Description
This study examined the impact of the world financial crisis and openness of the economy on the financial
performance of Jordanian listed banks through the period 2005-2008. Panel data analysis is employed to
examine study hypotheses. The results showed that the world financial crisis has a negative and significant
impact on the financial performance measured by return on assets, return on equity, earning per share,
market share prices, and market value while it has a positive but not significant impact on dividend yields.
The study also found that openness of the economy has a positive and significant impact on the financial
performance of Jordanian listed banks
2214-4625/$ – see front matter ©2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.http://dx.doi.org/10.1016/j.aebj.2011.10.001
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
Contents lists available at ScienceDirect
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j our nal homepage: www. el sevi er. com/ l ocat e/ aebj
* Corresponding author. Tel.: 00-962-775-617-160.
E-mail address: [email protected]
Peer review under responsibility of Holy Spirit University of Kaslik.
Conference Title
????? :???? ????? ?? ??????? ??????? ??????? ????? ???????? ???????? ??????? ?????
???????
Financial Crisis, openness of the economy and the financial performance
of Jordanian listed banks: analytical study
?????? ???? ????? ??? .? *
????? ?????? ?? ????? ???????? ????? ????? ????
Dr. Ali Mustafa Abdullah Al Qudah*
Faculty of Finance and Business Administration, Al Albayt University, Jordan
?????? ???? .?
???? ????? ? ??? ????? ???????? ??????? ??????? ????
Dr. Eyad Malkawi
Dean of the Faculty of Economics and Administration Sciences, Jerash University, Jordan
A R T I C L E I N F O
Article history:
Received 07 December 2010
Received in revised form 14 October
2011
Accepted 31 October 2011
Keywords:
World Financial Crisis
Openness of the Economy
A B S T R A C T
This study examined the impact of the world financial crisis and openness of the economy on the financial
performance of Jordanian listed banks through the period 2005-2008. Panel data analysis is employed to
examine study hypotheses. The results showed that the world financial crisis has a negative and significant
impact on the financial performance measured by return on assets, return on equity, earning per share,
market share prices, and market value while it has a positive but not significant impact on dividend yields.
The study also found that openness of the economy has a positive and significant impact on the financial
performance of Jordanian listed banks.
© 2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.
62 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
1 . :???????
? ????? ????? ??? ?????? ??? ??? ???? ???? 2008 ???? ????? ???? ????? ????? ??? ??? ?
????? ?????????? ???????? ????? ???????? ??????? ??? ???? ???? ?????? ????? ???
??????? ?? ??????? ?????? ??? ????? ?? ????????? ??????? ??????? ??????? ?????? ????
???????? ???? ??? ???????? ??????? ????? ????? ?? ???? ??? ??????? ??? ?? ?????? ????
??????? ???? ??? ??????? ??? ????? ?? ???????? ?????? ?? ?????? ?? 2008 ??? ???? ??? .
???????? ?? ????? ???? ???? ??? ????????? ????????? ???????? ???????? ???????? ?????
?????? ?? ???? ????????? ?????? ????? ??????? ????? ??? ???? ??? ???????? ????? ?? ?? ???
??? ????????? ?? ?????? ??? ???? ???????? ???????? ??????? ?? ?????? ?????? ??
.???????? ??????? ???????
????? ??? ?? ?????? ????? ?? ??? ????????? ????????? ?????????? ?? ?????? ????? ???
?? ??? ??????? ?????? ???????? ???????? ????? ????? ?? ???? ???? ?? ???????? ??????? ????
??????? ??? ?????? ??? ?????? ????? ?????? ???? ?? ????? ?? ????? ??? ???? ???
???????? ?? ??? ??????? ????? ????? ??? ??????? ??? ?????? ??? ???? ????? ????????
?? ?? ????? ??? ??? ??????? ????? ?????? ??????? ??????? ?????? ????? ?????? ????? ?????
????? ??? ???? ??? ?????? ?????? ????? ???? ??? ??? ??? ?????? ???? ?? ????? ??????
.??? ???????? ??????? ?????? ???? ???????? ??????? ?????
?? ????? ??? ?????? ??????? ??????? ??????? ??? ?????? ??????? ?????? ?????
?? ?????? ?? ?????? ?????? ??? ????? ????????? ?????????? ????????? ????????? ?????
???????? ???????? ???????? ??????? ?? ???????? ???? ???? ??? ????????? ?? ?????
??????? ???? ?????? ????? ?? ??? ??????? ?????? ????????? ?????? ???? ??? ?????????
???????? ????? ???????? ????? ??? ????? ???????? ??????? ???????? ??????? ??????? ????? ?
????? ??????? ??? ?????? ???? ???? .?????? ????????? ???????? ?????? ?????? ????? ??
??????? ?????? ?????? ?? ?????? ??? ??????? ????????? ????? ?? ????????? ??????
?? ??? ??? ???? ????? ???? ? 4.3 ?% 4.5 ?% 4.5 ?????? % 2006 ? 2007 ??????? ??? ?
2008 ? ? ??? ?? ?? ??? ?????? ????? 2.95 ??? % 2009 ??????? ??? ???? ??? ??? ?? .
??????? ?????? ?????? ????? ??? ???????? ???????? ???????? ??????? ????? ??? ??? ??????
.?????? ???? ??? ?? ???????
1.1 :??????? ?????.
????? ??? ???????? ???????? ????????? ??????? ????? ????? ??? ?? ??????? ????? ?????
.?????? ???? ??? ?? ??????? ??????? ?????? ??????
2.1 :??????? ??????.
???????? ???????? ??????? ????? ??? ?????? ???? ????? ??????? ??? ??? ????? ??? ????????
.??????? ?????? ??????
3.1 :??????? ?????.
????? ???? ???? ??? ?????? ??????? ?? ??????? ?????? ??? ????? ??? ??????? ???
????? ??? ?? ????? ?? ???????? ??????? ???????? ????? ????? ??? ?? ???????? ?????????
????? ??????? ????? ???? .???? ?? ??? ?????? ????? ????????? ???????? ???????? ????????
?????????? ???????? ??? ?? ?????? ?? ?????? ?????? ????? ?? ??????? ????? ??? ??????
.????? ?????
4.1 ??????? ???. :
???????? ??????? ????? ??? ??? ?????? ??? ??????? ??? ???? ?? ???????? ???????? ????? ?
??????? ?????? ?????? ?????? ????? ????? ????? ?? ??????? ????? ??? ?????? ??????? ?
.??????? ??????
5.1 . :??????? ??????
:??? ??????? ??? ???????? ???? ???????? ?? ??? ????
1 - ???????? ??????? ????? ??? ????? ???? ???? ? ??????? ????? ??????? ?????? ?????? ?????
???? ??? ?????????? ??? ??????? ???????? ??????? ???????? ?????? ?? ????? ?????
.??????? ?????? ??? ??????? ??????? ?(????? ???) ?????? ????? ?? ????? ???? ????????
2 - ???????? ??????? ??? ????? ???? ???? ??? ??????? ????? ??????? ?????? ?????? ??????
?????????? ??? ??????? ???????? ???? ??????? ?????? ?? ????? ????? ???????? ??????? ?
?(????? ???) ?????? ????? ?? ????? ???? .??????? ?????? ??? ??????? ???????
6.1 :??????? ???? .
??????? ??? ????? ??? ????? ?? ??????? ??????? ??????? ???? ???? ??????? ?????? ?
2005 - 2008 ?????? 15 .?????
7.1 ??????? ????????. :
????? ????? [1] ???????? ??????? ???? ??? ???????? ??????? ????? ??? ?????? ?????
??? ??????? ????? ??? ??????? ??????? ????? ??????? ????? ???? ??????? ??????? ??
??????? ?? ????????? ??? ??? ???? ??????? ??? ?? ????????? ??????? ?????? ?????? ??????
.????????
?????? ????? [2] ??????? ?????? ?????? ??? ??????? ????? ??? ??????? ??? ???????
?????? ?????? ?????? ??????? ????? ??????? ?? ?? ? ?? ???? ???????? ???????
???? ????? ????? ??????? ????? ???? ??????? ????????? ????? ?? ???????? ?????????
???????? ???????? ??? ??? ????? ??? ??????? ???????? ?????? ????? ????? ???????? ????
.???????
????? ?????? ??? Anichshenko [3] ???????? ??????? ????? ??? ?????? ?????? ???
???? ??????? ????? ?? ??? ?????? ?????? ??????? ????? ??????? ??? ?????? ????????????
??? ?? ????????????? ??????? ??? 2007 ?? ???? ??????? ?? ??? ??? ?? ????? ?????
Banking
Financial Performance
Market value
:????????? ???????
???????? ??????? ?????
???????? ???????
??????? ???????
?????? ?????
??????? ???????
????
???? ????? ?? ??????? ??????? ??????? ?????? ????? ??? ???????? ???????? ???????? ??????? ????? ??? ??????? ??? ??????
??????? ?????? ????? ??? ???? ?????? ??????? ?????? 2005 - 2008 ???????? ???????? ????? ??????? ??? ???????? . (panel data
analysis) ??? ??????? ???? ??? ???? ????? ??? ??? ???????? ??????? ????? ?? ??? ??????? ?????? .??????? ?????? ??????
???? ???????? ??????? ???????? ?????? ?? ?????? ????? ????? ????? ??? ??????? ?????????? ??? ?????? ) ?? ????? ?????? ?????
