financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2025-29-1-204-215finance-3463Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEРоль рыночной концентрации и разнообразия в исследовании взаимосвязи между финансовым рычагом и производительностью компанииThe Roles of Market Concentration and Diversity in Exploring the Nexus between Financial leverage and Firm Performancehttps://orcid.org/0000-0001-6326-460XАльмаджалиM.AlmajaliM.

Моханнад Альмаджали — PhD

Амман

Mohannad Almajali — PhD

Amman 

majali22mohannad@gmail.comhttps://orcid.org/0000-0003-3464-2119Ван АбдуллахВ. М.З.Wan AbdullahW. M.Z.

В. Мухаммад Зайнуддин Ван Абдулла — PhD

Теренггану

W. Muhammad Zainuddin Wan Abdullah — PhD

Terengganu

w.zainuddin@umt.edu.myhttps://orcid.org/0000-0003-2146-7526Зия-Уль-ХакХ. М.Zia-Ul-HaqcH. M.

Хафиз Мухаммад Зия-Уль-Хак — PhD

Теренггану

Hafiz Muhammad Zia-Ul-Haq — PhD

Terengganu

muhammad_ziaulhaq@hotmail.comАмманский арабский университетИорданияAmman Arab UniversityJordanУниверситет МалайзииМалайзияUniversiti MalaysiaMalaysia202506032025291204215Copyright © Альмаджали M., Ван Абдуллах В.М., Зия-Уль-Хак Х.М., 20252025Альмаджали M., Ван Абдуллах В.М., Зия-Уль-Хак Х.М.Almajali M., Wan Abdullah W.M., Zia-Ul-Haqc H.M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3463

Цель исследования — определить связь между финансовым рычагом и финансовыми показателями компаний в страховой отрасли Иордании с учетом влияния концентрации рынка и разнообразия продуктов. Проанализированы данные 20 иорданских страховых компаний за 15 лет (2005-2019 гг.). Выявлена положительная связь между финансовым рычагом и прибыльностью страховой компании, при этом диверсификация продуктов усиливает эту связь. Изначально рыночная концентрация оказывала негативное влияние на рентабельность капитала, но диверсификация продуктов превратила это влияние в положительное. Кроме того, в исследовании подчеркивается положительная опосредующая роль рыночной концентрации во взаимосвязи финансового рычага и финансовых показателей. Эти выводы имеют практическое значение для страховщиков, подчеркивая необходимость диверсификации продуктового портфеля и эффективных стратегий использования финансового рычага в условиях конкурентного рынка. Данное исследование вносит вклад в понимание динамики структуры капитала на развивающихся рынках, в частности, в страховом секторе Иордании, предоставляя эмпирические доказательства опосредованного и умеренного влияния концентрации рынка и разнообразия продуктов.

The purpose of the study is to determine the relationship between financial leverage and the financial performance of companies in the insurance industry in Jordan, taking into account the influence of market concentration and product diversity. It analyzes data from 20 Jordanian insurance companies over 15 years (2005-2019). The study reveals a positive connection between financial leverage and insurance company profitability, with product diversification enhancing this relationship. Initially, market concentration had a negative impact on return on equity, but product diversification turned it into a positive influence. Additionally, the study highlights the positive mediating role of market concentration in the financial leverage-financial performance relationship. These findings have practical implications for insurers, emphasizing the need for diversified product portfolios and effective financial leverage strategies in a competitive market. This research contributes to understanding capital structure dynamics in emerging markets, specifically in the Jordanian insurance sector, by providing empirical evidence of the mediating and moderating effects of market concentration and product diversity. 

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The authors declare that there are no conflicts of interest present.