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Cash flows, capital structure and shareholder value: Empirical evidence from Amman stock exchange

机译：现金流量，资本结构和股东价值：来自阿曼证券交易所的经验证据

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The current study links the information contents of the three main financial statements in a balanced panel data model to empirically examine the effect of cash flows per share and capital structure on shareholder value. The results of the study are based on a sample of 270 firm-year observations from the Jordanian commercial banks and insurance companies that listed on Amman Stock Exchange (ASE) from 2011 to 2019. Based on the Fixed Effect Model (FEM) with Driscoll-Kraay standard errors, the empirical results show that cash flows from operating activities per share had a positive and significant relationship with shareholder value, whereas both the cash flows from investing and financing activities per share had negative but insignificant relationship with shareholders’ value. Results also show that capital structure had a negative but insignificant relationship with shareholder value. Finally, the results indicate that dividend per share had a positive and significant relationship with shareholder value. Accordingly, decision-makers should direct cash to efficient investment projects in order for cash outflows from investing activities to create value to shareholders and to generate positive cash flows from financing activities. Similarly, an appropriate capital structure should be selected to create value for shareholders.
机译：目前的研究将三个主要财务报表中的信息内容联系在平衡的面板数据模型中，以证明每股股东价值的现金流量和资本结构的效果。该研究的结果基于来自2011年至2019年的Amman证券交易所（ASE）上市的Jordanian商业银行和保险公司的270次企业观测结果，基于固定效果模型（FEM）与Driscoll- Kraay标准错误，经验结果表明，每股经营活动的现金流量与股东价值有着积极和重要的关系，而每股投资和融资活动的现金流量与股东价值的关系负面但无关紧要的关系。结果还表明，资本结构与股东价值有负面但微不足道的关系。最后，结果表明，每股股息与股东价值有着积极和重要的关系。因此，决策者应将现金直接到高效投资项目，以便从投资活动中投入股东创造价值并从融资活动产生积极现金流量的现金流出。同样，应选择适当的资本结构以为股东创造价值。

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