???? (?????? ????? ??????? ?????? ??? ??????? ?????? ???? ??? ??????? ???? ?? ???? ?????? ????? ??? ??? ? . ??? ??????? ????? ???
.??????? ??????? ?????? ????? ??? ??????? ???? ??? ?????? ????? ?? ???????? ??????? ??
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66 63
???????? ????? ????? ?? ????? ????? ?????? ????? ?? ?????? ?????????? ???????????? ??
.??????? ?????? ?????
????? ??? Ersoy [4] ?????? ??????? ??? ???????? ??????? ????? ??? ??????? ??? ?????? ???
????????? ?????? ????? ????? ??????? ????? ?? ??????? ??????? ?????? stochastic
frontier analysis) ????? ????? ???????? ??????? ?????? ????? ?? ??? ??????? ?????? (
.???????? ??????? ??????
????? ????? Ajega [5] ??????? ??????? ?????????? ?????? ??? ???????? ??????? ????? ???
?????? ??? ?????? ???? ????????? ?????? ?? ????????? ??? ??????? ?? ????? ?????? ?
????? ??? ???? ?????? ?? ???? ????????? ??????? ?????? ????? ?????? ??? ?? ??? ???????
.???? ??????? ???????? ????? ??
2 :?????? ????? .
1.2 :???????? ??????? ?????.
?? ????? ??????? ???????? ??? ??? ???????? ????? ???????? ?? ?????? ???? ??????? ??????
????? ???? ?? ??????? ??????? ?????? ??? ?????? ???? ?? ????? ?????? ?? ?????? ?? ?????
??????? ??? ????? ????? ??? ?????? ???? ?? ???? ????? ?? ????? ????? ????????
?? ??? ???????? ?????? ???? ??? ????? ???? ?? ??? ??? ????? ?? ???????? ????? ?? ???? ??
? ???????? ?????? ????? ??????? ??????? ?????? ??? ??? ???????? ??????? ? [6] ??? ???
?? ?? ?? ???? ???? ?? ?? ????? ??? ?? ????? ?????? ?? ??????? ????? ??
?
???? ????????
?????? ???? ??? ??? ??? ????? ????? ?????? ?????? ?? ???????? ??? ??? ??? ????? ??
????? ?? ??????? ?? ??????? ???????? ???? ????? ????? ?????? ????? ????? ????? ?? ???????
??????? ????? ?? ???? ?? ??? ?? ???? ????? ????? ??? ?? ??????? ???? ??? ????????
?? ????????? ??????? ???? ?????? ???????? ?? ?????? ??????? ?? ??? [7] .
???? ??? ??? ???????? ?????? ??? ?????? ????? ??????? ??????? ????? ????? ????? ???
????? ????? ???? ??? ??? ???? ????? ?????? ????????? ??????? ????? ??? ????? ?? ?????
???????? ???????? ?????? ??????? ??? ????? ?????? ??? ?? ??????? ????? ???????
????????? [8] ???? ?????? ?????? ?? ???????? ???????? ??????? ????? ??? ???? ??????? ????? ???
?? ????????? ?? ?????? ??? ???? ???????? ??????? ??????? ?? ??????? ????? ??? ????
??????? ????? ?????? ?? ?????? ????? ??????? ???? ?? ????? ?? ???? ?? ?????? ???
2 ????? ??? % 5.7 ???? ?? ??? ??? ????? ????? ???? ?????? ?????? ???? ??? %
?????? ??? ??? ???? ???? ?? ??? ??????? ????? ??? ?? ????? ??????? ????? ????? ??? ?????
????? ????? ??? ?????????? ???????? ?????? ?? ??????? ???????? ????? ????? ??
?????? ??? ??? ??? ??????? ??????? ????? ??? ?????????? ????? ???? ??????? ????????
.???? ??????? ??????? ?????? ??????
??? ????????? ??????? ?????? ??? ??? ??????? ????????? ??? ??????? ??????? ?????? ?????
???? ?????????? ??? ?? ??????? ??????? ???? ???? ?? ?????? ???? ???? ??? ?? ??
?????? ????? ???? ??? ??????? ??????? ????? ??? ???????? ???? ??? ??? ????? ??? ???
.???? ??????? ??????? ???????
?????? ?? ???? ????? ??????? ??????? ????? ??? [9] :??????? ???????
- ???? ?????? ???? ???? ?????? .?????? ?????? ??????
- .???????? ??????? ?? ???????? ???????? ???????
- .???? ??????? ????????? ???
- .?????? ??????? ???????? ??????? ?? ???? ?? ????? ????? ??? ???? ???????? ???????
- ?? ????? ?? ???? ????? ? .????????? ???
2.2 :???????? ???????.
???????? ?????? ?????? ??? ????????? ???????? ????? ???? ???? ???????? ??????? ????
??? ???????? ?????? ??? ?????? ???????? ??????? ??? ???? ?????? ??? ???? ???? ??? ?????
???? Udegbuna, [10] ?? ????? ?? ???? ???????? ??? ??????? ??? ???????? ?? ??? ????
???? ???? ??? ??????? ?????? ??? ???? ???? ????????? ?????? ???????? ??????? ????
??????? ?????? ???? ???????? ??????????? ??????? ??? ?? ????? ??? ??? ????????
? ?? ?????? ??????? ??? .?????? ????? ?? ??????? ?????? ??? ???? ??? ?????? ????????? ????
????? ?????? ????? ???????? ?????? ???? ??? ????? ?? ???? ???? ????????? ??????
??????? ??????? ??? ?? ????? ????? ??? ???????? ??????? ???? ??? ?????? ???????
.??????? ?????? ?????? ???????? ???? ???????? ??????? ?????????? ???? ???
? ??? ??? ??? ????? Topolova [11]; Pavcnik [122] and Fernands [13] ???
.????? ?????? ???????? ????? ????? ??? ???? ???????? ???????? ?????
3 ????????. :
1.3 . ?????? ????????? ? :
?????? ????? ???? ???????? ??????? ?? ??????? ?????? ??????? ?????? ?? ?? ?????????
?????? ???? ?????????? ?????????? ??????? ???????? ??????? ???? ???? ??? ???????? ??????
????????? ?????? ????? ???? ??? ????? ?????? ?? ??????? ????? ??? ????? ??????? ??????
???? ??????? ????? ??? ??????? .??????? ??????? ?? ?????? ????? ???????? ??????? ???? ????
?????? ???? ??? ?? ??????? ??????? ??????? ?????? ????? ??? ? ?????? ??????? ???
.?????? ???? ????? ??????? ??????? ?????
1 - ??????? ???? ??? ?????? Return On Equity (ROE)
? ???? ??? ???????? ??????? ??? ????? ???? ????? ????? ??????? ?????? ????? ???????
????? ??? ??????? ???? ???? ????? ?????????? ???? ?? ????? ????? ??????? ????? ?????
?????? ?????? ?? ??????? ?????? ????? ??? ???? ???? ?????? ??? ???? ????? ???????? ??????
???? ??? ?????? ??? ?????? ????? ??????? ??????? ????????? ????? ?? ??????? ????????? ?
??????? ?????? ??????? ?????? ????? ????? ???? ??? ??? ???? ??? ??? ???????? ????????
[14] .
2 - ????????? ??? ?????? Return On Assets (ROA)
? ????? ?????????? ?????? ??? ???????? ??????? ??? ????? ???? ????? ????? ??????? ??
?? ??????? ?????? ????? ???? ??? ?????? ?????? ??????? ?????? ????? ??? ??
?????? ?????? ???????? ????????? ????? ????? ??? ?? ?????? ???????? ????? ???????
??? ???????? ??????? ?? ????????? ????? ???? ???????? ??? ??? ???? ???? ??????
??? ??????? ?????? ??? ?????? ????????? ???????? ?? ??????? ??? ?????? ????? ??????? ???
?????? ???? ????????? ????? ?? ????? ?????? ???? ?? ???? .????? ??????? ??
?????? ??? ??? ??????? ?????? ????? ?? ?????? ???? ????? ??? ?????? ???? ???
??? ?? ???? ?? ??? ????????? ?? ?????? ??????? ????? ???????? ????? ?? ?????? ???
??????? ?????? ????? ????? [15]
3 - :??????? ?????? ?? ????? ???? EPs) ( Earning per share
.??????? ????? ??? ??? ????? ???? ?? ????? ???
4 - ) :??????? ?????? ??? ??????? ?????? ???? DY ( Dividend Yield
.????? ??????? ?????? ??? ??????? ?????? ?????? ???? ?? ????? ?????? ????
5 - ) :??????? ?????? MC ( Market Capitalization
???????? ??????? ????? ??? ?? ?????? ?????? ????? ?? ?????? ????? ??? ?? ????? ???
????? ?? ?????? ??? ????? ?????? ???? ?? ?????? ?????? ?????? ?????? ????? ??????
.?????? ???????? ?????? ?? ???? ???????
6 - :?????? ????? ??? MSP) ( Market Share Price
??????? ???????? ?????? ??? ??????? ??????? ????? ?????? ??????? ?????? ???? ??? ????????
??? ????? ???? ??????? ????? ?? ??????????? ????? ????? ???? ????? ??? ??? ???? ????
????? ?????? ????? ???? ??? ????? ????????? ???????? ????? ??????? ?????? ??????
?????? ?? ????? ?? ?????? ??????? ??????? ??????? ????? ????? ??? ?????? ???? ?????
?? ????? ?? ????????? ????? ?? ??? ?????? ????? ??????? ?????? ????? ???? ?? ????????? ??
