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The Impact of the Financial Structure of Jordanian Public Shareholding Companies on its
Profitability and Dividends Policies (An Empirical Study)
Prepared by Islam Faisal Ahmad
Supervised by
Prof .Mohammad Matar
Abstract
This study aims at revealing the impact of the financial structure of a
diverse group of Jordanian public shareholding companies listed on the
Amman Financial Market on profitability represented by earning per share
(EPS), and on the policies of the distributions of profits represented by
Dividends per Share (DPS).
In order to achieve the objectives of the study, this researcher relied on
published financial data of a random sample of (75) companies for the period
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ن
2007P2009. The necessary data to conduct the study, namely, the financing
structure expressed by debt, the corporate profitability expressed by earning
per share, and finally the policies expressed by the dividends per share were
amassed via a scientific statistical method conducted by the researcher.
Statistical methods were used to analyze the data, specifically simple
regression by using the statistical package SPSSPVersion 18. In addition,
other methods were used such as the descriptive statistics method (mean,
standard deviations, the highest value, lowest value).
After analayzing the data and testing the hypotheses, the main findings were
the following results:
First, regarding the relationship between the financial structures of the Public
Shareholding Companies in Jordan included in the study sample and their
profitability shows that there is no relationship statistically significant between
the independent variable represented by debt (DR) and the dependent
variable represented by earnings per share (EPS). This result was found for
companies in all three sectors investigated (industrial, financial, and service).
However, the relationship between these two variables (DR and EPS) varies
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between the different sectors represented in its correlation coefficient (R).
They also differ in direction represented by the type (R) positive or negative.
The results also showed that the ability of manager of jordaninan public
shareholding companies to use debt for generating profits varied as per
sector.
Second, regarding the relationship between the financial structure of the
Public Shareholding Companies in Jordan and their policies to distribute
profits, the study showed that there is no relationship of statistical
significance between the independent variable (DR) and the dependent
variable policies of dividends (DPS). The study shows that the ratio of
distributed dividends between the three sectors is varied. The Financial
Sector ranked first in the proportion of dividends distributed to its
shareholders. This indicates that the manager in the other two sectors
(Industrial and Service companies) have failed in using the borrowed money
to make profits and thus in their ability to distribute dividends to their
shareholders.
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- ���� )Gordon ,2001 ( 5���� "Capital Structure and Firm Value "
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- ����) Maury & Pajuste , 2002 ( 5���� "Controlling shareholders,
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- ����)Welch 2004 ( 5���� "Capital Structure and Stock Returns"
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- ����)(Mcmillan, 2005 5���� " Time Variation in the Co integrating
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*, ���L� 5���a��� ��� ��B�&� � 1� ) α ≤0.05.(
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53
4232121 �E���� ����� ��(�,� h121 " ���� O�d �O� ��= ����� �fE �����*� ?*������ %��4�� ��( �&�� ����� �"�0���
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Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .183a
.034 -.020 .55371
E;�� ������ ���2 �L��� � .(� :
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta Sig.
(Constant) .474 .350 .193 1
VAR00001 -.007 .009 -.183 .439
Model Sum of Squares df Mean Square F Sig.
Regression .192 1 .192 .627 .439a
Residual 5.519 18 .307
1
Total 5.711 19
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54
1P�/ 5% �)F ( ��� ����� )0.627(�_&� �� ��2 �� �2�� ����/ 5 ���
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55
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Model R R Square Adjusted R Square Std. Error of the Estimate
1 .282a
.079 .046 .65069
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56
Regression 1.020 1 1.020 2.410 .132a
Residual 11.855 28 .423
1
Total 12.875 29
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta Sig.
(Constant) -.019 .239 .936 1
VAR00001 .006 .004 .282 .132
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57
2P ����� ��� ��? e��� c�@#�1 5� D ,�)R² ( ���)0.079 ( 5L� ���� ��
���@� ��� "���/ a���� 1 ����� ���� ��� �?�� ��_� � I��� ��_�
7.9 %_� ��/ � I��� �/ �� ���_� 5 5 7��� '�� �&� ��� A��� ��
����� ,���� � ��� 5���_� 5�,� 5�� �/(� +�; 0�;�� �����. c�@#� 0�;��
1 � ��� ����1 ��� ��/ ��� ����)β ( �� �� )0.006.(
4232122 �E���� ����� ��(�,� h123
"d �O� ��= �fE ���� O ��( �&��������*� ?*������ %��4��'� ����� �"�0��� ����
( f@�� ?��,�� ������( *�������0�� ��(�� �������� �*� ������� �40�� �� ?6 *@��
'� �� A����� C�(�)EPS ( �O� ���0� ��E (α ≤0.05)"
� 5�� �/(� ���@� -��� ����1 ����� '�#���� I��� '�/� ��� ���# ������ �����
�� 7��� '�� ��� �B�� � ������� ,�� ���"2B��� :
C�(�'� �� A����� �40�� �� � ?��,�� ������( *����� �����*� ?*������ %��4�� ��( �f���
��� %��� )427(
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .048a
.002 -.041 .13840
Model Sum of Squares Df Mean Square F Sig.
Regression .001 1 .001 .053 .820a
Residual .441 23 .019
1
Total .442 24
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58
��� � .(� ���2 E;�� :
1P ��/ 5% )F ( ��� ����� )0.053 (�_&��� ��2 �� �2�� ����/ 5 ���
)4.279( ��� � 1� a��� 5� �� )0.82 ( ��� ����#1 ����� a��� 5 ����
)0.05 .(? >���� , =���� �?��� ��� % ��� ��? ����@ ���@& ��;�@ ���/ 82��
�� �� )h01P3 ( "�� ���� ���% � 1� �, ����� �/(� �2�� 1 -��� 5�� ��B�&�
�&� -���� ���� � � �� ���# ������ ������ ����� D�� ����� 5 '��
�����
2P. -����� ��� 5%)R ( ��� 5���_� 5�,� 5��)0.048 (� � % � �;9�� 0�2 +��; "�
� �� 0�2 �@��; 5���_� 5�,� 5�� �/(� 5� � % ���� � 8 ��0�;�� ����� ���. ,��
9 5� ���� =��9 �� ���� ���# ����� � � =�� � ��� �/ �����& �����
1 A � ��� 5 =��@�� D�� ��� 0���� ���� F�� ��� �� ������� 5���� � � �
����� 5 4?� �B�� ����2� 5��� ��� �� � �� ��� � =�B�@ 5� �����
�;��? ���.
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta Sig.
(Constant) .096 .054 .090 1
VAR00001 .000 .001 -.048 .820
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59
3P ����� ��� ��? e��� c�@#�1 5� D ,�)R² ( ���)0.002 ( 5L� ���� ��
_� � I��� ��_� ���@� ��� "���/ a���� 1 ����� ���� ��� �?�� ��
0.2 % 7��� '�� �&� ��� A��� ��_� ��/ � I��� �/ �� ���_� 5
����� 5 ,���� � ��� 5���_� 5�,� 5�� �/(� +�; 0�;�� ����.� 0�;�
1 � ��� ����1 ��� ��/ c�@#� ��� ����)β (� �� �� )0.000 (.
