محددات الهيكل التمويلي في الشركات المساهمة العامة الفلسطينية

This study aims to identify the determinants of the financing structure of the joint stock companies in Palestine. The hypotheses were developed in the light of three theories of the financing structure, namely, the differentiation theory, agency theory, and arrangement theory, in addition to the practical results of previous studies. The data of Palestinian non-financial companies were used from 2005 to 2013 in an unbalanced sample with two dimensions, time and sectional to test these hypotheses using standard models that include the introduction of fixed effect, random effect, or no effect. The results showed that the size of the company, growth opportunities, and the percentage of tax-reduced items, excluding interest, affect positively on Borrowing ratio, as for profitability, negatively affects borrowing, and most of these results are consistent with the ranking theory, where it was found that the factors related to the ranking theory were stronger than what is usually found in other countries, and this is an indication of the depth of the problem of information asymmetry in the Palestinian market, and this calls for Companies first and market regulators secondly to be interested in creating trust with the investor by providing data that serves him in decision-making, and this needs to develop the accounting profession and build in a manner Actual clear and binding accounting standards, which will open the door in the future to an active market for bonds and shares that serves companies in financing their projects, and not just for speculation by investors.