?????? ????? ???????? ???????? ??????? ??????? ?????? [16] .
64 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
2.3 ???????? ?????????. The Independent Variables
1 - :???????? ??????? ????? World Financial Crisis (FC)
?? ??????? ??? ?? ?????? ????? ??? ???????? ??????? ????? ??? ????? ???????? ??????? ???????
) ????? ??? ???????? ??????? ??????? 1 ???? ?? ???????? ??????? ????? ???? ????? (
.??? ????? ??? ??? ?????
2 - :???????? ??????? Openness of the Economy(OP)
????? ??? ????? ??????? ??????? ?????? ?????? ??? ????????? ???????? ????? ????? ?
.???????
3.3 . ???????? ???????? ????? : (Panel Data Analysis)
???????? ????? ????? ?? ???? .???????? ??????? ?????? ?????? ?? ???????? ???????? ????? ??
??????? Hsiao[17] ??? . ??????? ???? ???? ???? ???????? ???????? ??????? ????? ???
??? ??????? ???? ??????? ?????? ???? ?????? ????? ???????? ??? ??????? ????????
?? ????? ???? ??????? ?????? ?? ????? ????? ??????? ????? ?? ????? ????? ??????????
?? ??? .?????? ??????? ????? ??? ????????? ????? ????? ??? ?????? ??? ???????? ????????
??????? ?????? ?????? ?????? ??????? ?? ??????? [18] Baltagi,
4.3 ??????? ???????. ) : (The Empirical Model
1.4.3 ??????? ????????? ?????. : The Fixed Effects Model
?????? ????? ??????? ??? ?????? ?? ???? ?(???????? ????????) ???????? ??????? ??????
????? ??? ???????? ??????? ???? ???? ???? ????? ????? ????? ??? ?? ???????? ????????
?????? ??? ???? ??? ???????? ??????? ??????? ???? ???? ???? ??? ?????? ???????
?? ???? ?????? ??????? ?????? ?????? ???? ????? ??????? ???? ????? ?????
??????? ??? ???? ?? ??????? ????????? ?????? ?? ?????? ,Bortolotti, D’Souza and
Megginson [19] ?????? ?????? ???? ??? ??? . Huasman test) ????? ?? ??? (
??????? ????????? (Fixed Effects Model) ??????? ??????? ?? ? ????????? ????? ?? ???
) ????????? Random Effects Model ( ) ??? ???? ??? p ??????? ??? – ?? ?????? Chis-
Square ?? ??? ( 5 ??????? ????????? ????? ??? .% (Fixed Effects Model) ???? ?
? ?????? ?????? ??? ???? ?????? ???? ???? ?????? ???????? ????????? ?????? ?????? ???
??? ?????? ???? ?? ???? ????? ??? ??????? ??????? ??????? ???? ???? ??? ???????
?????? ???????? ?????? ?? ?????? ??? ??????? [20]Gujarati ??? ???????? .
?????? ?????? ???????? ????? ??????? ) generalized Least Square Method ???? (
???? ???? .?????? ???????? ??????? ??? ???????
.?????? ??????? ??????? ??????? ????????
??? Y ??????? ???? ??? ?????? ) ??????? ????????? ???? ROE ????????? ??? ??????? ?
ROA ?????? ?? ????? ????? ? ??????? EP ????? ????? ?? ????? ????? ??? ? P ??????? ?
?????? ??????? MC ? ?????? ??????? ?????? ??? ??????? ??????? DY ? i ??????? t
? ?????
i
????? ??? ?????? ??????? ??? ???? ???? ???? ?????? ??????? X ????
????? ????????? ????????? ???????? ?????? ????? ???????? ?? FC ? , ???????? ???????? OP
? U .??????? ???? ??? ???? ???? ??????? ??? ????????? ???? ????? ??? ??????? ????
1
) Parameters .???????? ????????? ?????? ???? (
4 ??????? ?????. :
1.4 ????? ?????. :???????? ???????? ????????? ??????? ????????
) ??? ?????? ???? 1 ?????? ???????? ???????? ????????? ??????? ???????? ?????? (
???? ????? ??????? ??????? ???? ??? ???????? ??????? ?? ???? ????? ???????? ????????
.???????? ???????? ????????? ???????? ???????? ???? ????
??????? ????? ?????? ????? ?? ) ??????? ??????? ??? ?????????? ??? 0.021494 (
) 0.017615 ??????? ??????? ???? ??????? ???? ??? ?????? ?????? ???????? ??? (
) 0.135299 ) ?( 0.129389 ??????? ??? ( ?????? ??? ????? ???? ??? ??? ???????? ??? ?
??????? ??????? ??????? ???? ) 0.314606 ) ( 0.235 ( ?? ???? ??? .???? ??? ????? ??
) ??????? ??? ????? ?????? ????? ????? ????? ?? ?????? 6.042143 ( ) ? 3.395 ( ???? ???
) ??????? ?????? ??? ??????? ?????? ????? ????? ?? ?????? 0.019277 ) ?( 0.0176 ??? (
??? ??????? ????? ????? ????? ??? ??????? ????? ??
?
??? .??????? ??????? ??? ?????? ???????
????? ??? ??????? ???? ??? ?????? ??? ???? ???? ????? ??? ??????? ???? ??? ??????
?? ?????? ??? ???? ????? ??? .???????? ???????? ?? ???????? ????? ??? ??????? ???????
?? ??? ??? ??????? ????????? ??????? ???????? ???? ?????? ?? ??????? ???????? ??
??? ?? ???? ???? ???? ??? ??? ???????? ??????? ??? .??????? ????? ??? ????? ??????? ???
????? ?? ?????? ????? .???? ??? ????????? ???? ???? ?? ??? ????? ??? ? ?????
) ??????? ?????? ????? ???? ??????? ?????? ????? 6.042143 ( ) ? 3.395 ????? ??? (
.??? ??? ???? ????? ????? ??? ??????? ??????? ???? ?????? ??????? ????? ?? ??? ??????
) ??????? ??????? ???? ??????? ?????? ??? ??????? ?????? ????? ??????? ???? 0.019277 ?(
) 0.0176 ??? ??? ????? ???? ??? ?????? ??? ??? ??? ??????? ??? ( ????? ?? ?????
.??????
??? ???? 3 - .???????? ???????? ????????? ??????? ???????? ????
ROA ROE EP P DY
Mean 0.021494 0.135299 0.314606 6.042143 0.019277
Median 0.017615 0.129389 0.235 3.395 0.0176
Maximum 0.08102 0.398406 1.136886 63.3 0.073
Minimum 0.008238 0.0099 0.068365 1.46 0
Std. Dev. 0.013275 0.06593 0.233596 9.158895 0.020195
2.4 ??????? ?????. ) (Regression Results
1 - ) ??????? ?? ??????? ????? ???? :???????? ??????? ????? ??? 2 ? 3 ??????? ????? ????? ?? (
??? ???? ????? ?? ???????? ??? ??????? ?????????? ??? ?????? ?? ?? ??? ??????? ????
????.??????? ??????? ??????? ???? ?? ????? ????? ??????? ????? ???? ???????? ????
??? ????? ?????? ???? ?????????? ???????? ??????? ????? ???? ?? ??? ????? ???? ???
?? ????? ????????? ?? ?? ???? ???? .??????? ?????? ????? ??? ??????? ??????? ?????
??????? ???????? ????? ?????? ??? ???? ????? ??? ???????? ??????? ????? ?? ??? ????
???? ????? ??????? ???????? ?????? ????? ?????? ??? ??? ??? ????? ?? ??? ??????
???? ????? ??? ???????? ????? ??? ??? ??? ? ???????? ????????? ???????? ?? ??? ?
??? ??? ?????? ???????? ?????? ???? ??????? ?????????? ???????? ????? ??????
??? ?? ????? ?????? ????? ????? ??? ?????? ?????? ???? ?? ?????? ???? ???????
?? ?? ??????? ??????? ?? ??? .???? ??? ?? ??????? ????? ???? ???? ????? ????? ???
????? ??????? ????????? ??? ??? ???? ?????? ?? ????? ???? ???????? ???????
??? ???????? ???????? ??? ????? ??? ????? ??? ???????? ????? ???? ????? ???? ????????
???? ????? ??? ????? ????? ???? ??????? ??????? ??????? ?????? ?? ????? ????? ???
?????? ????? ???????? ??????? ????? ??? ??? .?????? ????? ???? ???????? ??????? ????????
??????? ??? ???? ???????? ?????? ??? ??????? ?????? ???? ??? ??????? ???? ?? ??? ????
??????? ??????? ?????? ??? ??? ???? ????? ??? ???? ?????? ?? ???? ????? ???????
.??????? ?????? ??? ????? ??? ??? ??? ????????
2 - ??????? ????? ????? ??? :??????? ??????? ?????? ????? ??? ???????? ??????? ?????
?????? ?? ?? ??? ??????? ???? ??? ???? ????? ?? ???????? ??????? ????? ?? ???????
??? ???? ?? ????? ????? ??????? ????? ???? ???????? ???? ??? ??????? ??????????
??????? ?? ??? ???? ???? ???????? ?????? ??? ??????? ?????? ????? ???????? ??????? ???????
1 .......... .......... .......... ..........
1
Model U X Y
it it i it
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66 65
??? ????? ??? ???? ??? ???????? ?????? ??????? ?????? ??? ????? ??? ???? ????????
