Board Characteristics and Capital Structure: Evidence from Thai Listed Companies

• 발행기관: 한국유통과학회
• 저자명: Chalisa THAKOLWIROJ Juthamon SITHIPOLVANICHGUL
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.2, 861~872쪽, 전체 12쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.02.28

영문 초록

This study examines the relationship between board characteristics and capital structure. Data was collected from the annual reports of listed companies in the Stock Exchange of Thailand, from 2015 to 2017, which totaled 1,264 firm-year observations. The study uses multiple regression analysis to analyses the data by using independent variables, including board size, outside directors, managerial ownership, CEO duality, frequency of board meetings, board experience, and gender to measure board characteristics and the total debt ratio for capital structure. Research findings show that the more independent the directors are, the lower the cost of debt financing is, as they control the management team more strictly about debt financing than directors with less independence do. Additionally, the results reveal that the higher the percentage of managerial ownership, the higher the level of leverage and debt financing, whereas board size and board meetings have a negative relationship to capital structure. Further research showed that firm size, growth opportunities and corporate governance rating all had a positive significant impact on capital structure. The findings of this study suggest that the presence of proper corporate governance leads to better funding mechanisms as it ensures that the company is in a better position to obtain external funding.

목차

1. Introduction

2. Literature Review

3. Conceptual Framework

4. Research Methodology

5. Results and Discussion

6. Conclusion

키워드

Board Characteristics Capital Structure Corporate Governance