 ،١٨‫ﻡ‬





 
 
‫ﺣﺴﲏ ﻋﻠﻲ ﺧﺮﻳﻮﺵ ﻭﺧﺎﻟﺪ ﻋﺒﺪﺍﻟﻌﺎﻝ ﺍﻟﺰﻋﱯ ﻭﳏﻤﺪ ﻋﻴﺴﻰ ﺍﻟﻌﺒﺎﺩﻱ‬
 
–
 –


‫ﺍﳌﺴﺘﺨﻠﺺ‬








 
‫ﻣﻘﺪﻣﺔ‬





 





 




 
)



 




Bank Capital 
Credit RiskLiquidity Risk)
Capital Risk
(Return on AssetsReturn on Equity

Return
on Equity for Risky Assets
Bank Hedging

 





(Maximization of Stockholder Wealth) 

Financing Leverage and Operating Leverage



 
‫ﺍﻹﻃﺎﺭ ﺍﻟﻨﻈﺮﻱ ﻭﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬
Bank Hedging
 (Hempel, 1999, pp. 66- 68(Madora, 2001, pp. 488 -508)
(Operating Process)
Liquidity Risk) 

Cash out Flows Cash in Flows
(Balanced Between Liquidity and Profitability) 
Credit Risk


 
Capital RiskDefault Risk
Market Value) 

 Securities
Bank
Hedging
Coit, 1997, pp. 23-30)
(Sakuragawa, 2002, pp. 467-501)




 
(Marshall, 2001., Benston, 2000)
Bank Solvency)



Return on Equity
 Return on Assets




 



 
  
Makhamerh, 2000




 
EPS :
(Market Value Per share)ROI


(Coit, 1997)

 Return on Equity (ROE)
(Direct ( ROA Return on Assets) (Profit Contribution
 Liquidity RatioExpenses

Benston, Bevan, 2000Brescott, 2001Sakuragawa, 2002Molyneax, 1992
Molyneax (1992)2000





Benston, 2000Beven, 2000
Bevan, 2000

Leverage 
Risky AssetsTotal Assets
 Short-term debtLong-term debt)
Retained Earnings 



Financial Leverage)
Benston, 2000





 Financing Leverage
 Benston, 2000Sakuragawa, 2002
 
(Design of Optimal Capital Structure 
Harmonization and Go-Ordantion 
Debt Issuing
Common Stock Issuing
 













Capital Structure
 





 
‫ﻣﻨﻬﺠﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ‬






‫ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬-١
 
Deposit Taking Intermidiaries 
 
 
 
 
 
 
 
 
 



 
 
 

 
Multiple linear 
 Regression model
 Anova Analysis ‫ ﲢﻠﻴﻞ ﺍﻟﺘﺒﺎﻳﻦ‬
 

Step wise Regression‫ ﲢﻠﻴﻞ ﺍﻻﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ‬

 Person Correlation ‫ ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ﺑﲑﺳﻮﻥ‬
 
: ‫ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻭﳕﻮﺫﺟﻬﺎ‬-٢
 
Bank HedgingDependent Variable:‫ﺃﻭﻻﹰ‬
 
 Return on Equity for Risky Assests
(Equity)
 Risky Assets




 
 Independent Variables: ‫ﺎ‬‫ﺛﺎﻧﻴ‬
Liquidity Risk
‫ ﳐﺎﻃﺮ ﺍﻟﺴﻴﻮﻟﺔ‬-١
 
Current assets

 

 (Total liabilities   
 
           

            
            

            

             
 
 



(Hemple and Simonson, 1999)
 




Capital Risk
‫ ﳐﺎﻃﺮ ﺭﺃﺱ ﺍﳌﺎﻝ‬-٢
Capital Adequacy Ratio) 
Primary Capital ) 
Risky Assets
Initial Investment
 

    
              
 

 

Equity 
(Madura, 2001)
(Credit Risk) ‫ ﳐﺎﻃﺮ ﺍﻻﺋﺘﻤﺎﻥ‬-٣
 
 Credit Risk
  (Provisions Doubtfull Debts)–Total Loans
 Total Assets



 



 Hempel and Simonson, 1999, pp. 61-87.
Return on Equity (ROE)
‫ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‬-٤
 
Net Income
ROE
 Equity


 

 


 Madura, 2001Molgneax, 1992

‫ ﺃﻭ ﻣﻌـﺪﻝ ﺍﻟﻌﺎﺋـﺪ ﻋﻠـﻰ‬Return
on Assets (ROA) ‫ﺍﻷﺻﻮﻝ‬
‫ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺇﲨﺎﱄ‬
 .Return on Investment (ROI) ‫ﺍﻻﺳﺘﺜﻤﺎﺭ‬
(Net Income)

(Total Assets
  


             
 (Molynear, 1992)   
 
BH= b1= b2LQ+ b3Cr+ b4Cp+ b5ROE+ b6ROI+e
 
 (Bank Hedging)BH
 Constant VariableB
 LiquidityRiskLQ
 Credit RiskCr
 Capital RiskCp
 Return on EquityROE
 Return on InvestmentROI
Random Error E
Linear
Regression 

Liquidity Risk


‫ ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‬.٣
  
 H01
  Ho2
 Ho3
  Ho4
  Ho5
‫ ﺃﺳﺎﻟﻴﺐ ﲢﻠﻴﻞ ﺍﻟﺒﻴﺎﻧﺎﺕ‬.٤
  
 (Multiple Regression Analysis) (SPSS)
            
.
           