? ??????? ?????????? ????? ?????? ????????? ????????? ??????? ?????? ?????????? ???????
? ???????? ???? ???????? ????????? ????? ??? ????? ????? ??? ????? ????? ?? ???
??? ??????? ?????? ??? ????? ???? ??? ????? ???????? ???????? ??????? ???????
????? ?? ??? ????? ????? ???? ???????? ?????? ????? ??? ??????? ????? ????????? ????
??????? ????? ??? ??? ??? ??????? ?????? ?????? ??????? ?????? ?? ????? ???? ?????
??????? ?????? ???? ???? ??????? ??????? ?????? ??? ?? ??? ????? ?? ????? ??? ???
?????? ??? ??????? ?????? ????? ??? ??? ???? ???????? ??????? ?? ??? ????? .???????
?????? ????????? ???????? ??????????? ??????? ??? ???? ??? ????? ?? ??? ????????
??????? ???????? ??? ?? ??? ??????? ????????? ??????? ??? ??????? ????? ??? ?????????
.???????
?? ??? ?? 2 - ?????? ????? ??? ???????? ???????? ???????? ??????? ????? ??? ????
??????? ??????? ) Fixed Effects Model .(
Independent
Variables
Dependent variables
ROA ROE EP
Openness of
the economy
0.048351
(3.101314)***
0.641789
(14.22109)***
1.113598
(5.7134)***
Financial
crisis
-0.00294
(-1.91766)**
-0.01999
(-4.50563)***
-0.06257
(3.26578)***
R-squared 0.855982
0.987156
0.941279
Adjusted R-
squared
0.802394
0.982377
0.919429
NO 60 60 60
Banks 15 15 15
Note (a) A single (*) asterisk and two (**) asterisks and three (***)
asterisks denote significance at the 10%, 5% and 1% level of confidence
respectively. t statistics between parenthesis.
??? ???? 3 - ???????? ???????? ???????? ??????? ????? ??? ???? ?????? ????? ???
)??????? ??????? Fixed Effects Model .(
Independent
Variables
Dependent variables
P DY MC
Openness of
the economy
33.83176
(9.974954)***
-0.11744
(-4.00517)***
1.059548
(5.196879)***
Financial
crisis
-1.46758
(-4.40207)***
0.003745
(1.299424)
-0.05184
(-2.58668)***
R-squared 0.938705
0.70861
0.999703
Adjusted R-
squared
0.915719
0.599339
0.999592
NO 56 56 56
Banks 14 15 15
Note (a) A single (*) asterisk and two (**) asterisks and three (***)
asterisks denote significance at the 10%, 5% and 1% level of confidence
respectively. T statistics between parenthesis.
5 :???????.
???? ??? ??????? ??????? ?? ???? ??? ??????? ??? ????? ?????? ??????? ????? ?
:??????? ??????? ????????
1 - ??????? ?????? ????? ??? ??????? ???? ??? ???? ????? ??? ???????? ??????? ????? ??
??? ??????? ??? ??????? ????? ???? ??? ????? ???? ???????? ???? ??? ???????
? ???????? ??????? ??????? .??????? ?????? ?? ????? ???? ?? ??? ???? ????
??? ?????? ????????? ?????? ??? ??????? ?????? ??? ??? ???????? ??????? ?????
? ????? ????? ????? ???? ??? ???? ?????? ?????? ???? ??? ????? ????? ?? ??
??? ????? ????????? ????? ??? ???? ????? ????? ?????? ??? ????? ??? ?
?? ???????? ????? ???? ????????? ???????? ??????? ???? ?????? ????? ?
?????? ???????? ?????? ?????? ???? ??????? ??? ??? ?????? ????? ??? ????? ?
???? ??? ?? ????? ?????? ????? ??? ???? ?? ?? .??? ??? ???? ?????? ?????
???? ??????? ?????? .??????? ??????? ?????? ??????
2 - ?????? ???? ??? ??????? ???? ?? ??? ???? ?????? ????? ??? ???????? ??????? ????? ??
?????? ??? ??? ???????? ??????? ????? ?? ?? ???? ???? ??????? ?????? ??? ???????
??? ????? ??????? ?????? ??? ?? ???? ????? ??????? ???? ??? ???? ???
.??????? ??? ???????
3 - ??????? ?????? ????? ??? ??????? ???? ??? ?????? ????? ?? ???????? ??????? ??
??? ???????? ??? ??????? ????? ???? ? ? ????? ???? ????????? ???? ??? ???????
?? ???????? ?? ????? ????? ???????? ??????? ??????? ?????? ????? ??????
???? ????? ??? ???? ???????? ??????? ?? ???? .??????? ?????? ??? ???????
??? ????? ?????? ???????? ????? ????? ???? ?? ??????? ??????? ??? ????????
???? ??????? ???? ??? ???? ????? ??? ????? ??????? ??????? ?????
???????? ???????? ?????? ??????? ??????? ???? ??????? ??? ????? ??????????
????????? ??????? ???????? ?? ?????? ??????? ???? ????????? ????? ???
????? ??? ??? ???? ??????? ?????? ??? ??? ??????? ????? ????? ????????
?? ?????? ????? ????? ???? ??? ??? ????? ????? ??????? ??????? ?????
?? ??????? ???? ????? .
6 :????????.
1 – ????? ??? ???????? ?????? ??????? ????? ??? ???? ????? ??? ???????? ??????? ????? ??
??????? ??? ?? ????? ??? ??????? ??????? ?????? ????? ??? ??????? ????
??? ?? ??????? ?????? ??? ??????? ??? ???? ?????? ???? ?????? ???????
???? ?? ????????? ??????????? ??????? ???????? ????????? ???????? ???? ?????????
?????????? ??? ???????? ???????? ?? ???? ??? ???????? ??????? ?????
??? ???????? ??????? ????????? ??????? ?????????? ?? ?????? ???? ? ??
.??????? ?????????? ????? ?? ????? ??? ??????? ???? ??????? ??????????
2 - ????? ??? ??????? ???? ??? ?????? ????? ?? ???????? ??????? ?? ??????? ????? ???
??????? ??? ???????? ?????? ????? ?? ????? ??? ??????? ??????? ??????
??????? ?? ?????? ??????? ???????? ?????? ????? ???? ?? ???? ????????
??????????? ???? ????? ??? ?????? ??? ????? ????? ?? ??? ???????
??????? ????? ????? ??? ???? ????? ???????? ??????? ??????? ????? ????????
????? ??????? ?????????? ??????? ??????? ??? ???? ????? ??? ???? ????? ?? ??
.??????? ??????? ??????? ??????? ?????? ????? ????? ??? ???? ?????
66 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
??????? (References)
[1] ???? ??? ????? ? ???????? ??????? ??????? ???? ??? ??????? ???????? ??????? ????? ??? ?
2009 .http://www.philadelphia.edu.jo/courses/Markets/Files/Markets/B161.doc
[2] ??? ?????? ? ?????? ?????? ??? ????? ????? ? ??????? ???? ? 2010 .http://islamtoday.net/bohooth/sitemap.htm 2010 .
[3]Anichshenko V. The Impact of the financial crisis on the banking system of
Kazakhstan. Central Asia Business Journal, 2009, 2.
[4]Ersoy I. The impact of the global financial crisis on the efficiency of
foreign banks in Turkey, 2008.http://www.opf.slu.cz/kfi/icfb/proc2009/pdf/08_Ersoy1.pdf.
[5]Ajega P. The impact of the global financial crisis on the Nigirian banking
industry. unpublished thesis, department of economics, SLU, 2009.
[6] ????? ???????? ????? ?????? ? ?????? ???????? ????? ???????? :??????? ???????? ??????? ?????
???????? ?????? ?????? ???? ??? ?????? ??????? ??? ????? ???? .????? ???????? ??????
??????? ?????? ?????? ? ) 2009 ( .
[7] ??????? ????? ? ?? ??? ???????? ??????? ????? ????? ? ? 2008 .
. www.aljazeera.net/NR/exeres/FE3852AF/2008 .
[8] ????? ???????? ????? ?????? ? ?????? ???????? ????? ???????? :??????? ???????? ??????? ?????
?????? ???????? ?????? ?????? ???? ??? ?????? ??????? ??? ????? ???? .????? ????????
??????? ?????? ?????? ? 2009 .
[9] ???? ????? ? ?????????? ??? ?????? ???????? ??????? ????? ??????? - ??? .???????? ????????
?????? ??????? ?????? ????? ?? ????? ?????? ???????? ??????? ????? ????? ??? ????
?????? ????? ???????? - 11 - 13 - 3 - 2009 .
[10]Udegbunam, R. J. Openness, stock market development and industrial
growth in Nigeria. The Pakistan Development Review, 2002, 41(1),
PP 69-92.
[11]Topalova, P. Trade liberalization and firm productivity: The case of India.
International Monetary Fund, working paper 0w/24, 2004.
[12]Pavncik N. Trade liberalization, exit and productivity improvement,
evidence from Chilean plants. Review of Economics Studies,
2002, 69, pp 245-76.
[13]Fernandes A. Trade policy, trade volumes and plant level productivity
in Colombian manufacturing industries. World Bank, Policy Research,
Working Paper, 3064. 2003.
[14] ????? ????? ???????? ?????? .???????? ??????? ?????? .????? ???? ??????? ????????? ????? ?
???? – ????? ? 2008 .
[15] ????? ???? ????? ? ?????? ??????? ? ????? ?????? ? ? ??? – ?????? ? 2008 .
