Vol. 21, N°1 (2026)

84

40

The Impact of Financing Constraints on Investment Behavior in Companies Listed on The Iraq Stock Exchange: A Standard Study Using Panal Data

Résumé

This study aims to measure the impact of financing constraints on investment behavior in non-financial companies listed on the Iraq Stock Exchange (ISX) for the period 2015–2024, using slate data models. The study addresses a significant research gap, by examining this relationship within the Iraqi context, characterized by political and economic instability, limited information transparency, and a scarcity of investment instruments. The study employed forward market theory and hierarchical modeling to analyze the impact of financing constraints. Companies were categorized into two groups (financially constrained and unrestrained) using the SA and KZ indices. A basic regression model was estimated using a fixed-effects model after conducting the Hausman test. The results showed a statistically significant impact of financing constraints on investment behavior, with financially constrained companies exhibiting higher investment sensitivity to cash flow. The study recommends improving the disclosure and transparency environment, activating margin trading mechanisms, encouraging the listing of more companies to deepen liquidity, and diversifying funding sources.

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احمد مشرف رشيد و علي حبيب شعيوط و انس ابراهيم يوسف (2026)" أثر القيود التمويلية على سلوك الاستثمار في الشركات المدرجة في سوق العراق للأوراق المالية: دراسة قياسية باستخدام البيانات اللوحية" المجلة العالمية لإدارة الأعمال و التكنولوجيات ، المجلد 21، العدد 1 مارس، ص49-61- http://www.ijmat.tn/pages/articles/30/180