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All Journal Journal of Islamic Economics and Finance Studies Journal of Economics and Business Letters
Sangawi, Shakhawan Saeed
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Impact of Liquidity and Profitability on Shareholders’ Equity: Evidence from the Iraqi Stock Exchange Sangawi, Shakhawan Saeed; Salih, Kaiwan Hasan; Ahmad, Kadhm Kamal
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10222

Abstract

Despite the extensive body of research on shareholder value in equilibrium markets, the relationship between liquidity, earnings volatility, and shareholder returns in the Iraqi Stock Exchange remains understudied. This market is characterized by economic sanctions, currency fluctuations, and sectoral imbalances. To address this research gap, this study investigates the impact of liquidity and earnings on shareholders’ equity, focusing on manufacturing companies listed on the Iraqi Stock Exchange during the period 2018–2022. A quantitative research design was employed, utilizing purposive sampling to select 10 Iraqi manufacturing companies whose annual audited financial statements were publicly available on the stock exchange. The analysis was conducted using panel multiple linear regression (EGLS) in EViews 12. The findings reveal that working capital management has a significant positive effect on shareholders’ equity. This suggests that effective working capital management can enhance shareholder value by improving profitability, liquidity, and operational efficiency, thereby increasing the firm’s overall value. Conversely, the study finds that profit does not have a significant impact on shareholders’ equity, indicating that short-term liquidity efficiency may exert a more immediate influence on stock performance than profitability levels. Moreover, the current ratio shows a significant positive effect on shareholders’ equity, which may reflect excessive liquidity resulting from overinvestment in unprofitable or idle assets—an effect that could potentially reverse in the future. The research model explains 93.86% of the variance in shareholders’ equity as accounted for by the independent variables. In conclusion, this study provides a comprehensive understanding of the financial management strategies and techniques that influence shareholder value in emerging and volatile markets such as Iraq.
Effects of total asset turnover, current ratio, and debt-to-equity ratio on the profit margin ratios Ahmad, Kadhim Kamal; Sangawi, Shakhawan Saeed; Ahmad, Darun Tahir
Journal of Economics and Business Letters Vol. 6 No. 2 (2026): April 2026
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/jebl.v6i2.1451

Abstract

This study aims to examine how the profit margin ratios of industrial sector companies listed on the Iraqi Stock Exchange between 2018 and 2023 are affected by the debt-to-equity ratio, current ratio, and total asset return. In this study, a quantitative methodology was used to analyze audited data of financial lists using EViews 12 software. It aims to show the effects of each of the dependent variables of net profit margin (NPM) and gross profit margin (GPM) on the independent variables of debt-to-equity ratio (DER), current ratio (CR), and total asset turnover (TAT). The results based on panel data from 10 manufacturing sector firms indicate the inter-variable effect as follows: The net profit margin (NPM) is significantly impacted negatively by DER, while GPM is positively impacted by DER. This NPM effect indicates that financial effects further reduce profitability. Nevertheless, CR has a slight beneficial impact on GPM and a non-significant negative impact on NPM. In addition, TAT indicates operational inefficiencies by increasing GPM and significantly reducing NPM. To promote sustainable growth in the Iraqi industrial sector, the report recommends increasing asset efficiency, optimizing capital structure, and strengthening liquidity management. This study makes several recommendations for legislators, investors, and corporate executives.
Co-Authors Ahmad, Darun Tahir Ahmad, Kadhim Kamal Ahmad, Kadhm Kamal Salih, Kaiwan Hasan