[16] ????? ????? ???? ????? ???? ???? ????? ??????? ???? ????? ??????? ???? ? ??????
????? ??? ?????? ?????? .???????? ??????? ??????? ???? ???????? ????? ?? – ????? ?
2007 .
[17]Hsiao. C. Analysis of panel data. Cambridge University Press, Cambridge,
U.K. 1986.
[18]Baltagi B. H. Econometric analysis of panel data. 2nd edition, New York:
John Wiley & Sons. 2000.
[19] Bortolotti B., D’souza, J., Fantini M. & Megginson W. L. Privatization
and the sources of performance improvement in the global
telecommunications industry. Telecommunication Policy, 2002. 26
(5-6), PP 243-268.
[20] Gujarati D. N. Basic econometrics. International edition, 4th ed,
McGraw-Hill Companies Boston USA. 2003.
doc_323717264.pdf
This study examined the impact of the world financial crisis and openness of the economy on the financial
performance of Jordanian listed banks through the period 2005-2008. Panel data analysis is employed to
examine study hypotheses. The results showed that the world financial crisis has a negative and significant
impact on the financial performance measured by return on assets, return on equity, earning per share,
market share prices, and market value while it has a positive but not significant impact on dividend yields.
The study also found that openness of the economy has a positive and significant impact on the financial
performance of Jordanian listed banks
2214-4625/$ – see front matter ©2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.http://dx.doi.org/10.1016/j.aebj.2011.10.001
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
Contents lists available at ScienceDirect
ScienceDirect
j our nal homepage: www. el sevi er. com/ l ocat e/ aebj
* Corresponding author. Tel.: 00-962-775-617-160.
E-mail address: [email protected]
Peer review under responsibility of Holy Spirit University of Kaslik.
Conference Title
????? :???? ????? ?? ??????? ??????? ??????? ????? ???????? ???????? ??????? ?????
???????
Financial Crisis, openness of the economy and the financial performance
of Jordanian listed banks: analytical study
?????? ???? ????? ??? .? *
????? ?????? ?? ????? ???????? ????? ????? ????
Dr. Ali Mustafa Abdullah Al Qudah*
Faculty of Finance and Business Administration, Al Albayt University, Jordan
?????? ???? .?
???? ????? ? ??? ????? ???????? ??????? ??????? ????
Dr. Eyad Malkawi
Dean of the Faculty of Economics and Administration Sciences, Jerash University, Jordan
A R T I C L E I N F O
Article history:
Received 07 December 2010
Received in revised form 14 October
2011
Accepted 31 October 2011
Keywords:
World Financial Crisis
Openness of the Economy
A B S T R A C T
This study examined the impact of the world financial crisis and openness of the economy on the financial
performance of Jordanian listed banks through the period 2005-2008. Panel data analysis is employed to
examine study hypotheses. The results showed that the world financial crisis has a negative and significant
impact on the financial performance measured by return on assets, return on equity, earning per share,
market share prices, and market value while it has a positive but not significant impact on dividend yields.
The study also found that openness of the economy has a positive and significant impact on the financial
performance of Jordanian listed banks.
© 2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.
62 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
1 . :???????
? ????? ????? ??? ?????? ??? ??? ???? ???? 2008 ???? ????? ???? ????? ????? ??? ??? ?
????? ?????????? ???????? ????? ???????? ??????? ??? ???? ???? ?????? ????? ???
??????? ?? ??????? ?????? ??? ????? ?? ????????? ??????? ??????? ??????? ?????? ????
???????? ???? ??? ???????? ??????? ????? ????? ?? ???? ??? ??????? ??? ?? ?????? ????
??????? ???? ??? ??????? ??? ????? ?? ???????? ?????? ?? ?????? ?? 2008 ??? ???? ??? .
???????? ?? ????? ???? ???? ??? ????????? ????????? ???????? ???????? ???????? ?????
?????? ?? ???? ????????? ?????? ????? ??????? ????? ??? ???? ??? ???????? ????? ?? ?? ???
??? ????????? ?? ?????? ??? ???? ???????? ???????? ??????? ?? ?????? ?????? ??
.???????? ??????? ???????
????? ??? ?? ?????? ????? ?? ??? ????????? ????????? ?????????? ?? ?????? ????? ???
?? ??? ??????? ?????? ???????? ???????? ????? ????? ?? ???? ???? ?? ???????? ??????? ????
??????? ??? ?????? ??? ?????? ????? ?????? ???? ?? ????? ?? ????? ??? ???? ???
???????? ?? ??? ??????? ????? ????? ??? ??????? ??? ?????? ??? ???? ????? ????????
?? ?? ????? ??? ??? ??????? ????? ?????? ??????? ??????? ?????? ????? ?????? ????? ?????
????? ??? ???? ??? ?????? ?????? ????? ???? ??? ??? ??? ?????? ???? ?? ????? ??????
.??? ???????? ??????? ?????? ???? ???????? ??????? ?????
?? ????? ??? ?????? ??????? ??????? ??????? ??? ?????? ??????? ?????? ?????
?? ?????? ?? ?????? ?????? ??? ????? ????????? ?????????? ????????? ????????? ?????
???????? ???????? ???????? ??????? ?? ???????? ???? ???? ??? ????????? ?? ?????
??????? ???? ?????? ????? ?? ??? ??????? ?????? ????????? ?????? ???? ??? ?????????
???????? ????? ???????? ????? ??? ????? ???????? ??????? ???????? ??????? ??????? ????? ?
????? ??????? ??? ?????? ???? ???? .?????? ????????? ???????? ?????? ?????? ????? ??
??????? ?????? ?????? ?? ?????? ??? ??????? ????????? ????? ?? ????????? ??????
?? ??? ??? ???? ????? ???? ? 4.3 ?% 4.5 ?% 4.5 ?????? % 2006 ? 2007 ??????? ??? ?
2008 ? ? ??? ?? ?? ??? ?????? ????? 2.95 ??? % 2009 ??????? ??? ???? ??? ??? ?? .
??????? ?????? ?????? ????? ??? ???????? ???????? ???????? ??????? ????? ??? ??? ??????
.?????? ???? ??? ?? ???????
1.1 :??????? ?????.
????? ??? ???????? ???????? ????????? ??????? ????? ????? ??? ?? ??????? ????? ?????
.?????? ???? ??? ?? ??????? ??????? ?????? ??????
2.1 :??????? ??????.
???????? ???????? ??????? ????? ??? ?????? ???? ????? ??????? ??? ??? ????? ??? ????????
.??????? ?????? ??????
3.1 :??????? ?????.
????? ???? ???? ??? ?????? ??????? ?? ??????? ?????? ??? ????? ??? ??????? ???
????? ??? ?? ????? ?? ???????? ??????? ???????? ????? ????? ??? ?? ???????? ?????????
????? ??????? ????? ???? .???? ?? ??? ?????? ????? ????????? ???????? ???????? ????????
?????????? ???????? ??? ?? ?????? ?? ?????? ?????? ????? ?? ??????? ????? ??? ??????
.????? ?????
4.1 ??????? ???. :
???????? ??????? ????? ??? ??? ?????? ??? ??????? ??? ???? ?? ???????? ???????? ????? ?
??????? ?????? ?????? ?????? ????? ????? ????? ?? ??????? ????? ??? ?????? ??????? ?
.??????? ??????
5.1 . :??????? ??????
:??? ??????? ??? ???????? ???? ???????? ?? ??? ????
1 - ???????? ??????? ????? ??? ????? ???? ???? ? ??????? ????? ??????? ?????? ?????? ?????
???? ??? ?????????? ??? ??????? ???????? ??????? ???????? ?????? ?? ????? ?????
.??????? ?????? ??? ??????? ??????? ?(????? ???) ?????? ????? ?? ????? ???? ????????
2 - ???????? ??????? ??? ????? ???? ???? ??? ??????? ????? ??????? ?????? ?????? ??????
?????????? ??? ??????? ???????? ???? ??????? ?????? ?? ????? ????? ???????? ??????? ?
?(????? ???) ?????? ????? ?? ????? ???? .??????? ?????? ??? ??????? ???????
6.1 :??????? ???? .
??????? ??? ????? ??? ????? ?? ??????? ??????? ??????? ???? ???? ??????? ?????? ?
2005 - 2008 ?????? 15 .?????
7.1 ??????? ????????. :
????? ????? [1] ???????? ??????? ???? ??? ???????? ??????? ????? ??? ?????? ?????
??? ??????? ????? ??? ??????? ??????? ????? ??????? ????? ???? ??????? ??????? ??
??????? ?? ????????? ??? ??? ???? ??????? ??? ?? ????????? ??????? ?????? ?????? ??????
.????????
?????? ????? [2] ??????? ?????? ?????? ??? ??????? ????? ??? ??????? ??? ???????
?????? ?????? ?????? ??????? ????? ??????? ?? ?? ? ?? ???? ???????? ???????
???? ????? ????? ??????? ????? ???? ??????? ????????? ????? ?? ???????? ?????????
???????? ???????? ??? ??? ????? ??? ??????? ???????? ?????? ????? ????? ???????? ????
.???????
????? ?????? ??? Anichshenko [3] ???????? ??????? ????? ??? ?????? ?????? ???
???? ??????? ????? ?? ??? ?????? ?????? ??????? ????? ??????? ??? ?????? ????????????
??? ?? ????????????? ??????? ??? 2007 ?? ???? ??????? ?? ??? ??? ?? ????? ?????
