Corporate Governance and Capital Structure Decisions of the Chinese Listed Firms
AbstractThis paper studies the relationship between some characteristics of the corporate board and the firm's capital structure in Chinese listed firms. The findings provide some preliminary empirical evidence and seem to suggest that managers tend to pursue lower financial leverage when they face stronger corporate governance from the board. However, the empirical results of the relationships are statistically significant only in the case of the board composition and the CEO tenure. The results are statistically insignificant in the case of the board size and fixed CEO compensation. This may in general suggest that, up to the time period of our investigation, the corporate board structures and processes in Chinese listed firms might not as yet be fully working in the manner, or as well, as might have been so far assumed on the basis of Western theoretical finance literature. Copyright Blackwell Publishers Ltd 2002.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Corporate Governance.
Volume (Year): 10 (2002)
Issue (Month): 2 (04)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1
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- Khaled Elsayed, 2011. "Board size and corporate performance: the missing role of board leadership structure," Journal of Management and Governance, Springer, vol. 15(3), pages 415-446, August.
- Uwuigbe Olubukunola Ranti, 2013. "The Effects of Board Size and CEO Duality on Firms’ Capital Structure: A Study of Selected Listed Firms in Nigeria," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(8), pages 1033-1043, August.
- Khaled Hussainey & Khaled Aljifri, 2012. "Corporate governance mechanisms and capital structure in UAE," Journal of Applied Accounting Research, Emerald Group Publishing, vol. 13(2), pages 145-160.
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