SPSS
  



 
             
 
‫ ﲢﻠﻴﻞ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺍﺧﺘﺒﺎﺭ ﺍﻟﻔﺮﺿﻴﺎﺕ‬.٥
Multiple Liener

Bank
HedgingRegression
 

 
Sig
000
0.01
0.01
0.01
0.01
0.01
T

Coefficients
Constant
-5.155
-2.563
-4.897
4.623
3.514
-.378
 -.180
-.332
.316
.245

 

 
 
Adjusted R Squar 0.59




 







 





0.654
Pearson
Correilation
Sig


High  
Sig)
-5.155T-.373
       
Hempel,  Madora, 2001         
 1999
 
              
              
 2.5630) T        -.180    

             
Benston et al, 2000  Prescott, 2001  


 Bank Hedging
   
High Sig
       -4.897  T  -.332 
 
               
              
            
 Benston, 2000Bevan and Danbuttr, 2000Marshall, 2001
          
 

     4.623  T .316  

 
 Coit, 1997Molyneax, 1992


0.245
3.514T


 Coit, 1997Molyneax, 1992

Adjusted R2


 Liener Regression
‫ﺍﻟﻨﺘﺎﺋﺞ ﻭﺍﻟﺘﻮﺻﻴﺎﺕ‬








 








 

‫ﺍﳌﺮﺍﺟﻊ‬
‫ ﺍﳌﺮﺍﺟﻊ ﺍﻟﻌﺮﺑﻴﺔ‬: ‫ﺃﻭﻻﹰ‬
 ‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻟﺴﻨﻮﻳﺔ‬
‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻟﺴﻨﻮﻳﺔ‬
 ‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻟﺴﻨﻮﻳﺔ‬
‫ ﺃﲪﺪ‬،‫ﻋﺒﺪ ﺍﻟﻔﺘﺎﺡ‬
 
‫ ﺧﺎﻟﺪ ﺃﻣﲔ‬،‫ﻋﺒﺪ ﺍﷲ‬


‫ ﻫﻨﺪ‬،‫ﻋﺒﺪ ﺍﳉﺎﺑﺮ‬
١٩
١٩‫ ﺃﲪﺪ‬،‫ﻣﺼﻄﻔﻰ‬
‫ ﺍﳌﺮﺍﺟﻊ ﺍﻹﳒﻠﻴﺰﻳﺔ‬: ‫ﺎ‬‫ﺛﺎﻧﻴ‬
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Goizueta Business School, Emory University, Atlanty.
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Under the ACE Financial Flows in Transition and Market Economics: Bulgaria, Hungaria
and UK, pp. 1-47.
Brescott, E., (2001), Regulating Bank Capital Structure to control Risk, Federal Reserve Bank of
Richmond, Economic Quarterly, 87/3.
Coit, C. and Karr, J., (1997), Performance Measurement In the Banking Industry, Result of a
BAI Survy, Bank Accounting and Finance, 10, 3, pp. 23-30.
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297-355.
Hempel, G. and Simonson, D., (1999), Bank Management, John Wiley and Sons, Inc., pp. 66-68.
Madura, J. (2001), Financial Markets and Institutions, South-Western College Publishing, pp.
488-508.
Makhamerh, M. (2000), Corporate Performance In Jordan, A study of the Banking Sector, The
Arab Bank Review, 2, 2.
Malynex, P. and Thornton, J., (1992), Determinants of European Bank Profiability, Journal of
Banking and Finance, 16.
Marshall, A. and prescott, E., (2001), Bank Capital Regulation with and without State
Contingnet Penalties, Carnegie Rochester Conference and Public Policy, Central Bank of
Jordan, 2001, 38th Annual Report.
Sakuragawa, M., (2002), Bank’s Capital Structure, Nagoya City University, Nagoya, Japan, pp.
467-501.

( ١ ) ‫ﻣﻠﺤﻖ ﺭﻗﻢ‬
‫ﺘﻤﻊ ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻗﺎﺋﻤﺔ ﺑﺄﲰﺎﺀ ﺍﻟﺒﻨﻮﻙ ﺍﳌﻤﺜﻠﺔ‬
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 
 
 
 
 





 
 
 
 
 





 
 
 




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Factors Affecting the level of Banking Hedging:
Applied Application
HUSNI A. KHRAWISH
KHALED A. AL-ZOUBI
MOHAMMAD I. AL-ABADI
Assistant Professors
Department of Banking and Finance
College of Economics and Administrative Sciences
The Hashemite University, Zarqa, Jordan
ABSTRACT. This study examines the determinants of banking hedging within the Jordanian
environment. The study based on a sample of 13 Jordanian commercial and investment
banks. The sample period spans over a period that encompasses 11 annual financial years,
1992 to 2002, inclusive. The related data has been gathered from several sources, including
the monthly bulletin issued by the Reserve Bank of Jordan, Amman Financial Market
reports, in addition to annual financial statements issued by the banks. The evidence
revealed a positive and significant relationship between the hedging proxy and measures of
return on equity (ROE) and return on investment (ROI). The study indicated also a negative
relationship between the hedging proxy and measures liquidity risk, capital risk and credit
risk. In order to show the importance of the hedging issue, several recommendations have
been presented by the end of study.
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