Corporate governance and financing choices of firms: A panel data analysis

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dc.contributor.authorKyereboah-Coleman A.
dc.contributor.authorBiekpe N.
dc.date.accessioned2011-05-15T15:57:40Z
dc.date.available2011-05-15T15:57:40Z
dc.date.issued2006
dc.description.abstractWe examine how corporate governance indicators such as board size, board composition and CEO duality impact on financing decisions of firms. Panel data covering the five year period 1999-2003 from forty-seven (47) listed firms on the Nairobi Stock Exchange (NSE) was used. Analysis was done within the Random-effects GLS regression framework. Findings of the study indicate that firms with larger board sizes employ more debt irrespective of the maturity period and also the independence of a board negatively and significantly correlates with short-term debts. Again, when a CEO doubles as board chairperson, less debt is employed. Thus, the study reaffirms the notion that the governance structure of a firm affects its financing choices. © 2006 The Authors. Journal compilation © 2006 Economic Society of South Africa.
dc.description.versionArticle
dc.identifier.citationSouth African Journal of Economics
dc.identifier.citation74
dc.identifier.citation4
dc.identifier.issn382280
dc.identifier.other10.1111/j.1813-6982.2006.00097.x
dc.identifier.urihttp://hdl.handle.net/10019.1/10531
dc.subjectcorporate strategy
dc.subjectdebt
dc.subjectfinancial system
dc.subjectfirm size
dc.subjectpanel data
dc.subjectstock market
dc.subjectAfrica
dc.subjectSouth Africa
dc.subjectSouthern Africa
dc.subjectSub-Saharan Africa
dc.titleCorporate governance and financing choices of firms: A panel data analysis
dc.typeArticle
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