The impact of corporate governance quality on capital structure choices: Does national governance quality matter?
This research investigates the moderating effect of national governance quality on the corporate governance—capital structure decision relationship. Using an instrumental variable estimation technique to analyze a multinational dataset containing 23,142 firm-year observations of 3,270 firms in 59 ec...
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| Định dạng: | Journal article |
| Ngôn ngữ: | English |
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Taylor & Francis
2022
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| Truy cập trực tuyến: | http://scholar.dlu.edu.vn/handle/123456789/792 https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130749210&doi=10.1080%2f23322039.2022.2073003&partnerID=40&md5=74904cd17158b9f741dd2d0238721a64 |
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oai:scholar.dlu.edu.vn:123456789-7922022-08-09T15:34:15Z The impact of corporate governance quality on capital structure choices: Does national governance quality matter? Nguyễn, Thanh Hồng Ân Nguyễn, Văn Tuấn Hoàng, Mai Phương Corporate Governance capital structure national governance quality national institutions leverage This research investigates the moderating effect of national governance quality on the corporate governance—capital structure decision relationship. Using an instrumental variable estimation technique to analyze a multinational dataset containing 23,142 firm-year observations of 3,270 firms in 59 economies from 2004 to 2014, we find evidence for the moderating role of national governance quality. Specifically, a well-functioning firm-level governance system tends to force managers to increase borrowing toward an optimal level for shareholders. The strength of the force, however, seems to decrease as national governance quality increases. Our findings suggest that a transparent and investor-friendly business environment created by the government may complement the firm-level corporate governance mechanism by reducing agency problems, thus reducing the need to use leverage as a tool to discipline managers. The results are robust to different proxies for national governance quality, corporate governance quality, and firm leverage. 10 1 1-26 2022-08-09T15:34:08Z 2022-08-09T15:34:08Z 2022 Journal article Bài báo đăng trên tạp chí thuộc SCOPUS, bao gồm book chapter 23322039 http://scholar.dlu.edu.vn/handle/123456789/792 10.1080/23322039.2022.2073003 https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130749210&doi=10.1080%2f23322039.2022.2073003&partnerID=40&md5=74904cd17158b9f741dd2d0238721a64 en Cogent Economics and Finance 2332-2039 Taylor & Francis UK |
| institution |
Thư viện Trường Đại học Đà Lạt |
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Thư viện số |
| language |
English |
| topic |
Corporate Governance capital structure national governance quality national institutions leverage |
| spellingShingle |
Corporate Governance capital structure national governance quality national institutions leverage Nguyễn, Thanh Hồng Ân Nguyễn, Văn Tuấn Hoàng, Mai Phương The impact of corporate governance quality on capital structure choices: Does national governance quality matter? |
| description |
This research investigates the moderating effect of national governance quality on the corporate governance—capital structure decision relationship. Using an instrumental variable estimation technique to analyze a multinational dataset containing 23,142 firm-year observations of 3,270 firms in 59 economies from 2004 to 2014, we find evidence for the moderating role of national governance quality. Specifically, a well-functioning firm-level governance system tends to force managers to increase borrowing toward an optimal level for shareholders. The strength of the force, however, seems to decrease as national governance quality increases. Our findings suggest that a transparent and investor-friendly business environment created by the government may complement the firm-level corporate governance mechanism by reducing agency problems, thus reducing the need to use leverage as a tool to discipline managers. The results are robust to different proxies for national governance quality, corporate governance quality, and firm leverage. |
| format |
Journal article |
| author |
Nguyễn, Thanh Hồng Ân Nguyễn, Văn Tuấn Hoàng, Mai Phương |
| author_facet |
Nguyễn, Thanh Hồng Ân Nguyễn, Văn Tuấn Hoàng, Mai Phương |
| author_sort |
Nguyễn, Thanh Hồng Ân |
| title |
The impact of corporate governance quality on capital structure choices: Does national governance quality matter? |
| title_short |
The impact of corporate governance quality on capital structure choices: Does national governance quality matter? |
| title_full |
The impact of corporate governance quality on capital structure choices: Does national governance quality matter? |
| title_fullStr |
The impact of corporate governance quality on capital structure choices: Does national governance quality matter? |
| title_full_unstemmed |
The impact of corporate governance quality on capital structure choices: Does national governance quality matter? |
| title_sort |
impact of corporate governance quality on capital structure choices: does national governance quality matter? |
| publisher |
Taylor & Francis |
| publishDate |
2022 |
| url |
http://scholar.dlu.edu.vn/handle/123456789/792 https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130749210&doi=10.1080%2f23322039.2022.2073003&partnerID=40&md5=74904cd17158b9f741dd2d0238721a64 |
| _version_ |
1768305842220695552 |