � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �62

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Page 16: 1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the capital structure measured by debt ratio and equity ratio on return on assets, in the

The Impact of Capital Structure on the Performance of Jordanian Conventional and Islamic Banks for the

Period (1998-2013)

Prepared by: Fuaad Mohammad Abdullah

Supervised by: Dr. Mahmoud Ali Jaradat

Abstract

The aim of this study was to examine the impact of capital structure

on the performance of Jordanian conventional and Islamic banks for the

period (1998-2013).

The study sample consisted of (4) Jordanian banks, including two

conventional banks, and two Islamic banks, where data for the independent

variables (debt ratio, and equity ratio), and for the dependent variables

(return on assets, and return on equity) has been collected, and four linear

regression model have been built to link between the variables of the study.

The results indicated that there is no statistically significant impact

for the capital structure measured by debt ratio and equity ratio on return on

assets, in the Jordanian conventional and Islamic banks, while it was found

that there is a positive statistically significant impact for the capital

structure measured by debt ratio on the return on equity in the Jordanian

conventional banks, and negative statistically significant impact for the

capital structure measured by equity ratio on the return on equity in the

Jordanian conventional banks.

The study recommended that the Jordanian conventional and Islamic

banks are must to finance their banking and investment activities through

increasing the capital, rather than depend on debt, as well as taking into

consideration the characteristics of the nature of the bank before making

financing decisions.

Page 17: 1998L The Impact of Capital Structure on the Performance ...alqashi.com/th/th170.pdf · for the capital structure measured by debt ratio and equity ratio on return on assets, in the

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