Banking
Financial Performance
Market value
:????????? ???????
???????? ??????? ?????
???????? ???????
??????? ???????
?????? ?????
??????? ???????
????
???? ????? ?? ??????? ??????? ??????? ?????? ????? ??? ???????? ???????? ???????? ??????? ????? ??? ??????? ??? ??????
??????? ?????? ????? ??? ???? ?????? ??????? ?????? 2005 - 2008 ???????? ???????? ????? ??????? ??? ???????? . (panel data
analysis) ??? ??????? ???? ??? ???? ????? ??? ??? ???????? ??????? ????? ?? ??? ??????? ?????? .??????? ?????? ??????
???? ???????? ??????? ???????? ?????? ?? ?????? ????? ????? ????? ??? ??????? ?????????? ??? ?????? ) ?? ????? ?????? ?????
???? (?????? ????? ??????? ?????? ??? ??????? ?????? ???? ??? ??????? ???? ?? ???? ?????? ????? ??? ??? ? . ??? ??????? ????? ???
.??????? ??????? ?????? ????? ??? ??????? ???? ??? ?????? ????? ?? ???????? ??????? ??
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66 63
???????? ????? ????? ?? ????? ????? ?????? ????? ?? ?????? ?????????? ???????????? ??
.??????? ?????? ?????
????? ??? Ersoy [4] ?????? ??????? ??? ???????? ??????? ????? ??? ??????? ??? ?????? ???
????????? ?????? ????? ????? ??????? ????? ?? ??????? ??????? ?????? stochastic
frontier analysis) ????? ????? ???????? ??????? ?????? ????? ?? ??? ??????? ?????? (
.???????? ??????? ??????
????? ????? Ajega [5] ??????? ??????? ?????????? ?????? ??? ???????? ??????? ????? ???
?????? ??? ?????? ???? ????????? ?????? ?? ????????? ??? ??????? ?? ????? ?????? ?
????? ??? ???? ?????? ?? ???? ????????? ??????? ?????? ????? ?????? ??? ?? ??? ???????
.???? ??????? ???????? ????? ??
2 :?????? ????? .
1.2 :???????? ??????? ?????.
?? ????? ??????? ???????? ??? ??? ???????? ????? ???????? ?? ?????? ???? ??????? ??????
????? ???? ?? ??????? ??????? ?????? ??? ?????? ???? ?? ????? ?????? ?? ?????? ?? ?????
??????? ??? ????? ????? ??? ?????? ???? ?? ???? ????? ?? ????? ????? ????????
?? ??? ???????? ?????? ???? ??? ????? ???? ?? ??? ??? ????? ?? ???????? ????? ?? ???? ??
? ???????? ?????? ????? ??????? ??????? ?????? ??? ??? ???????? ??????? ? [6] ??? ???
?? ?? ?? ???? ???? ?? ?? ????? ??? ?? ????? ?????? ?? ??????? ????? ??
?
???? ????????
?????? ???? ??? ??? ??? ????? ????? ?????? ?????? ?? ???????? ??? ??? ??? ????? ??
????? ?? ??????? ?? ??????? ???????? ???? ????? ????? ?????? ????? ????? ????? ?? ???????
??????? ????? ?? ???? ?? ??? ?? ???? ????? ????? ??? ?? ??????? ???? ??? ????????
?? ????????? ??????? ???? ?????? ???????? ?? ?????? ??????? ?? ??? [7] .
???? ??? ??? ???????? ?????? ??? ?????? ????? ??????? ??????? ????? ????? ????? ???
????? ????? ???? ??? ??? ???? ????? ?????? ????????? ??????? ????? ??? ????? ?? ?????
???????? ???????? ?????? ??????? ??? ????? ?????? ??? ?? ??????? ????? ???????
????????? [8] ???? ?????? ?????? ?? ???????? ???????? ??????? ????? ??? ???? ??????? ????? ???
?? ????????? ?? ?????? ??? ???? ???????? ??????? ??????? ?? ??????? ????? ??? ????
??????? ????? ?????? ?? ?????? ????? ??????? ???? ?? ????? ?? ???? ?? ?????? ???
2 ????? ??? % 5.7 ???? ?? ??? ??? ????? ????? ???? ?????? ?????? ???? ??? %
?????? ??? ??? ???? ???? ?? ??? ??????? ????? ??? ?? ????? ??????? ????? ????? ??? ?????
????? ????? ??? ?????????? ???????? ?????? ?? ??????? ???????? ????? ????? ??
?????? ??? ??? ??? ??????? ??????? ????? ??? ?????????? ????? ???? ??????? ????????
.???? ??????? ??????? ?????? ??????
??? ????????? ??????? ?????? ??? ??? ??????? ????????? ??? ??????? ??????? ?????? ?????
???? ?????????? ??? ?? ??????? ??????? ???? ???? ?? ?????? ???? ???? ??? ?? ??
?????? ????? ???? ??? ??????? ??????? ????? ??? ???????? ???? ??? ??? ????? ??? ???
.???? ??????? ??????? ???????
?????? ?? ???? ????? ??????? ??????? ????? ??? [9] :??????? ???????
- ???? ?????? ???? ???? ?????? .?????? ?????? ??????
- .???????? ??????? ?? ???????? ???????? ???????
- .???? ??????? ????????? ???
- .?????? ??????? ???????? ??????? ?? ???? ?? ????? ????? ??? ???? ???????? ???????
- ?? ????? ?? ???? ????? ? .????????? ???
2.2 :???????? ???????.
???????? ?????? ?????? ??? ????????? ???????? ????? ???? ???? ???????? ??????? ????
??? ???????? ?????? ??? ?????? ???????? ??????? ??? ???? ?????? ??? ???? ???? ??? ?????
???? Udegbuna, [10] ?? ????? ?? ???? ???????? ??? ??????? ??? ???????? ?? ??? ????
???? ???? ??? ??????? ?????? ??? ???? ???? ????????? ?????? ???????? ??????? ????
??????? ?????? ???? ???????? ??????????? ??????? ??? ?? ????? ??? ??? ????????
? ?? ?????? ??????? ??? .?????? ????? ?? ??????? ?????? ??? ???? ??? ?????? ????????? ????
????? ?????? ????? ???????? ?????? ???? ??? ????? ?? ???? ???? ????????? ??????
??????? ??????? ??? ?? ????? ????? ??? ???????? ??????? ???? ??? ?????? ???????
.??????? ?????? ?????? ???????? ???? ???????? ??????? ?????????? ???? ???
? ??? ??? ??? ????? Topolova [11]; Pavcnik [122] and Fernands [13] ???
.????? ?????? ???????? ????? ????? ??? ???? ???????? ???????? ?????
3 ????????. :
1.3 . ?????? ????????? ? :
?????? ????? ???? ???????? ??????? ?? ??????? ?????? ??????? ?????? ?? ?? ?????????
?????? ???? ?????????? ?????????? ??????? ???????? ??????? ???? ???? ??? ???????? ??????
????????? ?????? ????? ???? ??? ????? ?????? ?? ??????? ????? ??? ????? ??????? ??????
???? ??????? ????? ??? ??????? .??????? ??????? ?? ?????? ????? ???????? ??????? ???? ????
?????? ???? ??? ?? ??????? ??????? ??????? ?????? ????? ??? ? ?????? ??????? ???
.?????? ???? ????? ??????? ??????? ?????
1 - ??????? ???? ??? ?????? Return On Equity (ROE)
? ???? ??? ???????? ??????? ??? ????? ???? ????? ????? ??????? ?????? ????? ???????
????? ??? ??????? ???? ???? ????? ?????????? ???? ?? ????? ????? ??????? ????? ?????
?????? ?????? ?? ??????? ?????? ????? ??? ???? ???? ?????? ??? ???? ????? ???????? ??????
???? ??? ?????? ??? ?????? ????? ??????? ??????? ????????? ????? ?? ??????? ????????? ?
??????? ?????? ??????? ?????? ????? ????? ???? ??? ??? ???? ??? ??? ???????? ????????
[14] .
2 - ????????? ??? ?????? Return On Assets (ROA)
? ????? ?????????? ?????? ??? ???????? ??????? ??? ????? ???? ????? ????? ??????? ??
?? ??????? ?????? ????? ???? ??? ?????? ?????? ??????? ?????? ????? ??? ??
?????? ?????? ???????? ????????? ????? ????? ??? ?? ?????? ???????? ????? ???????
??? ???????? ??????? ?? ????????? ????? ???? ???????? ??? ??? ???? ???? ??????
??? ??????? ?????? ??? ?????? ????????? ???????? ?? ??????? ??? ?????? ????? ??????? ???
?????? ???? ????????? ????? ?? ????? ?????? ???? ?? ???? .????? ??????? ??
?????? ??? ??? ??????? ?????? ????? ?? ?????? ???? ????? ??? ?????? ???? ???
??? ?? ???? ?? ??? ????????? ?? ?????? ??????? ????? ???????? ????? ?? ?????? ???
??????? ?????? ????? ????? [15]
3 - :??????? ?????? ?? ????? ???? EPs) ( Earning per share
.??????? ????? ??? ??? ????? ???? ?? ????? ???
4 - ) :??????? ?????? ??? ??????? ?????? ???? DY ( Dividend Yield
.????? ??????? ?????? ??? ??????? ?????? ?????? ???? ?? ????? ?????? ????
