مجلة البحوث القانونية و الاقتصادية
Volume 8, Numéro 3, Pages 194-211
2025-09-20
Financial Strategy And Corporate Performance: Empirical Evidence From Algerian Listed Companies (2011-2023)
Authors : Guettoufi Yacine .
Abstract
This study examines the relationship between financial strategic decisions and corporate performance among non-financial firms listed on the Algerian Stock Exchange from 2011 to 2023. Using panel data methodology with advanced econometric techniques including Fixed Effects models and General-to- Specific (GETS) automatic modeling, we analyze four publicly traded companies to investigate how investment and financing policies affect Return on Assets (ROA). Our empirical findings demonstrate that investment policy exhibits a statistically significant positive correlation with financial performance (β = 6.86e-12, p < 0.01), while financing policy shows a negative but less consistent relationship. Robustness testing through quantile regression confirms investment policy's critical importance across performance distributions. The GETS methodology identifies significant temporal effects during crisis periods (2011, 2020-2021), highlighting emerging market vulnerability to external shocks. These results extend corporate finance theory to the understudied North African context and provide actionable insights for managers, investors, and policymakers in developing economies.
Keywords
Corporate financ ; Financial strategy ; Emerging markets ; Investment policy ; , Algeria ; ROA
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