42322 ����� ��(�,� &��� �0 ���@��H0 " %��4�� ��( �&���� �O� ��= ����� �fE ���� O ����� �"�0��� �����*� ?*������
����'� *@�� ( �0�����0� �������� �4��0 *@�� C�(�'� D�-�� ?6 �0���( �� �40�� ��
����-����)DPS( �O� ���0� ��E )α ≤0.05"(
����1 ����� '�#�� '� ��;�@ ����#1�-��� 4?��� ���_�� ��� ���L� a� 5
)����� ���� (5�� � �?�� ��_�� ��,�#�� ������� 5 '�� �&�)DPS.(
%���)428(
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60
������� 5 '�� �&�� ����� ���� 5�� �/(� ��� =���� ����2 ���� a��� ��� =
• d �O� �= ��@���� ���� �&��� ���0� ��E)α ≤0.05.(
1P ��/ 5%)F ( ��� ����� )0.083 ( ��� �� ��2 �� �2�� ����/ 5 �_&�
)3.98 ( ��� � 1� a��� 5� ��)0.774 ( ��� ����#1 ����� a��� 5 ����
)0.05 .( �?��� ��� % ��� ��? =���? >���� , 82��� ���@& ��;�@ ���/
���B� ����� ) H02 (��� ��� "�� �% � 1� �, ����� �/(� �2�� 1 5�� ��B�&�
����� ��� =��� =���� ����2 ���� � � �� ������ ������ ����� -���
������ )DR ( ������� 5 '�� �&� -����)DPS ( ����� D�� .
2 P� 5% 1 �� -����)R (5���_� 5�,� 5�� ��� )0.034 (� 5%�� 1% ��2� 5� "�
��� 82� ��� �� 5�� 5��� 4��- 5� ���� ����� 5� ���� � 0����� +��;
������ 5 '�� �&�=���� ����2 ���� � ������ � ���L� ,� 5� 1% =���
+��;.
3 P c�@#�1 5� D ,� ��� ����� ��� ��? e��� )R² ( ���)0.001 (���� ��
���@� ��� "���/ a���� 1 ����� ���� ��� �?�� ��_� � I��� ��_� 5L�
���_� )R( ���-����1
)B( �������1
)D F( �2������
R2 ��������
)F( �����
Sig a���� 1�
���� �����
0.034 0.000 1 0.001 0.083 0.774
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61
0.1 % 5 '�� �&� ��� A��� ��_� ��/ � I��� �/ �� ���_� 5
����� ������� ,5�,� 5�� �/(� +�; 0�;�� ����� 0�;�� .���� � ��� 5���_�
���1 ��� ��/ c�@#�1 � ��� � ��� ����)β ( �� �� �)0.000.(
4232221 �E���� ����� ��(�,� h221
"�/(� �2�� 1 ����� � 1� �, ��B�&�% 5�� ����� ���� ��������� ���� 1 �����
����& K�-? � ���� (�-���������� � �������� ����� A���� � ��� -����
������� 5 '�� �&�) DPS(� 1� a��� ��� )α ≤0.05 ("
C�(�'� �� A����� �40�� �� � ?��,�� ������( *����� �����*� ?*������ %��4�� ��( �f��� ��� %��� )429(
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .177a
.031 -.022 .17245
Model Sum of Squares df Mean Square F Sig.
Regression .017 1 .017 .583 .455a
Residual .535 18 .030
1
Total .553 19
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta Sig.
1 (Constant) .189 .109 .100
VAR00001 -.002 .003 -.177 .455
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62
1P ��/ 5% )F ( ��� ����� )0.583 (�_&� ��� �� ��2 �� �2�� ����/ 5
)4.413 ( ��� � 1� a��� 5� ��)0.455 ( ��� ����#1 ����� a��� 5 ����
)0.05 .( �?��� ��� % ��� ��? =���? >���� , 82������/ ��@& ��;�@ � �
������ ����� -��� 5�� ��B�&� � 1� �, ����� �/(� �2�� 1 "�� ����
������ ������ �����& ������ ����� ��� ���� � � �� )DR ( -����
������� 5 '�� �&�)DPS ( ����� D�� .
2P 1 ��� 5% -����)R (��_� 5�,� 5�� ��� 5�)0.177 ( 8 �� "�� �� 0����� +��;
� 5 �����& ����� � ���� ���� 5�� �� �� �@��; �/(� � % ���� � 0�;�
� ��2������� 5 '�� �&�,9 5� ���� � =��� � ��� ����� D��
5 '�� �&� =���� ��� ��� �� � ����� =���� 5��� �(_�� �������
)DPS.(
3P ����� ��� ��? e��� c�@#�1 5� D ,�)R² ( ���)0.031 ( 5L� ���� ��
���@� ��� "���/ a���� 1 ����� ���� ��� �?�� ��_� � I��� ��_�
3.1 % ��� A��� ��_� ��/ � I��� �/ �� ���_� 5 '�� �&� 5
������������ ,���� � ��� 5���_� 5�,� 5�� �/(� +�; 0�;�� �����. 0�;��
1 � ��� ����1 ��� ��/ c�@#� ��� ����)β ( �� �� �)0.002P.(
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63
4P ��/ 5� �# 8��2 5 )β ( �� �� )0.002P (% ���� ��_� 5�� �� �� �/(� �
�����& ������ ����� ���� �� � �?�� 5 '�� �&� ��� A��� ��_� �
�������=��9 �� ���� � �����K�-? D , � ���� �� ����� 5 �
� ���� ��� '��� ���� �;��? ��� ��� ��� �� �� �� �;9 �B�@ 5� 0�;�
������� 5 01�� ����� c@# � % 7��� �;��? �� �;9.� �� ��� ��� =��? '��
5���� ��� ����� A����.
4232222 �E���� ����� ��(�,� h222
"�/(� �2�� 1 ����� � 1� �, ��B�&�% 5�� ����� ���� ��������� ����
� ����� � � K�-? ���� � (�-��������� � ��������� ��� ����� A���� � -���
������� 5 '�� �&�)DPS(� 1� a��� ��� )α ≤0.05 ("
ا��D3. ��2 ا�,��- ا��$���� و �;. ا�&,: �� ا���ز���ت ����آ�ت ا�$&�ه$. ا����. ا=رد�7. ا�����. '� ا�%�ع ا�$��� )F)4-10ول
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .232a
.054 .020 .07287
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64
1 P ��/ 5% )F ( ��� ����� )1.592 ( ��� �� ��2 �� �2�� ����/ 5 �_&�
)4.196 ( ��� � 1� a��� 5� ��)0.217 ( ��� ����� a��� 5 ����)0.05 .(
�?��� ��� % ��� ��? =���? >���� , 82���/ 5� ����� ����@ ���@& ��;�@ ���
�� ����� ��;�@ c � '�)Ha ( � 1� �, ����� �/(� �2�� 1 "�� ���� ���% ��B�&�
5 '�� �&� -���� ���� � � �� �� � ������ ������ ����� -��� 5��
����� D�� ������� .
2 P -����9 ��� 5% )R(� 5�,� 5�� ��� 5���_)0.232 (��2� "�� �� a�/�� 0�;�
� ����� ���� 5�� �/(� 5� ���� �����& ������ ���� �� ��� "��� 5�� �
���� � ����- ����� ������� � ��������� ����� D��� � % � ����� =��% 5
? 1 � � �� � % ��2� � � K�- ������� 5���� � � � A � ��� 5 =��@��
������� 5 '�� �&� =���� � �� ���. >(� AB�� ��� �� � �� �B�@ 5� D ,
AB�� D�� ����� 5 �??� �B�� 5 �/�.
