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Corporate governance and capital structure in developing countries: a case study of Bangladesh


Haque, Faizul; Arun, Thankom Gopinath; Kirkpatrick, Colin


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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 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.
Klassifikation Management
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 673-681
Zeitschriftentitel Applied Economics, 43 (2009) 6
DOI http://dx.doi.org/10.1080/00036840802599909
ISSN 1466-4283
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)