اثر دورة حياة المنشاة على هيكل راس مالها: دليل من الاردن

This study aims to test the impact of the company's life cycle on its capital structure for a sample of (56) industrial companies listed on the Amman Stock Exchange during the period (2006-2015). The study used Dickinson's (2011) approach to determine the stages of the company's life cycle. To achieve the aim of the study, the multiple regression method was used to test the study hypotheses. The study concluded that the average debt ratio for all Jordanian public shareholding industrial companies is low, but the degree of dependence on debt in the capital structure was the highest in the beginning and growth stages. The results of the regression analysis showed the existence of a statistically significant inverse relationship between the stages of the company’s life cycle and the degree of indebtedness in the Jordanian industrial sector, and the existence of a statistically significant relationship indicating the existence of a gradual development in explanatory variables across the stages of the company’s life cycle, and that the theory of funding priorities is the most capable of Explanation of the financing behavior of Jordanian public shareholding industrial companies in all stages of their life except for the regression stage, and that the theory of funding priorities and barter theory in financial management are unable to explain the financing behavior of Jordanian public shareholding industrial companies in the regression stage.