<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2248-6046</journal-id>
<journal-title><![CDATA[Revista Finanzas y Política Económica]]></journal-title>
<abbrev-journal-title><![CDATA[Finanz. polit. econ.]]></abbrev-journal-title>
<issn>2248-6046</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2248-60462019000200375</article-id>
<article-id pub-id-type="doi">10.14718/revfinanzpolitecon.2019.11.2.9</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Capital Structure-Firm Value Nexus: The Moderating Role of Profitability]]></article-title>
<article-title xml:lang="es"><![CDATA[Relación entre la estructura del capital y el valor de la empresa: el papel moderador de la rentabilidad]]></article-title>
<article-title xml:lang="pt"><![CDATA[Relação entre a estrutura do capital e o valor da empresa: o papel moderador da rentabilidade]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ceballos-Mina]]></surname>
<given-names><![CDATA[Owen Eli]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santiago-Ayala]]></surname>
<given-names><![CDATA[Luis Enrique]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Applied Science Private University Department of Banking and Finance ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Jordan</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Isra University Department of Accounting ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Jordan</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>11</volume>
<numero>2</numero>
<fpage>375</fpage>
<lpage>386</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2248-60462019000200375&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2248-60462019000200375&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2248-60462019000200375&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This study aims to investigate the moderating role of profitability in the relationship between capital structure and firm value in Jordan, as an example of an emerging economy. For this purpose, two functional models were formulated to capture the direct relationship as well as the interaction impact of capital structure on firm value. The robust empirical findings of panel data analysis provide strong evidence of an adverse relationship between capital structure and firm value. The findings confirm that the impact of capital structure appears to be complicated in nature and difficult to examine without controlling for the interaction of profitability as one of the major determinants. Therefore, studying the interaction effect provides ample evidence and enhances the understanding of the link between firm value and capital structure. The empirical results of the study may provide important insights and policy implications to decision-makers. JEL Classification: C33; E22; G10; G30; G32.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este estudio tiene como objetivo investigar el papel moderador de la rentabilidad en la relación entre la estructura del capital y el valor de la empresa en Jordania como ejemplo de una economía emergente. Con este propósito en mente, se formularon dos modelos funcionales para entender la relación directa y el impacto de la interacción entre la estructura del capital y el valor de la empresa. Los sólidos resultados empíricos del análisis de datos de panel proporcionan una fuerte evidencia de una relación adversa entre la estructura del capital y el valor de la empresa. Los resultados confirman que el impacto de la estructura de capital parece ser de naturaleza complicada y difícil de examinar sin controlar la interacción de la rentabilidad como uno de los principales determinantes. Por lo tanto, estudiar el efecto de interacción no solo proporciona una amplia evidencia, sino también contribuye a un mejor entendimiento del vínculo entre el valor de la empresa y la estructura de capital. Los resultados empíricos del estudio pueden ofrecer importantes ideas e implicaciones políticas para los responsables de la toma de decisiones.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Este estudo tem como objetivo pesquisar o papel moderador da rentabilidade na relação entre a estrutura do capital e o valor da empresa na Jordânia, como exemplo de uma economia emergente. A partir desse propósito, foram formulados dois modelos funcionais para entender a relação direta e o impacto da interação entre a estrutura do capital e o valor da empresa. Os sólidos resultados empíricos da análise de dados de painel proporcionam uma forte evidencia de uma relação adversa entre a estrutura do capital e o valor da empresa. Além disso, confirmam que o impacto da estrutura do capital parece ser de natureza complexa e difícil de analisar sem controlar a interação da rentabilidade como um dos principais determinantes. Portanto, estudar o efeito da interação não somente possibilita uma ampla evidencia, mas também contribui para entender melhor o vínculo entre a estrutura de capital e o valor da empresa. Os resultados empíricos deste estudo podem oferecer importantes ideias e apresentar consequências políticas para os responsáveis pela tomada de decisões.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Capital structure]]></kwd>
<kwd lng="en"><![CDATA[firm value]]></kwd>
<kwd lng="en"><![CDATA[Jordan]]></kwd>
<kwd lng="en"><![CDATA[moderating effect]]></kwd>
<kwd lng="en"><![CDATA[panel analysis]]></kwd>
<kwd lng="en"><![CDATA[profitability]]></kwd>
<kwd lng="es"><![CDATA[análisis de panel]]></kwd>
<kwd lng="es"><![CDATA[efecto moderador]]></kwd>
<kwd lng="es"><![CDATA[estructura del capital]]></kwd>
<kwd lng="es"><![CDATA[Jordania]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[valor de la empresa]]></kwd>
<kwd lng="pt"><![CDATA[análise de painel]]></kwd>
<kwd lng="pt"><![CDATA[efeito moderador]]></kwd>
<kwd lng="pt"><![CDATA[estrutura do capital]]></kwd>
<kwd lng="pt"><![CDATA[Jordânia]]></kwd>
<kwd lng="pt"><![CDATA[rentabilidade]]></kwd>
<kwd lng="pt"><![CDATA[valor da empresa]]></kwd>
</kwd-group>
</article-meta>
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