5 - ) :??????? ?????? MC ( Market Capitalization
???????? ??????? ????? ??? ?? ?????? ?????? ????? ?? ?????? ????? ??? ?? ????? ???
????? ?? ?????? ??? ????? ?????? ???? ?? ?????? ?????? ?????? ?????? ????? ??????
.?????? ???????? ?????? ?? ???? ???????
6 - :?????? ????? ??? MSP) ( Market Share Price
??????? ???????? ?????? ??? ??????? ??????? ????? ?????? ??????? ?????? ???? ??? ????????
??? ????? ???? ??????? ????? ?? ??????????? ????? ????? ???? ????? ??? ??? ???? ????
????? ?????? ????? ???? ??? ????? ????????? ???????? ????? ??????? ?????? ??????
?????? ?? ????? ?? ?????? ??????? ??????? ??????? ????? ????? ??? ?????? ???? ?????
?? ????? ?? ????????? ????? ?? ??? ?????? ????? ??????? ?????? ????? ???? ?? ????????? ??
?????? ????? ???????? ???????? ??????? ??????? ?????? [16] .
64 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
2.3 ???????? ?????????. The Independent Variables
1 - :???????? ??????? ????? World Financial Crisis (FC)
?? ??????? ??? ?? ?????? ????? ??? ???????? ??????? ????? ??? ????? ???????? ??????? ???????
) ????? ??? ???????? ??????? ??????? 1 ???? ?? ???????? ??????? ????? ???? ????? (
.??? ????? ??? ??? ?????
2 - :???????? ??????? Openness of the Economy(OP)
????? ??? ????? ??????? ??????? ?????? ?????? ??? ????????? ???????? ????? ????? ?
.???????
3.3 . ???????? ???????? ????? : (Panel Data Analysis)
???????? ????? ????? ?? ???? .???????? ??????? ?????? ?????? ?? ???????? ???????? ????? ??
??????? Hsiao[17] ??? . ??????? ???? ???? ???? ???????? ???????? ??????? ????? ???
??? ??????? ???? ??????? ?????? ???? ?????? ????? ???????? ??? ??????? ????????
?? ????? ???? ??????? ?????? ?? ????? ????? ??????? ????? ?? ????? ????? ??????????
?? ??? .?????? ??????? ????? ??? ????????? ????? ????? ??? ?????? ??? ???????? ????????
??????? ?????? ?????? ?????? ??????? ?? ??????? [18] Baltagi,
4.3 ??????? ???????. ) : (The Empirical Model
1.4.3 ??????? ????????? ?????. : The Fixed Effects Model
?????? ????? ??????? ??? ?????? ?? ???? ?(???????? ????????) ???????? ??????? ??????
????? ??? ???????? ??????? ???? ???? ???? ????? ????? ????? ??? ?? ???????? ????????
?????? ??? ???? ??? ???????? ??????? ??????? ???? ???? ???? ??? ?????? ???????
?? ???? ?????? ??????? ?????? ?????? ???? ????? ??????? ???? ????? ?????
??????? ??? ???? ?? ??????? ????????? ?????? ?? ?????? ,Bortolotti, D’Souza and
Megginson [19] ?????? ?????? ???? ??? ??? . Huasman test) ????? ?? ??? (
??????? ????????? (Fixed Effects Model) ??????? ??????? ?? ? ????????? ????? ?? ???
) ????????? Random Effects Model ( ) ??? ???? ??? p ??????? ??? – ?? ?????? Chis-
Square ?? ??? ( 5 ??????? ????????? ????? ??? .% (Fixed Effects Model) ???? ?
? ?????? ?????? ??? ???? ?????? ???? ???? ?????? ???????? ????????? ?????? ?????? ???
??? ?????? ???? ?? ???? ????? ??? ??????? ??????? ??????? ???? ???? ??? ???????
?????? ???????? ?????? ?? ?????? ??? ??????? [20]Gujarati ??? ???????? .
?????? ?????? ???????? ????? ??????? ) generalized Least Square Method ???? (
???? ???? .?????? ???????? ??????? ??? ???????
.?????? ??????? ??????? ??????? ????????
??? Y ??????? ???? ??? ?????? ) ??????? ????????? ???? ROE ????????? ??? ??????? ?
ROA ?????? ?? ????? ????? ? ??????? EP ????? ????? ?? ????? ????? ??? ? P ??????? ?
?????? ??????? MC ? ?????? ??????? ?????? ??? ??????? ??????? DY ? i ??????? t
? ?????
i
????? ??? ?????? ??????? ??? ???? ???? ???? ?????? ??????? X ????
????? ????????? ????????? ???????? ?????? ????? ???????? ?? FC ? , ???????? ???????? OP
? U .??????? ???? ??? ???? ???? ??????? ??? ????????? ???? ????? ??? ??????? ????
1
) Parameters .???????? ????????? ?????? ???? (
4 ??????? ?????. :
1.4 ????? ?????. :???????? ???????? ????????? ??????? ????????
) ??? ?????? ???? 1 ?????? ???????? ???????? ????????? ??????? ???????? ?????? (
???? ????? ??????? ??????? ???? ??? ???????? ??????? ?? ???? ????? ???????? ????????
.???????? ???????? ????????? ???????? ???????? ???? ????
??????? ????? ?????? ????? ?? ) ??????? ??????? ??? ?????????? ??? 0.021494 (
) 0.017615 ??????? ??????? ???? ??????? ???? ??? ?????? ?????? ???????? ??? (
) 0.135299 ) ?( 0.129389 ??????? ??? ( ?????? ??? ????? ???? ??? ??? ???????? ??? ?
??????? ??????? ??????? ???? ) 0.314606 ) ( 0.235 ( ?? ???? ??? .???? ??? ????? ??
) ??????? ??? ????? ?????? ????? ????? ????? ?? ?????? 6.042143 ( ) ? 3.395 ( ???? ???
) ??????? ?????? ??? ??????? ?????? ????? ????? ?? ?????? 0.019277 ) ?( 0.0176 ??? (
??? ??????? ????? ????? ????? ??? ??????? ????? ??
?
??? .??????? ??????? ??? ?????? ???????
????? ??? ??????? ???? ??? ?????? ??? ???? ???? ????? ??? ??????? ???? ??? ??????
?? ?????? ??? ???? ????? ??? .???????? ???????? ?? ???????? ????? ??? ??????? ???????
?? ??? ??? ??????? ????????? ??????? ???????? ???? ?????? ?? ??????? ???????? ??
??? ?? ???? ???? ???? ??? ??? ???????? ??????? ??? .??????? ????? ??? ????? ??????? ???
????? ?? ?????? ????? .???? ??? ????????? ???? ???? ?? ??? ????? ??? ? ?????
) ??????? ?????? ????? ???? ??????? ?????? ????? 6.042143 ( ) ? 3.395 ????? ??? (
.??? ??? ???? ????? ????? ??? ??????? ??????? ???? ?????? ??????? ????? ?? ??? ??????
) ??????? ??????? ???? ??????? ?????? ??? ??????? ?????? ????? ??????? ???? 0.019277 ?(
) 0.0176 ??? ??? ????? ???? ??? ?????? ??? ??? ??? ??????? ??? ( ????? ?? ?????
.??????
??? ???? 3 - .???????? ???????? ????????? ??????? ???????? ????
ROA ROE EP P DY
Mean 0.021494 0.135299 0.314606 6.042143 0.019277
Median 0.017615 0.129389 0.235 3.395 0.0176
Maximum 0.08102 0.398406 1.136886 63.3 0.073
Minimum 0.008238 0.0099 0.068365 1.46 0
Std. Dev. 0.013275 0.06593 0.233596 9.158895 0.020195
2.4 ??????? ?????. ) (Regression Results
1 - ) ??????? ?? ??????? ????? ???? :???????? ??????? ????? ??? 2 ? 3 ??????? ????? ????? ?? (
??? ???? ????? ?? ???????? ??? ??????? ?????????? ??? ?????? ?? ?? ??? ??????? ????
????.??????? ??????? ??????? ???? ?? ????? ????? ??????? ????? ???? ???????? ????
??? ????? ?????? ???? ?????????? ???????? ??????? ????? ???? ?? ??? ????? ???? ???
?? ????? ????????? ?? ?? ???? ???? .??????? ?????? ????? ??? ??????? ??????? ?????
??????? ???????? ????? ?????? ??? ???? ????? ??? ???????? ??????? ????? ?? ??? ????
???? ????? ??????? ???????? ?????? ????? ?????? ??? ??? ??? ????? ?? ??? ??????
???? ????? ??? ???????? ????? ??? ??? ??? ? ???????? ????????? ???????? ?? ??? ?
??? ??? ?????? ???????? ?????? ???? ??????? ?????????? ???????? ????? ??????
??? ?? ????? ?????? ????? ????? ??? ?????? ?????? ???? ?? ?????? ???? ???????
?? ?? ??????? ??????? ?? ??? .???? ??? ?? ??????? ????? ???? ???? ????? ????? ???
????? ??????? ????????? ??? ??? ???? ?????? ?? ????? ???? ???????? ???????
??? ???????? ???????? ??? ????? ??? ????? ??? ???????? ????? ???? ????? ???? ????????
???? ????? ??? ????? ????? ???? ??????? ??????? ??????? ?????? ?? ????? ????? ???
?????? ????? ???????? ??????? ????? ??? ??? .?????? ????? ???? ???????? ??????? ????????
??????? ??? ???? ???????? ?????? ??? ??????? ?????? ???? ??? ??????? ???? ?? ??? ????
