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There is an existing gap on the relationship between board characteristics and capital structure among companies listed in East Africa. Using correlation research design, the study sought to investigate the relationship between board characteristic and capital structure in 2009 to 2013. Specifically the study established the relationship between capital structure and board size, board independence, CEO duality as well as education diversity moderating effect. The sample of this study was 78 listed companies in East Africa (56 in Kenya, 8 in Uganda, 14 in Tanzania). The study was based on secondary data which was collected from the published annual reports for listed companies spanning five years (2009-2013). Fixed effects regression analysis was used together with descriptive statistics such as mean, median and standard deviation was used to summarize the data. The results revealed that there was a positive significant relationship between board size, independent directors, education diversity and capital structure. There is an inverse significant relationship between CEO duality and capital structure. There is need to promote board independence, increase board size to the optimal size and discourage CEO duality.
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