Model Sum of Squares df Mean Square F Sig.
Regression .008 1 .008 1.592 .217a
Residual .149 28 .005
1
Total .157 29
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta Sig.
(Constant) .052 .027 .061 1
VAR00001 .001 .000 .232 .217
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65
3 P ����� ��� ��? e��� c�@#�1 5� D ,�)R² ( ���)0.054 (L� ���� �� 5
���@� ��� "���/ a���� 1 ����� ���� ��� �?�� ��_� � I��� ��_� 5.4 %
5 '�� �&� ��� A��� ��_� ��/ � I��� �/ �� ���_� 5������� , �����
���� � ��� 5���_� 5�,� 5�� �/(� +�; 0�;��. ����1 ��� ��/ c�@#�% 0�;��
��� 1 � ��� ����)β ( �� �� )0.001.( ���-�� K�-? ,� � ���� ����� �
���� ������� 5 '�� �&� 5���� �;��? ��� '��#��� � �� � 5 �;
����& K�-? .
4232223 �E���� ����� ��(�,� h223
"�/(� �2�� 1����� � 1� �, ��B�&�% 5�� ����� ���� ������ ��� ����
��# K�-? � ���� ������ (� -���������� � �������� ��� ����� A���� �
-����������� 5 '�� �&�) DPS(� 1� a��� ��� )α ≤0.05 ("
#1��� I��� '�/ .(�L� ��;�@ ����� ����1 ����� '�#��-�� ,� ���0�"2B��� :
��Jع ا��% ا��D3. ��2 ا�,��- ا��$���� و �;. ا�&,: �� ا���ز���ت ����آ�ت ا�$&�ه$. ا����. ا�����. '� ا� :Dول رF)4-11(
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .075a
.006 -.038 .06558
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66
��Jع ا��% ا��D3. ��2 ا�,��- ا��$���� و �;. ا�&,: �� ا���ز���ت ����آ�ت ا�$&�ه$. ا����. ا�����. '� ا� :Dول رF)4-11(
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .075a
.006 -.038 .06558
Model Sum of Squares df Mean Square F Sig.
Regression .001 1 .001 .129 .723a
Residual .099 23 .004
1
Total .099 24
1P ��/ 5% )F ( ��� ����� )0.129 ( ��� �� ��2 �� �2�� ����/ 5 �_&�
)4.279 ( ��� � 1� a��� 5� ��)0.723 ( ��� ����#1 ����� a��� 5 ����
)0.05 .(�� % ��� ��? =���? >���� , � �?��� � ����@ ���@& ��;�@ ���/ 82��
�� �� )h02P3 ( "�� ���� ���% � 1� �, ����� �/(� �2�� 1 -��� 5�� ��B�&�
������� 5 '�� �&� -���� ���� � � �� ���# ������ ������ �����
����� D��
2P. -����� ��� 5%)R ( ��� 5���_� 5�,� 5��)0.075 (� � % � �;9�� 0�2 +��; "�
8 ���� � ���� �� 0�2 �@��; 5���_� 5�,� 5�� �/(� 5� � % �������0�;�� . ,��
9 5� ���� =��9 �� ���� ���# ����� � � =�� � ��� �/ �����& �����
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta Sig.
(Constant) .057 .026 .036 1
VAR00001 .000 .001 -.075 .723
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67
1 ��� � =�B�@ 5� ������� 5 '�� �&� 5���� � � � A � ��� 5 =��@��
��� �� � �� � �� ��� �;��? ��� ����� 5 4?� �B�� ����2� 5��� c�@#�
% ������% ����� � % 7��� � �??� �����D�� =������� A���� ��/ � ����� .
3P ����� ��� ��? e��� c�@#�1 5� D ,�)R² ( ���)0.006 ( 5L� ���� ��
� ��_� ���@� ��� "���/ a���� 1 ����� ���� ��� �?�� ��_� � I��0.6 % 5
������� 5 '�� �&� ��� A��� ��_� ��/ � I��� �/ �� ���_� , 0�;�� ����
��� 5���_� 5�,� 5�� �/(� +�; � ��� ����1 ��� ��/ c�@#� 0�;�� .���� �
1� ���� ��)β ( �� �� )0.000. (
424 +,*� 0����� ����)��� ?����� %�*����
���2 ��e� L�&#� .���0� ���� CB��� ��@&� =���, ���;�@ ����# ��?��� .
'/� ���2)4P12(
K�-? ���_� ����� -�� Mean
+����7����
Std
8����
����& DR EPS DPS
0.360 0.215 0.111
0.140 0.549 0.171
���� ���� ��
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68
� � DR EPS DPS
0.510 0.302 0.082
0.300 0.666 0.074
�� �� ����
��# DR EPS DPS
0.350 0.085 0.049
0.210 0.136 0.064
I �� I �� I ��
425 +,*� �E���� 0����� ����6 ��(�,�
1 ,� +�� 5� ����#��;� ���� '/� ���2 � )4P13 (,5� 0�&#� ����# CB���
����@ ���;�@ 0�?��� ������# '� ��
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2. F����, +-��)2008 ("��00c�*� ������ `���#�� %������", ��@ �� ���2 –
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12. ���� , 4�@�)1993(, "%������ `�@c��� F*E �� �40�� �� C�(�'� ������ �����*�
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19. �-, ��) 2010(," ?����� %�*���� ?6 @����� ��"���'�?����&O�� , ����0'�
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N�@��@: D������ �������#� 1. http://www.ase.com.jo/ 2. http://www.nationalagenda.jo/tabid/62/Default.aspx?Location=1 3. http://www.projectPsyndicate.org/commentary/shiller22/Arabic 4. http://ar.wikipedia.org
