Board monitoring and capital structure dynamics: evidence from bank-based economies

被引：0
|
作者：
Ernest Ezeani
Rami Salem
Frank Kwabi
Khalid Boutaine
Bushra Bilal
机构：
[1] Manchester Metropolitan University,
[2] University of Central Lancashire,undefined
[3] De Montfort University,undefined
[4] Hubei University of Economics,undefined
[5] University of International Business and Economics,undefined
来源：
Review of Quantitative Finance and Accounting | 2022年 / 58卷
关键词：
Capital Structure; Capital Structure; Board characteristics; Speed of adjustment; Bank-based; G32;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We examine the impact of board characteristics on the speed of adjustment and the capital structure dynamics of firms in bank-based economies. Using 3927 firm-year observations over a 10-year (2009–2019), we find that board characteristic influences firms' speed of adjustment in a bank-based (stakeholder-oriented) system. We also find some evidence that board characteristics have varying impacts on the capital structure of Japanese, French and German firms. We conclude that firms' capital structure reflects the corporate governance environment they operate. Our results are robust to accounting for endogeneity and alternative leverage measure.
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页码：473 / 498
页数：25
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