??????? ??????? ?????? ??? ??? ???? ????? ??? ???? ?????? ?? ???? ????? ???????
.??????? ?????? ??? ????? ??? ??? ??? ????????
2 - ??????? ????? ????? ??? :??????? ??????? ?????? ????? ??? ???????? ??????? ?????
?????? ?? ?? ??? ??????? ???? ??? ???? ????? ?? ???????? ??????? ????? ?? ???????
??? ???? ?? ????? ????? ??????? ????? ???? ???????? ???? ??? ??????? ??????????
??????? ?? ??? ???? ???? ???????? ?????? ??? ??????? ?????? ????? ???????? ??????? ???????
1 .......... .......... .......... ..........
1
Model U X Y
it it i it
ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66 65
??? ????? ??? ???? ??? ???????? ?????? ??????? ?????? ??? ????? ??? ???? ????????
? ??????? ?????????? ????? ?????? ????????? ????????? ??????? ?????? ?????????? ???????
? ???????? ???? ???????? ????????? ????? ??? ????? ????? ??? ????? ????? ?? ???
??? ??????? ?????? ??? ????? ???? ??? ????? ???????? ???????? ??????? ???????
????? ?? ??? ????? ????? ???? ???????? ?????? ????? ??? ??????? ????? ????????? ????
??????? ????? ??? ??? ??? ??????? ?????? ?????? ??????? ?????? ?? ????? ???? ?????
??????? ?????? ???? ???? ??????? ??????? ?????? ??? ?? ??? ????? ?? ????? ??? ???
?????? ??? ??????? ?????? ????? ??? ??? ???? ???????? ??????? ?? ??? ????? .???????
?????? ????????? ???????? ??????????? ??????? ??? ???? ??? ????? ?? ??? ????????
??????? ???????? ??? ?? ??? ??????? ????????? ??????? ??? ??????? ????? ??? ?????????
.???????
?? ??? ?? 2 - ?????? ????? ??? ???????? ???????? ???????? ??????? ????? ??? ????
??????? ??????? ) Fixed Effects Model .(
Independent
Variables
Dependent variables
ROA ROE EP
Openness of
the economy
0.048351
(3.101314)***
0.641789
(14.22109)***
1.113598
(5.7134)***
Financial
crisis
-0.00294
(-1.91766)**
-0.01999
(-4.50563)***
-0.06257
(3.26578)***
R-squared 0.855982
0.987156
0.941279
Adjusted R-
squared
0.802394
0.982377
0.919429
NO 60 60 60
Banks 15 15 15
Note (a) A single (*) asterisk and two (**) asterisks and three (***)
asterisks denote significance at the 10%, 5% and 1% level of confidence
respectively. t statistics between parenthesis.
??? ???? 3 - ???????? ???????? ???????? ??????? ????? ??? ???? ?????? ????? ???
)??????? ??????? Fixed Effects Model .(
Independent
Variables
Dependent variables
P DY MC
Openness of
the economy
33.83176
(9.974954)***
-0.11744
(-4.00517)***
1.059548
(5.196879)***
Financial
crisis
-1.46758
(-4.40207)***
0.003745
(1.299424)
-0.05184
(-2.58668)***
R-squared 0.938705
0.70861
0.999703
Adjusted R-
squared
0.915719
0.599339
0.999592
NO 56 56 56
Banks 14 15 15
Note (a) A single (*) asterisk and two (**) asterisks and three (***)
asterisks denote significance at the 10%, 5% and 1% level of confidence
respectively. T statistics between parenthesis.
5 :???????.
???? ??? ??????? ??????? ?? ???? ??? ??????? ??? ????? ?????? ??????? ????? ?
:??????? ??????? ????????
1 - ??????? ?????? ????? ??? ??????? ???? ??? ???? ????? ??? ???????? ??????? ????? ??
??? ??????? ??? ??????? ????? ???? ??? ????? ???? ???????? ???? ??? ???????
? ???????? ??????? ??????? .??????? ?????? ?? ????? ???? ?? ??? ???? ????
??? ?????? ????????? ?????? ??? ??????? ?????? ??? ??? ???????? ??????? ?????
? ????? ????? ????? ???? ??? ???? ?????? ?????? ???? ??? ????? ????? ?? ??
??? ????? ????????? ????? ??? ???? ????? ????? ?????? ??? ????? ??? ?
?? ???????? ????? ???? ????????? ???????? ??????? ???? ?????? ????? ?
?????? ???????? ?????? ?????? ???? ??????? ??? ??? ?????? ????? ??? ????? ?
???? ??? ?? ????? ?????? ????? ??? ???? ?? ?? .??? ??? ???? ?????? ?????
???? ??????? ?????? .??????? ??????? ?????? ??????
2 - ?????? ???? ??? ??????? ???? ?? ??? ???? ?????? ????? ??? ???????? ??????? ????? ??
?????? ??? ??? ???????? ??????? ????? ?? ?? ???? ???? ??????? ?????? ??? ???????
??? ????? ??????? ?????? ??? ?? ???? ????? ??????? ???? ??? ???? ???
.??????? ??? ???????
3 - ??????? ?????? ????? ??? ??????? ???? ??? ?????? ????? ?? ???????? ??????? ??
??? ???????? ??? ??????? ????? ???? ? ? ????? ???? ????????? ???? ??? ???????
?? ???????? ?? ????? ????? ???????? ??????? ??????? ?????? ????? ??????
???? ????? ??? ???? ???????? ??????? ?? ???? .??????? ?????? ??? ???????
??? ????? ?????? ???????? ????? ????? ???? ?? ??????? ??????? ??? ????????
???? ??????? ???? ??? ???? ????? ??? ????? ??????? ??????? ?????
???????? ???????? ?????? ??????? ??????? ???? ??????? ??? ????? ??????????
????????? ??????? ???????? ?? ?????? ??????? ???? ????????? ????? ???
????? ??? ??? ???? ??????? ?????? ??? ??? ??????? ????? ????? ????????
?? ?????? ????? ????? ???? ??? ??? ????? ????? ??????? ??????? ?????
?? ??????? ???? ????? .
6 :????????.
1 – ????? ??? ???????? ?????? ??????? ????? ??? ???? ????? ??? ???????? ??????? ????? ??
??????? ??? ?? ????? ??? ??????? ??????? ?????? ????? ??? ??????? ????
??? ?? ??????? ?????? ??? ??????? ??? ???? ?????? ???? ?????? ???????
???? ?? ????????? ??????????? ??????? ???????? ????????? ???????? ???? ?????????
?????????? ??? ???????? ???????? ?? ???? ??? ???????? ??????? ?????
??? ???????? ??????? ????????? ??????? ?????????? ?? ?????? ???? ? ??
.??????? ?????????? ????? ?? ????? ??? ??????? ???? ??????? ??????????
2 - ????? ??? ??????? ???? ??? ?????? ????? ?? ???????? ??????? ?? ??????? ????? ???
??????? ??? ???????? ?????? ????? ?? ????? ??? ??????? ??????? ??????
??????? ?? ?????? ??????? ???????? ?????? ????? ???? ?? ???? ????????
??????????? ???? ????? ??? ?????? ??? ????? ????? ?? ??? ???????
??????? ????? ????? ??? ???? ????? ???????? ??????? ??????? ????? ????????
????? ??????? ?????????? ??????? ??????? ??? ???? ????? ??? ???? ????? ?? ??
.??????? ??????? ??????? ??????? ?????? ????? ????? ??? ???? ?????
66 ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 61–66
??????? (References)
[1] ???? ??? ????? ? ???????? ??????? ??????? ???? ??? ??????? ???????? ??????? ????? ??? ?
2009 .http://www.philadelphia.edu.jo/courses/Markets/Files/Markets/B161.doc
[2] ??? ?????? ? ?????? ?????? ??? ????? ????? ? ??????? ???? ? 2010 .http://islamtoday.net/bohooth/sitemap.htm 2010 .
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[5]Ajega P. The impact of the global financial crisis on the Nigirian banking
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???????? ?????? ?????? ???? ??? ?????? ??????? ??? ????? ???? .????? ???????? ??????
??????? ?????? ?????? ? ) 2009 ( .
[7] ??????? ????? ? ?? ??? ???????? ??????? ????? ????? ? ? 2008 .
. www.aljazeera.net/NR/exeres/FE3852AF/2008 .
[8] ????? ???????? ????? ?????? ? ?????? ???????? ????? ???????? :??????? ???????? ??????? ?????
?????? ???????? ?????? ?????? ???? ??? ?????? ??????? ??? ????? ???? .????? ????????
??????? ?????? ?????? ? 2009 .
[9] ???? ????? ? ?????????? ??? ?????? ???????? ??????? ????? ??????? - ??? .???????? ????????
?????? ??????? ?????? ????? ?? ????? ?????? ???????? ??????? ????? ????? ??? ????
?????? ????? ???????? - 11 - 13 - 3 - 2009 .
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[14] ????? ????? ???????? ?????? .???????? ??????? ?????? .????? ???? ??????? ????????? ????? ?
???? – ????? ? 2008 .
[15] ????? ???? ????? ? ?????? ??????? ? ????? ?????? ? ? ??? – ?????? ? 2008 .
[16] ????? ????? ???? ????? ???? ???? ????? ??????? ???? ????? ??????? ???? ? ??????
????? ??? ?????? ?????? .???????? ??????? ??????? ???? ???????? ????? ?? – ????? ?
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doc_323717264.pdf