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BOJX 88.93 88.66 88.780 -)' ا&ردن 5
AJIB 81.51 82.21 84.340 -)' ا&, 23/ر ا�.�-� ا&رد$� 6
THBK 82.27 83.22 84.130 -)' ا&,#/ن �7 6/رة و ا� 2"!4 7
CABK 89.01 89.64 89.860 -)' ا�:/ه�ة 28/ن 8
EXFB 81.66 79.34 80.640 -)' ا�2/ل ا&رد$� 9
ABCO 87.13 85.5 84.250 -)' ا�2?,<� ا�.�-;� ا�2=�>;� ا&ردن 10
EMAR 37.52 45.1 33.320 إ28/ر �7 @"!� و ا&, 23/ر ا�.:/ري 11
12 �BراCا&01/د � @"!� ا ULDC 23.06 32.11 30.850
JOMC 44.97 58.24 63.460 ا&رد$;� �+دارة وا&, �/رات 13
14 �==E 2ا� 26./ت ا&, 23/ر!� ا� SPIC 57.11 62.05 57.640
DERA 18.97 14.75 6.450 ا�F!�ة �+, 23/ر وا� @"!� ا�.:/ري 15
VFED 11.19 9.37 11.430 ا��/*�E �+, 23/ر ا�.:/ري و ا�2/�� 16
17 G;*H7 ـ� J,ا���ق ا&و MEIN 40.26 47.13 47.570
18 G;*H 7� �-�.ا���ق ا� AALI 54.88 56.54 59.140
ARIN 60.12 62.3 59.410 ا�.�ب �L78 G;*H 7 ا�0;/ة 19
20 G;*H 7� �;$/2�&ا�.�-;� ا AGICC 71.73 68.55 71.830
21 G;*H 7� �;-ا�.�-;� ا&ورو AMMI 50.02 51.35 57.510
AFIN 49.55 27.28 50.810 ا�.�-;� �+, �/رات ا�2/�;� 22
UCFI 19.84 46.56 65.250 ا�F0 2ة �+, 23/رات ا�2/�;� 23
COHO 7.91 4.55 4.960 ا��N/.2ون ��27/ر!M ا&,#/$;� 24
JOMA 0.27 0.95 8.380 ا�2"ارد �7 )2;� و ا&, 23/ر 25
26 G;*H 7� �-�.ا�)<� ا� AAIN 37.51 42.61 43.030
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83
27 O>;P$أ*"ال ا AMWL 18 13.01 44.270
F28 AMAD 5.94 5.7 2.590 �+, 23/ر و ا� )2;� 28
Q1 THMA 1.7 14.13 14.490/*� �+, 23/رات ا�2/�;� 29
FRST 2.63 37.98 24.890 اCردن اCو�L �+, 23/ر 30
D 2007 2008 2009ــــ%ــــ�ع ا�ــJــ�ـــ�ت
JTEL 38.08 38.49 39.43 ا&1=/&ت ا&رد$;� 31
32 �;R/;>ا� M!ا&ردن � @"!� ا��2/ر JPTD 44.46 48.82 48.44
33 �R/;>(ا&رد$;� �+, 23/ر و ا�):4 ا�/Pا�( ALFA 15.52 26.27 21.62
34 �==E 2ا&رد$;� �+, 23/رات ا� SIJC 32.63 38.9 36.92
JOPP 35.97 38.11 42.66 )ا�F, "ر(0/>� و ا�)�� ا&رد$;� �7= 35
AIFE 47.57 37.6 34.35 ا&,�اء �S;7. 7 وا&, 23/ر 36
37 M!ا&ه7;� ��27/ر ABLA 23.28 41.2 9.56
38 �;(U"ول ا�� )ا� NAPT 6.77 7.97 12.42
FTGR 85.25 97.45 95.53 ا�(�0!);� ا&رد$;� �7 :);� و ا&1=/&ت 39
ABMS 19.54 23.22 19.78 (+د �FE7*/ت ا�@(;� ا� 40
JOTF 38.41 46.88 39.26 ا� <Q;+ت ا� 6/ر!� ا&رد$;� 41
SHIP 33.8 38.28 39.96 ا�E@"ط ا�(�0!� ا�"U);� ا&رد$;� 42
ICMI 13.26 31.6 37.87 ا�Fو�;� �+, 23/رات ا�@(;� 43
ZEIC 31.59 25.54 22.18 ا�WرV/ء �S;7. 7 و ا&, 23/ر 44
AIPC 6.19 6.63 5.89 ا���ق ��27/ر!M ا&, 23/ر!� 45
AIEI 27.23 26.05 26.98 ا�.�-;� ا�Fو�;� �S;7. 7 و ا&, 23/ر 46
AIHO 11.54 14.5 14.77 ا�.�-;� ا�Fو�;� �P7)/دق 47
JOHT 28.7 17.49 30.12 ا�P)/دق و ا�<;/�R ا&رد$;� 48
JOEP 73.52 77.68 80.17 ا�#�Q-/ء ا&رد$;� 49
OX( JETT 9.58 16.03 15.64(ا�):7;/ت ا�<;/R;� ا&رد$;� 50
LIPO 4.07 13.2 37.77 ا$6/ز �7 )2;� و ا��2/ر!M ا�F. 2دة 51
52 �Y-/:زارة �+, 23/ر ا� ZARA 40.09 43.96 42.49
RJAL 66.97 79.19 71.64 8/�;� ا�E@"ط ا�6"!� ا�72#;� ا&رد$;� 53
54 �R/;>26"�8 رم �7):4 و ا&, 23/ر ا�* RUMM 46.04 39.91 37.87
F* ITSC 10.51 29.47 32.16ارس ا&01/د 55
D 2007 2008 2009ـــ%ــــ�ع ا�ــــ;ــــ1ـــ�Oـــــ.
ARWU 41.38 34.44 19.82 ا01/د ا�)</X"ن ا�.�ب 56
UADI 43.35 50.53 37.67 ا&01/د �7=)/8/ت ا�2 @"رة 57
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84
58 Z;-/$&ا&رد$;� �=)/�8 ا JOPI 23.87 44.32 44.23
JODA 22.36 16.55 15.32 ا&�(/ن ا&رد$;� 59
APOT 28.4 26.49 19.22 ا�("1/س ا�.�-;� 60
MPHA 44.21 51.86 49.99 ا���ق ا&و,J �7=)/8/ت ا�Fوا];� و ا�#;2/و!� 61
UNIC 10.75 8.93 8.05 ا�./�O8/(=7� �;2 ا�#;2/و!� 62
AALU 32.61 31.7 24.45 )ارال(ا�.�-;� �=)/�8 ا&�2);"م 63
MBED 31.57 26.88 27.97 ا�.�-;� �=)/�8 ا�F;)2ات وا&دو!� ا�(;@�!� 64
INOH 53.33 62.52 60.55 ا�2 #/*�7 ��27/ر!M ا�F. 2دة 65
JOIR 22.44 38.39 17.61 ا�2"ارد ا�=)/8;� ا&رد$;� 66
67 �;[/-�Q#�8 ا�#"ا-4 وا&,+ك ا�/(=� �;(U"ا� WIRE 28.37 36.15 31.93
68 GXواF7� �;(U"ا� NATP 27.34 25.36 17.67
F!FR JOST 19.67 44.49 42.19 ا&ردن 69
DADI 18.37 24.78 38.97 دار ا�Fواء �7 )2;� و ا&, 23/ر 70
NDAR 34.24 43.59 49.53 دار ا�[\اء 71
M$/= UTOB 39.87 47.07 38.7 ا&01/د &$ /ج ا� (^ و ا�<6/]� * 72
M$/=* JOCM 35.51 32.86 33.7 ا&,O(2 ا&رد$;� 73
M$/=* JVOI 67.47 67.15 68.87 ا�W!"ت ا�)(/1;� ا&رد$;� 74
M$/=* JOPC 46.88 49.22 48.44 ا�"رق وا�#�1"ن ا&رد$;� 75
ـ��Lات ا�ــ�ــ�2ــ�ــ.ا�ـــ$ــ�ـ ا�: ا���آ.
