Article2006

CORPORATE GOVERNANCE AND FINANCING CHOICES OF FIRMS: A PANEL DATA ANALYSIS

Anthony Kyereboah‐Coleman · Nicholas B. Biekpe

58 citations0/0 files storedSouth African Journal of Economics

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Governance and Financial Management

Abstract

Abstract We examine how corporate governance indicators such as board size, board composition and CEO duality impact on financing decisions of firms. Panel data covering the five year period 1999‐2003 from forty‐seven (47) listed firms on the Nairobi Stock Exchange (NSE) was used. Analysis was done within the Random‐effects GLS regression framework. Findings of the study indicate that firms with larger board sizes employ more debt irrespective of the maturity period and also the independence of a board negatively and significantly correlates with short‐term debts. Again, when a CEO doubles as board chairperson, less debt is employed. Thus, the study reaffirms the notion that the governance structure of a firm affects its financing choices.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1984Corporate financing and investment decisions when firms have information that investors do not have 1978Specification Tests in Econometrics 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1997A Survey of Corporate Governance 1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment

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