Open AccessCapital structure and board of directors: a quintile regression approach
Author(s) -
Omar Farooq,
Zakir Pashayev
Publication year - 2019
Publication title -
economics and business letters
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.197
H-Index - 4
ISSN - 2254-4380
DOI - 10.17811/ebl.8.3.2019.130-137
Subject(s) - capital structure , accounting , independence (probability theory) , audit , capital (architecture) , business , regression analysis , economics , demographic economics , finance , geography , statistics , mathematics , debt , archaeology
This paper documents asymmetric impact of various board characteristics on capital structure in six European countries (Austria, Belgium, France, Germany, Luxembourg and Netherlands) during the period between 2008 and 2014. Quintile regression estimates show asymmetric impact of independence of board’s audit committee, presence of CEO in the board, and Chairmanship of Ex-CEO on capital structure at 10th and 90th quintile.