EPSا�&,: �� ا=ر�2ح .;�
ا�ـــــــــ%ــــ�ع ا�ـــ$ــــ��ـــ�
Nا���
2007 2008 2009
JOKB 0.590 0.460 0.440 ا�()' ا&رد$� ا�#"! �
JOIB 0.350 0.430 0.280 ا�()' ا&,+*� ا&رد$�
ARBK 0.940 0.670 0.470 ا�()' ا�.�-�
UBSI 0.150 0.160 0.160 -)' ا&01/د
BOJX 0.240 0.330 0.270 -)' ا&ردن
AJIB 0.070 0.120 0.110 -)' ا&, 23/ر ا�.�-� ا&رد$�
THBK 0.430 0.380 0.240 -)' ا&,#/ن �7 6/رة و ا� 2"!4
CABK 0.280 0.250 0.290 -)' ا�:/ه�ة 28/ن
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85
EXFB 11.000 0.110 0.020 -)' ا�2/ل ا&رد$�
ABCO 0.190 0.150 0.130 .�-;� ا�2=�>;� ا&ردن-)' ا�2?,<� ا�
EMAR 0.690 0.030 0.010 إ28/ر �7 @"!� و ا&, 23/ر ا�.:/ري
�BراCا&01/د � @"!� ا ULDC 0.090 0.070 0.010
JOMC 0.080 0.150 0.150 ا&رد$;� �+دارة وا&, �/رات
�==E 2ا� 26./ت ا&, 23/ر!� ا� SPIC 0.130 0.000 0.030
DERA -0.010 0.440 0.030 ا�F!�ة �+, 23/ر وا� @"!� ا�.:/ري
VFED 0.260 0.430 0.100 ا��/*�E �+, 23/ر ا�.:/ري و ا�2/��
G;*H7 ـ� J,ا���ق ا&و MEIN 0.210 0.030 0.060
G;*H 7� �-�.ا���ق ا� AALI 0.150 0.180 0.180
ARIN 0.110 -0.030 0.010 ا�.�ب �L78 G;*H 7 ا�0;/ة
G;*H 7� �;$/2�&ا�.�-;� ا AGICC 0.100 -0.200 -0.100
G;*H 7� �;-ا�.�-;� ا&ورو AMMI 0.220 0.100 0.020
AFIN 0.350 0.360 0.300 ا�.�-;� �+, �/رات ا�2/�;�
UCFI 0.210 0.760 0.290 ا�F0 2ة �+, 23/رات ا�2/�;�
COHO 0.160 0.060 0.070 ا��N/.2ون ��27/ر!M ا&,#/$;�
JOMA 0.000 0.130 0.070 ا�2"ارد �7 )2;� و ا&, 23/ر
G;*H 7� �-�.ا�)<� ا� AAIN 0.210 0.210 0.150
O>;P$أ*"ال ا AMWL 0.120 -0.050 0.160
F28 AMAD 0.270 0.250 0.230 �+, 23/ر و ا� )2;�
Q1 THMA 0.050 0.020 -0.290/*� �+, 23/رات ا�2/�;�
Lو�Cردن اC23/را ,+� FRST 0.070 -0.270 -0.160
D 2007 2008 2009ــــ%ــــ�ع ا�ــJــ�ـــ�ت JTEL 0.38 0.4 0.42 ا&1=/&ت ا&رد$;�
�;R/;>ا� M!ا&ردن � @"!� ا��2/ر JPTD 0.21 0.18 0.02
�R/;>(ا&رد$;� �+, 23/ر و ا�):4 ا�/Pا�( ALFA -0.06 0.05 0.01
SIJC 0.02 0.02 0.02 ت ا�E 2==�ا&رد$;� �+, 23/را
JOPP 0.32 0.09 0.05 )ا�F, "ر(ا&رد$;� �7=0/>� و ا�)��
AIFE 0.23 0.19 0.26 ا&,�اء �S;7. 7 وا&, 23/ر
M!ا&ه7;� ��27/ر ABLA -0.05 -0.02 0
�;(U"ول ا�� )ا� NAPT -0.24 -0.09 -0.12
FTGR -0.19 -0.62 0.25 ا�(�0!);� ا&رد$;� �7 :);� و ا&1=/&ت
ABMS 0.02 0.05 0.02 ا�(+د �FE7*/ت ا�@(;�
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86
JOTF 0.12 0.07 0.02 ا� <Q;+ت ا� 6/ر!� ا&رد$;�
SHIP 0.26 0.24 0.24 ا�E@"ط ا�(�0!� ا�"U);� ا&رد$;�
ICMI 0 -0.04 -0.17 ا�Fو�;� �+, 23/رات ا�@(;�
ZEIC 0.16 0.24 0.2 ا�WرV/ء �S;7. 7 و ا&, 23/ر
AIPC 0.09 0.12 0.11 ا���ق ��27/ر!M ا&, 23/ر!�
AIEI 0.11 0.12 0.1 ا�.�-;� ا�Fو�;� �S;7. 7 و ا&, 23/ر
AIHO 0.14 0.13 0.12 ا�.�-;� ا�Fو�;� �P7)/دق
JOHT 0.3 0.45 0.22 ا�P)/دق و ا�<;/�R ا&رد$;�
JOEP 0.17 0.18 0.06 ا�#�Q-/ء ا&رد$;�
�;R/;>(ا&رد$;� ا�):7;/ت ا�OX( JETT 0.16 0.14 0.12
LIPO -0.02 0.02 -0.16 ا$6/ز �7 )2;� و ا��2/ر!M ا�F. 2دة
�Y-/:زارة �+, 23/ر ا� ZARA 0.04 0.08 0.06
RJAL 0.24 -0.29 0.34 8/�;� ا�E@"ط ا�6"!� ا�72#;� ا&رد$;�
�R/;>26"�8 رم �7):4 و ا&, 23/ر ا�* RUMM 0.05 0.03 0.02
ITSC 0.01 -0.03 0.01 س ا&01/د*Fار
D 2007 2008 2009ـــ%ــــ�ع ا�ــــ;ــــ1ـــ�Oـــــ. ARWU 0.09 0 0.04 ا01/د ا�)</X"ن ا�.�ب
UADI 0.46 0.41 0.27 ا&01/د �7=)/8/ت ا�2 @"رة
Z;-/$&ا&رد$;� �=)/�8 ا JOPI 0.02 -0.49 0.11
JODA 0.06 0.12 0.08 ا&�(/ن ا&رد$;�
APOT 1.8 3.74 1.58 ا�("1/س ا�.�-;�
MPHA 0.03 0.02 0.06 ا���ق ا&و,J �7=)/8/ت ا�Fوا];� و ا�#;2/و!�
UNIC 0.02 -0.02 -0.13 ا�./�O8/(=7� �;2 ا�#;2/و!�
AALU 0.06 -0.04 0.06 )ارال(ا�.�-;� �=)/�8 ا&�2);"م
MBED 0.13 0.17 0.15 ا�.�-;� �=)/�8 ا�F;)2ات وا&دو!� ا�(;@�!�
INOH 0.17 -0.03 0.05 ا�2 #/*�7 ��27/ر!M ا�F. 2دة
JOIR 0 -0.6 0.05 ا�2"ارد ا�=)/8;� ا&رد$;�
�;[/-�Q#�8 ا�#"ا-4 وا&,+ك ا�/(=� �;(U"ا� WIRE 0.16 -0.18 0.07
GXواF7� �;(U"ا� NATP 0.21 0.15 0.19
F!FR JOST 0.24 -0.28 0.18 ا&ردن
DADI 0.17 0.19 0.3 2;� و ا&, 23/ردار ا�Fواء �7 )
NDAR 0.04 0.09 0.13 دار ا�[\اء
M$/=* UTOB 0.31 0.24 0.08 ا&01/د &$ /ج ا� (^ و ا�<6/]�
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87
M$/=* JOCM 0.8 0.82 0.76 ا&,O(2 ا&رد$;�
M$/=* JVOI 0.11 -0.04 -0.27 ا�W!"ت ا�)(/1;� ا&رد$;�
M$/=* JOPC 0.06 0 -0.09 ا�"رق وا�#�1"ن ا&رد$;�
>2�� ��L�� ا�: ا���آ.
