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Corporate governance and capital structure in developing countries: a case study of Bangladesh
[Zeitschriftenartikel]
Abstract This paper investigates the influence of firm-level corporate governance on the capital structure pattern of non-financial listed firms, using a case study of Bangladesh. The agency theory suggests that better corporate governance will reduce agency costs and improve investor confidence, which in tu... mehr
This paper investigates the influence of firm-level corporate governance on the capital structure pattern of non-financial listed firms, using a case study of Bangladesh. The agency theory suggests that better corporate governance will reduce agency costs and improve investor confidence, which in turn will enhance the ability of a firm to gain access to equity finance, reducing dependence on debt finance. Conversely, the controlling shareholders of poorly governed firms are likely to prefer debt, in order to retain absolute ownership and control rights. The OLS regression framework uses a questionnaire-survey based Corporate Governance Index (CGI). The study results seem to support agency theory, with a statistically significant inverse relationship between corporate governance quality and the total as well as long-term debt ratios.... weniger
Klassifikation
Management
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
S. 673-681
Zeitschriftentitel
Applied Economics, 43 (2009) 6
DOI
https://doi.org/10.1080/00036840802599909
ISSN
1466-4283
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)