Zertun and Tian (2007) investigated the effect which capital structure has had on corporate performance using a panel data representing a sample of 167 Jordanian companies during 1989-2003. The study showed that a firm's capital structure had significantly negative impact on the firm's performance measures, in both the accounting and local measures. Ebaid (2009) investigates the impact of capital structure choice on performance of 64 firms» from 1997 to 2005 in the Egyptian capital market. He employs three accounting-based measures; including ROA, ROE and gross profit margin, and concludes capital structure choices, generally, has a weak-to-no impact on firm performance.
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