DPS ت��ز���ا�&,: �� ا� .;�
ا�ـــــــــ%ــــ�ع ا�ـــ$ــــ��ـــ�
Nا���
2007 2008 2009
JOKB 0.200 0.100 0.150 ا�()' ا&رد$� ا�#"! �
JOIB 0.120 0.150 0.120 ا�()' ا&,+*� ا&رد$�
ARBK 0.300 0.250 0.200 ا�()' ا�.�-�
UBSI 0.100 0.100 0.100 -)' ا&01/د
BOJX 0.150 0.150 0.150 -)' ا&ردن
AJIB 0.050 0.100 0.080 -)' ا&, 23/ر ا�.�-� ا&رد$�
THBK 0.300 0.250 0.200 -)' ا&,#/ن �7 6/رة و ا� 2"!4
CABK 0.100 0.050 0.000 -)' ا�:/ه�ة 28/ن
EXFB 0.060 0.000 0.000 -)' ا�2/ل ا&رد$�
ABCO 0.000 0.000 0.000 -)' ا�2?,<� ا�.�-;� ا�2=�>;� ا&ردن
EMAR 0.400 0.000 0.000 إ28/ر �7 @"!� و ا&, 23/ر ا�.:/ري
�BراCا&01/د � @"!� ا ULDC 0.070 0.000 0.000
JOMC 0.000 0.000 0.000 ا&رد$;� �+دارة وا&, �/رات
�==E 2ا� 26./ت ا&, 23/ر!� ا� SPIC 0.000 0.000 0.000
DERA 0.000 0.130 0.060 ا�F!�ة �+, 23/ر وا� @"!� ا�.:/ري
VFED 0.100 0.250 0.150 ا��/*�E �+, 23/ر ا�.:/ري و ا�2/��
G;*H7 ـ� J,ا���ق ا&و MEIN 0.120 0.130 0.000
G;*H 7� �-�.ا���ق ا� AALI 0.100 0.000 0.000
ARIN 0.080 0.000 0.000 ةا�.�ب �L78 G;*H 7 ا�0;/
G;*H 7� �;$/2�&ا�.�-;� ا AGICC 0.000 0.000 0.000
G;*H 7� �;-ا�.�-;� ا&ورو AMMI 0.130 0.100 0.000
AFIN 0.000 0.000 0.500 ا�.�-;� �+, �/رات ا�2/�;�
UCFI 0.160 0.200 0.100 ا�F0 2ة �+, 23/رات ا�2/�;�
COHO 0.130 0.050 0.060 ;�ا��N/.2ون ��27/ر!M ا&,#/$
JOMA 0.000 0.000 0.000 ا�2"ارد �7 )2;� و ا&, 23/ر
G;*H 7� �-�.ا�)<� ا� AAIN 0.150 0.100 0.100
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88
O>;P$أ*"ال ا AMWL 0.000 0.000 0.080
F28 AMAD 0.100 0.100 0.150 �+, 23/ر و ا� )2;�
Q1 THMA 0.000 0.000 0.000/*� �+, 23/رات ا�2/�;�
FRST 0.000 0.000 0.000 اCردن اCو�L �+, 23/ر
D 2007 2008 2009ــــ%ــــ�ع ا�ــJــ�ـــ�ت JTEL 0.38 0.4 0 ا&1=/&ت ا&رد$;�
�;R/;>ا� M!ا&ردن � @"!� ا��2/ر JPTD 0 0.1 0
�R/;>(ا&رد$;� �+, 23/ر و ا�):4 ا�/Pا�( ALFA 0 0 0
E SIJC 0 0 0==�ا&رد$;� �+, 23/رات ا�2
JOPP 0.1 0.05 0 )ا�F, "ر(ا&رد$;� �7=0/>� و ا�)��
AIFE 0.05 0.15 0.15 ا&,�اء �S;7. 7 وا&, 23/ر
M!ا&ه7;� ��27/ر ABLA 0 0 0
�;(U"ول ا�� )ا� NAPT 0 0 0
FTGR 0 0 0 ا�(�0!);� ا&رد$;� �7 :);� و ا&1=/&ت
ABMS 0 0 0.03 ا�(+د �FE7*/ت ا�@(;�
JOTF 0 0 0 ا� <Q;+ت ا� 6/ر!� ا&رد$;�
SHIP 0.1 0.1 0.15 ا�E@"ط ا�(�0!� ا�"U);� ا&رد$;�
ICMI 0 0 0 ا�Fو�;� �+, 23/رات ا�@(;�
ZEIC 0.08 0 0.1 ا�WرV/ء �S;7. 7 و ا&, 23/ر
AIPC 0.08 0.12 0.09 ا���ق ��27/ر!M ا&, 23/ر!�
AIEI 0.08 0.08 0.07 ا&, 23/را�.�-;� ا�Fو�;� �S;7. 7 و
AIHO 0.12 0.12 0.1 ا�.�-;� ا�Fو�;� �P7)/دق
JOHT 0.15 0.15 0 ا�P)/دق و ا�<;/�R ا&رد$;�
JOEP 0.12 0.1 0.08 ا�#�Q-/ء ا&رد$;�
OX( JETT 0.15 0.15 0(ا�):7;/ت ا�<;/R;� ا&رد$;�
LIPO 0 0 0 ا$6/ز �7 )2;� و ا��2/ر!M ا�F. 2دة
ZARA 0 0 0 رة �+, 23/ر ا�:/-�Yزا
RJAL 0 0 0 8/�;� ا�E@"ط ا�6"!� ا�72#;� ا&رد$;�
�R/;>26"�8 رم �7):4 و ا&, 23/ر ا�* RUMM 0 0 0
F* ITSC 0 0 0ارس ا&01/د
Dـــ%ــــ�ع ا�ــــ;ــــ1ـــ�Oـــــ.
ARWU 0.2 0 0.03 ا01/د ا�)</X"ن ا�.�ب
UADI 0.2 0.15 0.15 @"رةا&01/د �7=)/8/ت ا�2
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89
Z;-/$&ا&رد$;� �=)/�8 ا JOPI 0 0 0.08
JODA 0 0.1 0.1 ا&�(/ن ا&رد$;�
APOT 0.7 0.7 0.7 ا�("1/س ا�.�-;�
MPHA 0.05 0 0 ا���ق ا&و,J �7=)/8/ت ا�Fوا];� و ا�#;2/و!�
UNIC 0.05 0 0 ا�./�O8/(=7� �;2 ا�#;2/و!�
AALU 0.08 0.06 0 )ارال (ا�.�-;� �=)/�8 ا&�2);"م
MBED 0 0.1 0 ا�.�-;� �=)/�8 ا�F;)2ات وا&دو!� ا�(;@�!�
INOH 0.1 0 0 ا�2 #/*�7 ��27/ر!M ا�F. 2دة
JOIR 0 0 0.04 ا�2"ارد ا�=)/8;� ا&رد$;�
�;[/-�Q#�8 ا�#"ا-4 وا&,+ك ا�/(=� �;(U"ا� WIRE 0.15 0 0.06
GXواF7� �;(U"ا� NATP 0 0 0
FRا&ردن F! JOST 0.22 0.07 0.15
DADI 0.2 0.15 0.2 دار ا�Fواء �7 )2;� و ا&, 23/ر
NDAR 0 0.05 0.05 دار ا�[\اء
M$/=* UTOB 0.25 0.08 0.05 ا&01/د &$ /ج ا� (^ و ا�<6/]�
M$/=* JOCM 0 0.65 0.65 ا&,O(2 ا&رد$;�
M$/=* JVOI 0.1 0 0 ا�W!"ت ا�)(/1;� ا&رد$;�
M$/ JOPC 0 0 0 ا�"رق وا�#�1"ن ا&رد$;�*=
ا�ـــ$ـــ���ــــP ا�ـــــ*ــــ&�2ــــ� ا�ـــــ: ا�ــــ�ـــ�آــــــ.
