Capital structure and corporate governance mechanisms : Evidence from the MENA region

مقدم أطروحة جامعية

Bin Ghazi, Anas

مشرف أطروحة جامعية

Hammud, Rhizlane

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2001

الملخص الإنجليزي

This paper brings new insights into the nature of the relationship between the firm’s governance mechanisms and its capital structure.

Using dividend policy, choice of auditors, ownership structure and asset tangibility as proxies for corporate governance mechanisms, this paper documents the effect of each of those proxies on the capital structure of a firm.

Based on a sample of firms from the MENA region (Middle East and North Africa), during the period between 2005 and 2009.

The first 3 proxies are found to have a negative relationship with the capital structure of the firm while assets’ tangibility is found to have a positive relationship.

We argue that those results are consistent with the substitution hypothesis which suggests that both debt and corporate governance are there to alleviate agency costs and that firms with good governance should have less leverage.

The main reason behind those results is that in firms with good governance, the need for debt to act as a tool for controlling agency costs may be lower than in firms with weak governance.

التخصصات الرئيسية

العلوم المالية و المحاسبية

الموضوعات

• المحاسبة
• رأس المال
• شمال أفريقيا
• الشرق الأوسط
• حوكمة الشركات

عدد الصفحات

31

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-625361