e-space
Manchester Metropolitan University's Research Repository

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

    Ezeani, E ORCID logoORCID: https://orcid.org/0000-0003-0401-9000, Salem, R, Kwabi, F, Boutaine, K, Bilal and Komal, B (2022) Board monitoring and capital structure dynamics: evidence from bank-based economies. Review of Quantitative Finance and Accounting, 58 (2). pp. 473-498. ISSN 0924-865X

    [img]
    Preview
    Published Version
    Available under License Creative Commons Attribution.

    Download (782kB) | Preview

    Abstract

    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.

    Impact and Reach

    Statistics

    Activity Overview
    6 month trend
    338Downloads
    6 month trend
    134Hits

    Additional statistics for this dataset are available via IRStats2.

    Altmetric

    Repository staff only

    Edit record Edit record