ا�ـــــــــ%ــــ�ع ا�ـــ$ــــ��ـــ�
Nا�ـ,ــ�ــ�ـ- ا�ـــ��ــ ا�ــــ�ـ$��ـ�ـ�
EPS DPS
JOKB 87.427 0.497 0.150 ا�()' ا&رد$� ا�#"! �
JOIB 91.583 0.353 0.130 ا&,+*� ا&رد$�ا�()'
ARBK 83.693 0.693 0.250 ا�()' ا�.�-�
UBSI 81.623 0.157 0.100 -)' ا&01/د
BOJX 88.790 0.280 0.150 -)' ا&ردن
AJIB 82.687 0.100 0.077 -)' ا&, 23/ر ا�.�-� ا&رد$�
THBK 83.207 0.350 0.250 -)' ا&,#/ن �7 6/رة و ا� 2"!4
CABK 89.503 0.273 0.050 -)' ا�:/ه�ة 28/ن
EXFB 80.547 3.710 0.020 -)' ا�2/ل ا&رد$�
ABCO 85.627 0.157 0.000 -)' ا�2?,<� ا�.�-;� ا�2=�>;� ا&ردن
EMAR 38.647 0.243 0.133 إ28/ر �7 @"!� و ا&, 23/ر ا�.:/ري
�BراCا&01/د � @"!� ا ULDC 28.673 0.057 0.023
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90
JOMC 55.557 0.127 0.000 ا&رد$;� �+دارة وا&, �/رات
�==E 2ا� 26./ت ا&, 23/ر!� ا� SPIC 58.933 0.053 0.000
DERA 13.390 0.153 0.063 ا�F!�ة �+, 23/ر وا� @"!� ا�.:/ري
VFED 10.663 0.263 0.167 ا��/*�E �+, 23/ر ا�.:/ري و ا�2/��
G;*H7 ـ� J,ا���ق ا&و MEIN 44.987 0.100 0.083
G;*H 7� �-�.ا���ق ا� AALI 56.853 0.170 0.033
ARIN 60.610 0.030 0.027 ا�.�ب �L78 G;*H 7 ا�0;/ة
G;*H 7� �;$/2�&ا�.�-;� ا AGICC 70.703 -0.067 0.000
G;*H 7� �;-ا�.�-;� ا&ورو AMMI 52.960 0.113 0.077
AFIN 42.547 0.337 0.167 ا�.�-;� �+, �/رات ا�2/�;�
UCFI 43.883 0.420 0.153 ا�F0 2ة �+, 23/رات ا�2/�;�
COHO 5.807 0.097 0.080 ا��N/.2ون ��27/ر!M ا&,#/$;�
JOMA 3.200 0.067 0.000 ا�2"ارد �7 )2;� و ا&, 23/ر
G;*H 7� �-�.ا�)<� ا� AAIN 41.050 0.190 0.117
O>;P$أ*"ال ا AMWL 25.093 0.077 0.027
F28 AMAD 4.743 0.250 0.117 �+, 23/ر و ا� )2;�
Q1 THMA 10.107 -0.073 0.000/*� �+, 23/رات ا�2/�;�
FRST 21.833 -0.120 0.000 اCردن اCو�L �+, 23/ر
Mean( 0.51 0.302 0.082( ا���P ا�*&��2 D DR EPS DPSــــ%ــــ�ع ا�ــJــ�ـــ�ت
JTEL 38.667 0.400 0.260 ا&1=/&ت ا&رد$;�
�;R/;>ا� M!ا&ردن � @"!� ا��2/ر JPTD 47.240 0.137 0.033
�R/;>(ا&رد$;� �+, 23/ر و ا�):4 ا�/Pا�( ALFA 21.137 0.000 0.000
�==E 2ا&رد$;� �+, 23/رات ا� SIJC 36.150 0.020 0.000
JOPP 38.913 0.153 0.050 )ا�F, "ر(ا&رد$;� �7=0/>� و ا�)��
AIFE 39.840 0.227 0.117 ا&,�اء �S;7. 7 وا&, 23/ر
M!ا&ه7;� ��27/ر ABLA 24.680 -0.023 0.000
�;(U"ول ا�� )ا� NAPT 9.053 -0.150 0.000
FTGR 92.743 -0.187 0.000 ا�(�0!);� ا&رد$;� �7 :);� و ا&1=/&ت
ABMS 20.847 0.030 0.010 ا�(+د �FE7*/ت ا�@(;�
Q> � JOTF 41.517 0.070 0.000;+ت ا� 6/ر!� ا&رد$;�ا
SHIP 37.347 0.247 0.117 ا�E@"ط ا�(�0!� ا�"U);� ا&رد$;�
ICMI 27.577 -0.070 0.000 ا�Fو�;� �+, 23/رات ا�@(;�
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91
ZEIC 26.437 0.200 0.060 ا�WرV/ء �S;7. 7 و ا&, 23/ر
AIPC 6.237 0.107 0.097 ا���ق ��27/ر!M ا&, 23/ر!�
AIEI 26.753 0.110 0.077 ا�.�-;� ا�Fو�;� �S;7. 7 و ا&, 23/ر
AIHO 13.603 0.130 0.113 ا�.�-;� ا�Fو�;� �P7)/دق
JOHT 25.437 0.323 0.100 ا�P)/دق و ا�<;/�R ا&رد$;�
JOEP 77.123 0.137 0.100 ا�#�Q-/ء ا&رد$;�
OX( JETT 13.750 0.140 0.100(ا�):7;/ت ا�<;/R;� ا&رد$;�
LIPO 18.347 -0.053 0.000 ا$6/ز �7 )2;� و ا��2/ر!M ا�F. 2دة
�Y-/:زارة �+, 23/ر ا� ZARA 42.180 0.060 0.000
RJAL 72.600 0.097 0.000 8/�;� ا�E@"ط ا�6"!� ا�72#;� ا&رد$;�
�R/;>26"�8 رم �7):4 و ا&, 23/ر ا�* RUMM 41.273 0.033 0.000
ITSC 24.047 -0.003 0.000 01/د*Fارس ا&
Mean( 0.35 0.085 0.049(ا���P ا�*&��2 D DR EPS DPSـــ%ــــ�ع ا�ــــ;ــــ1ـــ�Oـــــ.
