les cahiers du mecas
Volume 22, Numéro 1, Pages 630-646
2026-06-02

Determinants Of Capital Structure In Economic Companies: An Econometric Study Of Economic Companies Listed On The Qatar Stock Exchange (2020 – 2024)



Authors : Damene Ouahiba . Korichi Kenza .

Abstract

This study aims to analyze the determinants of capital structure in companies listed on the Qatar Stock Exchange during the period (2020–2024). The analysis employs Panel data models to estimate cross-sectional regression models. The results indicate a statistically significant negative relationship between company size and the debt ratio, consistent with the Pecking Order Theory, while economic return shows a strong negative association with leverage, reflecting the preference of highly profitable companies for internal financing. Non current assets (guarantees) exhibit a negative relationship with leverage, contrary to the Trade off Theory, but consistent with the Agency Theory perspective. Moreover, company growth rate is positively associated with leverage, whereas general liquidity does not have a statistically significant effect on the debt ratio.

Keywords

Financial structure ; Financial leverage ; Determinants ; Financial Theories ; Qatar Stock Exchange

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