THE EFFECT OF THE DETERMINANTS OF PECKING ORDER THEORY ON THE FIRM VALUE MODERATED BY CAPITAL STRUCTURE :AN ANALYTICAL STUDY IN THE IRAQ STOCK EXCHANGE

Main Article Content

Ayad Raheem Ali
Hisham Talaat Abdel Hakim

Abstract

The present study aims to provide a philosophical and applied framework for two key theoretical determinants of the company's capital structure: Pecking order theory, as well as its endeavor to examine and interpret the type of influential relationship between the determinants of the two theories and the firm value under the adoption of the financial structure as an intermediate variable between them.

Article Details

How to Cite
Ayad Raheem Ali, & Hisham Talaat Abdel Hakim. (2023). THE EFFECT OF THE DETERMINANTS OF PECKING ORDER THEORY ON THE FIRM VALUE MODERATED BY CAPITAL STRUCTURE :AN ANALYTICAL STUDY IN THE IRAQ STOCK EXCHANGE. Galaxy International Interdisciplinary Research Journal, 11(7), 127–145. Retrieved from https://internationaljournals.co.in/index.php/giirj/article/view/4277
Section
Articles

References

Adegboyegun, A. E., Ben-Caleb, E., Ademola, A. O., Madugba, J. U., & Eluyela, F. D. (2020). Fair value accounting and corporate reporting in Nigeria: a logistics regression approach. International Journal of Financial Research, 11(2), 301-310.

Alfianita, A., & Santosa, P. W. (2022). The Effect of Dividend Policy, Capital Structure, Profitability, and Growth on Firm Value. Journal of Accounting, Management, and Economics Research (JAMER), 1(1), 1-18.

Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The journal of finance, 57(1), 1-32.

Brealey, Richard A., Myers, Stewart C. & Marcus, Alan J.(2018). (Fundamentals of Corporate Finance), 9th ed, McGraw-Hill Education, USA.

Brealey, Richard A., Myers, Stewart C.& Allen, Franklin,(2017), (Principles of Corporate Finance), 12th ed, McGraw-Hill Education, USA.

Hacini, I., Mohammedi, K., & Dahou, K. (2022). Determinants of the capital structure of small and medium enterprises: Empirical evidence in the public works and hydraulics sector from Algeria. Small Business International Review, 6(1), e408.

Hermuningsih, S. (2016). Profitability, growth opportunity, capital structure and the firm value. Bulletin of Monetary Economics and Banking, 16(2), 115-136.

Heydari, A., Hematfar, M., & Janani, M. H. (2021). Application of Nonlinear Mathematical Modeling in Panel data analyses of the pecking order theory in capital structure Using Multiple Regression: Evidence from the Tehran Stock Exchange. International Journal of Nonlinear Analysis and Applications, 12(2), 2383-2401.

Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability, International Journal of Economics and Business Administration, Volume VII, Issue 1, pp. 174-191.

Jiang, Jiaxu, Dong, Futang& Du, Bingxin.(2018). Analysis on the Factors Affecting the Capital Structure of Small and Medium-Sized Enterprises in China, American Journal of Industrial and Business Management, Vol. 8, No. 1, pp. 156-162.

Khan, Y., Zafar, S., & Ayaz, M. B. (2022). The Effect of Firm Size, Investment Opportunity Set, and Capital Structure on Firm Value. International Journal of Social Science & Entrepreneurship, 2(2), 32-46.

Melicher, Ronald W.& Norton, Edgar A. (2017).(Introduction to Finance: Markets, Investments, and Financial Management), 16th ed, John Wiley & Sons, Inc., USA.

Mursalim, M., Alamzah, N., & Sanusi, A. (2015). Financial Decision, Innovation, Profitability and Company Value: Study on Manufacturing Company Listed in Indonesian Stock Exchange. Information Management and Business Review, 7(2), 72-78.

Pertiwi, S., Rahmawati, I. Y., Darmawan, A., & Innayah, M. N. (2023). Effect of Profitability, Firm Size and Liquidity on Firm Value With Capital Structure as Intervening Variable. Media Ekonomi, 22(2), 37-58.

Santosa, P. W., Aprilia, O., & Tambunan, M. E. (2020). The intervening effect of the dividend policy on financial performance and firm value in large indonesian firms. International Journal of Financial Research, 11(4), 408-420.

Waluyo, W. (2017). Firm size, firm age, and firm growth on corporate social responsibility in Indonesia: The case of real estate companies, European Research Studies Journal Volume XX, Issue, 363.

Zach, F. J., Nicolau, J. L., & Sharma, A. (2020). Disruptive innovation, innovation adoption and incumbent market value: The case of Airbnb. Annals of Tourism Research, 80, 102818.

Wibowo, I. A., & Surjandari, D. A. (2023). Capital Structure, Company Size and Profitability Influence on Company Value with Managerial Ownership as Moderation Variables. International Journal of Social Service and Research (IJSSR), 3(1), 1-14.

Yasmi, Y., Novita, D., & Usman, A. (2023). Teori Pecking Order: Pilih Utang atau Ekuitas?. YUME: Journal of Management, 6(1), 275-280.

Sumail, O., & Akob, R. A. (2022). The Testing Of Pecking Order Theory For Behavior Financing In The Company's Life Stage. Jurnal Keuangan dan Perbankan, 26(3), 580-598.

Vasiliou, D., Eriotis, N., & Daskalakis, N. (2009). Testing the pecking order theory: the importance of methodology. Qualitative Research in Financial Markets, 1(2), 85-96.

Hastutik, S., Soetjipto, B. E., Wadoyo, C., & Winarno, A. (2022). Trade-Off and Pecking Order Theory of Capital Structure in Indonesia: Systematic Literature Review. Journal of Positive School Psychology, 5585-5597.

Oktaviani, M., Mochklas, M., & Fahmi, E. (2020). Pecking Order Theory as a Strengthening Capital Structure, ICBLP, February 13-14, Sidoarjo, Indonesia, Copyright © 2019 EAI.

Molla, M. E. (2019). Factors Influencing Capital Structure on Firm’s Value: A Study on DSE Listed Companies. International Journal of Science and Business, 3(1), 37-51.

Ross, S. A. (2008). Fundamentals of corporate finance/Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan. 8th edition. McGrow Hill/Irwin.

Thuranira, M. G. (2014). The effect of retained earnings on the returns of firms listed at the Nairobi Securities Exchange (Doctoral dissertation, University of Nairobi).

Nenu, E. A., Vintilă, G., & Gherghina, Ş. C. (2018). The impact of capital structure on risk and firm performance: Empirical evidence for the Bucharest Stock Exchange listed companies. International Journal of Financial Studies, 6(2), 1-29

Kengatharan, L., & Koperunthevy, K. (2022). Pecking Order and Static Trade-Off Models of Capital Structure: An Empirical Examination of Sri Lankan Listed Companies, Journal of Emerging Financial Markets and Policy, vol. 1, no.1.