Board Monitoring and Capital Structure Dynamics: Evidence from Bank-Based Economies

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dc.cclicenceCC-BYen
dc.contributor.authorEzeani, Ernest
dc.contributor.authorSalem, Rami
dc.contributor.authorKwabi, Frank
dc.contributor.authorBoutaine, Khalid
dc.contributor.authorKomal, Bushra
dc.date.acceptance2021-06-24
dc.date.accessioned2021-08-09T14:52:12Z
dc.date.available2021-08-09T14:52:12Z
dc.date.issued2021-07-04
dc.descriptionopen access articleen
dc.description.abstractWe 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.en
dc.funderNo external funderen
dc.identifier.citationEzeani et al. (2021) Board Monitoring and Capital Structure Dynamics: Evidence from Bank-Based Economies. Review of Quantitative Finance and Accounting, 58, pp. 473-498en
dc.identifier.doihttps://doi.org/10.1007/s11156-021-01000-4
dc.identifier.urihttps://dora.dmu.ac.uk/handle/2086/21179
dc.peerreviewedYesen
dc.publisherSpringeren
dc.researchinstituteFinance and Banking Research Group (FiBRe)en
dc.subjectCapital Structureen
dc.subjectBoard characteristicsen
dc.subjectSpeed of adjustmenten
dc.subjectBank-baseden
dc.titleBoard Monitoring and Capital Structure Dynamics: Evidence from Bank-Based Economiesen
dc.typeArticleen

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