ARWU 31.880 0.043 0.077 ا01/د ا�)</X"ن ا�.�ب
UADI 43.850 0.380 0.167 ا&01/د �7=)/8/ت ا�2 @"رة
Z;-/$&ا&رد$;� �=)/�8 ا JOPI 37.473 -0.120 0.027
JODA 18.077 0.087 0.067 ا&�(/ن ا&رد$;�
APOT 24.703 2.373 0.700 ا�("1/س ا�.�-;�
MPHA 48.687 0.037 0.017 ا���ق ا&و,J �7=)/8/ت ا�Fوا];� و ا�#;2/و!�
UNIC 9.243 -0.043 0.017 ا�./�O8/(=7� �;2 ا�#;2/و!�
AALU 29.587 0.027 0.047 )ارال(ا�.�-;� �=)/�8 ا&�2);"م
MBED 28.807 0.150 0.033 ا�.�-;� �=)/�8 ا�F;)2ات وا&دو!� ا�(;@�!�
INOH 58.800 0.063 0.033 ا�2 #/*�7 ��27/ر!M ا�F. 2دة
JOIR 26.147 -0.183 0.013 ا�2"ارد ا�=)/8;� ا&رد$;�
�;[/-�Q#�8 ا�#"ا-4 وا&,+ك ا�/(=� �;(U"ا� WIRE 32.150 0.017 0.070
GXواF7� �;(U"ا� NATP 23.457 0.183 0.000
F!FR JOST 35.450 0.047 0.147 ا&ردن
DADI 27.373 0.220 0.183 دار ا�Fواء �7 )2;� و ا&, 23/ر
NDAR 42.453 0.087 0.033 دار ا�[\اء
M$/=* UTOB 41.880 0.210 0.127 ا&01/د &$ /ج ا� (^ و ا�<6/]�
M$/=* JOCM 34.023 0.793 0.433 ا&,O(2 ا&رد$;�
M$/=* JVOI 67.830 -0.067 0.033 ا�W!"ت ا�)(/1;� ا&رد$;�
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92
M$/=* JOPC 48.180 -0.010 0.000 ا�"رق وا�#�1"ن ا&رد$;�
Mean( 0.36 0.215 0.111(ا���P ا�*&��2
0.079 0.207 0.42 ����1. آ��ة وا�Mean (Q(ا���P ا�*&��2
��� Q�*�)2(
*���� 0����� ����)��� ?&���'� %�
����� �@&� �����
Descriptive Statistics
N Range Minimum Maximum Mean Std. Deviation Variance
Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Statistic
Capital 75 89.543 3.200 92.743 41.57965 2.853549 24.712457 610.706
EPS 75 3.897 -.187 3.710 .20648 .059531 .515552 .266
POR 75 .700 .000 .700 .07869 .012391 .107310 .012
Valid N (listwise) 75
1P � �� ���B� ��;�@� ���� ���_� �B�&�1 ����� ����� ���� 5�� �/(�
)DR ( 5 '�� �&��
�����)EPS (
ANOVAb
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .194a
.038 .024 .50924
a. Predictors: (Constant), VAR00001
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93
Model Sum of Squares df Mean Square F Sig.
Regression .738 1 .738 2.847 .096a
Residual 18.930 73 .259
Total 19.669 74
2PB� ��;�@� ���� ���_� �B�&�1 ����� ����� ��� ����� ���� 5�� �/(� )DR (
������� 5 '�� �&��)DPS(
Model Summary
Model R R Square Adjusted R Square
Std. Error of the
Estimate
1 .034a
.001 -.013 .10798
a. Predictors: (Constant), VAR00001
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .038 .116 .332 .741 1
VAR00001 .004 .002 .194 1.687 .096
a. Dependent Variable: VAR00002
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression .001 1 .001 .083 .774a
1
Residual .851 73 .012
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94
3P
��;�@� ���� ���_� �B�&�1 ����� � �� ����@ 5�� �/(� ����� ���� )DR (
����� 5 7��� '�� �&��)EPS ( �� ���� ������ ����& K�-?
Model Summary
Model R R Square Adjusted R Square
Std. Error of the
Estimate
1 .183a
.034 -.020 .55371
a. Predictors: (Constant), VAR00001
Total .852 74
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00003
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .073 .025 2.960 .004 1
VAR00001 .000 .001 .034 .288 .774
a. Dependent Variable: VAR00003
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression .192 1 .192 .627 .439a
Residual 5.519 18 .307
1
Total 5.711 19
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00002
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95
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .474 .350 1.354 .193 1
VAR00001 -.007 .009 -.183 -.792 .439
a.Dependent Variable: VAR00002
4P ��;�@� ���� ���_� �B�&�1 ����� ����� ����@ ����� ���� )DR ( �&��
������� 5 '�� )DPS(�� �� ���� ���� ����& K�-?
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .177a
.031 -.022 .17245
a. Predictors: (Constant), VAR00001
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression .017 1 .017 .583 .455a
Residual .535 18 .030
1
Total .553 19
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00003
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96
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .189 .109 1.733 .100 1
VAR00001 -.002 .003 -.177 -.763 .455
a.Dependent Variable: VAR00003
5P ��;�@� ���� ���_� �B�&�1 ����� �� �� ����@ ����� ���� 5�� �/(� )DR (
����� 5 7��� '�� �&� 5���)EPS ( � � K�-? �� ���� ������
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression 1.020 1 1.020 2.410 .132a
Residual 11.855 28 .423
1
Total 12.875 29
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00002
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .282a
.079 .046 .65069
a. Predictors: (Constant), VAR00001
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97
6P
��;�@� ���� ���_� �B�&�1 ����� ���� ����@ ����� ���� 5�� �/(� )DR (
������� 5 '�� �&� 5���)DPS (� � K�-? �� ���� ������
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression .008 1 .008 1.592 .217a
Residual .149 28 .005
1
Total .157 29
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00003
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) -.019 .239 -.081 .936 1
VAR00001 .006 .004 .282 1.552 .132
a. Dependent Variable: VAR00002
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .232a
.054 .020 .07287
a. Predictors: (Constant), VAR00001
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98
7P ��;�@� ���� ���_� �B�&�1 ����� ���# ����@ ����� ���� 5�� �/(�
)DR ( ����� 5 7��� '�� �&� 5���)EPS ( ��# K�-? �� ���� ������
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression .001 1 .001 .053 .820a
Residual .441 23 .019
1
Total .442 24
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00002
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .052 .027 1.954 .061 1
VAR00001 .001 .000 .232 1.262 .217
a. Dependent Variable: VAR00003
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .048a
.002 -.041 .13840
a. Predictors: (Constant), VAR00001
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99
8P &�1 ����� ��;�@� ���� ���_� �B������ ����@ ����� ���� 5�� �/(�
)DR ( ������� 5 '�� �&� �)DPS ( ��# K�-? �� ���� ������ .
Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .075a
.006 -.038 .06558
a. Predictors: (Constant), VAR00001
ANOVAb
Model Sum of Squares df Mean Square F Sig.
Regression .001 1 .001 .129 .723a
Residual .099 23 .004
1
Total .099 24
a. Predictors: (Constant), VAR00001
b. Dependent Variable: VAR00003
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .096 .054 1.770 .090 1
VAR00001 .000 .001 -.048 -.231 .820
a.Dependent Variable: VAR00002
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100
Coefficientsa
Unstandardized Coefficients
Standardized
Coefficients
Model B Std. Error Beta t Sig.
(Constant) .057 .026 2.226 .036 1
VAR00001 .000 .001 -.075 -.359 .723
a.Dependent Variable: VAR00003
-���� �����)Pearson(
Correlations
Capital EPS POR
Pearson Correlation 1 .194 .034
Sig. (2-tailed) .096 .774
Capital
N 75 75 75
Pearson Correlation .194 1 .499**
Sig. (2-tailed) .096 .000
EPS
N 75 75 75
Pearson Correlation .034 .499**
1
Sig. (2-tailed) .774 .000
POR
N 75 75 75