مجلة البحوث القانونية و الاقتصادية
Volume 9, Numéro 2, Pages 505-516
2026-05-16
Impact Of Financial Strategy On Financial Profitability: An Empirical Study Of Companies Listed On The Algiers Stock Exchange Using Panel Data Models
Authors : Boualaoui Tahir . Guettoufi Yassine .
Abstract
This study examines how financial strategy affects the financial profitability of companies listed on the Algiers Stock Exchange during 2011-2024. Financial strategy is represented by financing policy, measured through changes in equity relative to total assets, and investment policy, measured through changes in investments relative to total assets. Using panel data for five listed companies and several estimation techniques, the results show a positive significant effect of financing policy on ROA and a negative significant effect of investment policy on ROA, with the Two-Way Fixed Effects model providing the most robust specification.
Keywords
Financial strategy ; financial profitability ; financing policy ; investment policy ; panel data
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