Corporate governance, capital structure, and firm performance: a panel VAR approach
Tóm tắt
Từ khóa
Tài liệu tham khảo
Abata MA, Migiro SO, Akande JO (2017) Does capital structure impact on the performance of South African listed firms? Acta Univ Danubius Œconomica 13:334–350
Abdullah H, Tursoy T (2021) Capital structure and firm performance: a panel causality test. In: Munich Personal RePEc Archive, p 1–18
Abdullah H, Tursoy T (2019) Capital structure and firm performance: evidence of Germany under IFRS adoption. Rev Manag Sci 15:1–20
Abrigo MRM, Love I (2016) Estimation of panel vector autoregression in Stata. Stata J 16:778–804. https://doi.org/10.1177/1536867x1601600314
Acaravci SK (2015) The determinants of capital structure: evidence from the Turkish manufacturing sector. Int J Econ Financ Issues 5:158–217
Adegboye A, Ojeka S, Adegboye K, Ebuzor E, Samson D (2019) Firm performance and condensed corporate governance mechanism: evidence of Nigerian financial institutions. Bus Theory Pract 20:403–416. https://doi.org/10.3846/btp.2019.38
Adhari R, Viverita D (2015) The Effect of capital structure and ownership structure on firm performance: a test of the reverse causality hypothesis in ASEAN Countries. SSRN Electron J. https://doi.org/10.2139/ssrn.2565415
Ajibola A, Wisdom O, Qudus OL (2018) Capital structure and financial performance of listed manufacturing firms in Nigeria. J Res Int Bus Manag 5:81–89. https://doi.org/10.14303/jribm.2018.018
Allegrini M, Greco G (2013) Corporate boards, audit committees and voluntary disclosure: evidence from Italian Listed Companies. J Manag Gov 17:187–216. https://doi.org/10.1007/s10997-011-9168-3
Al-malkawi HN (2008) Factors influencing corporate dividend decision : evidence from jordanian panel data. Int J Business 13:177–195
Al-Moataz E, Hussainey K (2013) Determinants of corporate governance disclosure in saudi corporations. J King Abdulaziz Univ Adm 27:430–411. https://doi.org/10.4197/eco.27-2.8
Alnabsha A, Abdou HA, Ntim CG, Elamer AA (2018) Corporate boards, ownership structures and corporate disclosures : evidence from a developing country. J Appl Account Res 19:20–41. https://doi.org/10.1108/JAAR-01-2016-0001
Alves H, Rodrigues AM, Canadas N (2012) Factors influencing the different categories of voluntary disclosure in annual reports: an analysis for Iberian Peninsula listed companies. Rev Appl Manag Stud 10:15–26. https://doi.org/10.1016/s1645-9911(12)70001-4
Amare A (2021) Capital structure and profitability: panel data evidence of private banks in Ethiopia. Cogent Econ Financ 9:1–24. https://doi.org/10.1080/23322039.2021.1953736
Angkasajaya GM, Mahadwartha PA (2020) The Impact of Capital Structure Towards Firm Performance Moderated by Corporate Governance in LQ-45 Company in BEI at 2013–2018. In: International Conference on Business and Banking Innovations (ICOBBI) 2020, p 1–9
Apostolakis G, Papadopoulos AP (2019) Financial stability, monetary stability and growth: a PVAR analysis. Open Econ Rev 30:157–178. https://doi.org/10.1007/s11079-018-9507-y
Appasamy C, Lamport M, Seetanah B, Sannassee RV (2013) Corporate Governance and Firm Performance: Evidence from the Insurance Industry of Mauritius. In: 2013 Cambridge Business & Economics Conference, p 1–49
Bashir Z, Bhatti GA, Javed A (2020) Corporate governance and capital structure as driving force for financial performance: Evidence from non-financial listed companies in Pakistan. Bus Rev 15:108–133. https://doi.org/10.54784/1990-6587.1013
Beekes W, Brown P, Zhan W, Zhang Q (2016) Corporate governance, companies’ disclosure practices and market transparency: a cross country study. J Bus Financ Account 43:263–297. https://doi.org/10.1111/jbfa.12174
Beiner S, Drobetz W, Schmid M, Zimmermann H (2004) An integrated framework of corporate governance and firm valuation - evidence from Switzerland. ECGI Work Pap Ser Financ. https://doi.org/10.2139/ssrn.489322
Ben-Amar W, Boujenoui A (2007) Factors explaining corporate governance disclosure quality: Canadian evidence. In: SSRN Working Paper Series, p 1–40
Bhagat S, Bolton B, Romano R (2008) The promise and peril of corporate governance indices. Columbia Law Rev 108:1803–1882
Bhatt PR, Bhatt RR (2017) Corporate governance and firm performance in Malaysia. Corp Gov 17:896–912. https://doi.org/10.1108/CG-03-2016-0054
Black BS, Kim W (2012) Does corporate governance predict firms ’ market values ? Evidence from Korea. J Law, Econ Organ 413:366–413
Boateng A, Cai H, Borgia D, Bi XG, Ngwu FN (2017) The influence of internal corporate governance mechanisms on capital structure decisions of Chinese listed firm. Rev Account Financ 16:444–461. https://doi.org/10.1108/MRR-09-2015-0216
Borges Júnior DM (2022) Corporate governance and capital structure in Latin America: empirical evidence. J Cap Mark Stud. https://doi.org/10.1108/jcms-03-2022-0010
Braendle U (2019) Corporate governance code compliance and financial performance: the case of Austrian stock listed companies. Invest Manag Financ Innov 16:131–141. https://doi.org/10.21511/imfi.16(3).2019.13
Cagala T, Glogowsky U (2014) Panel Vector Autoregressions for Stata (xtvar). Software package available at https://www.wirtschaftspolitik.rw.unierlangen.de/Software/XTVAR.zip
Canova F, Ciccarelli M (2013) Panel vector autoregressive models: a survey. SSRN Electron J. https://doi.org/10.2139/ssrn.2201610
Cevheroglu-Acar MG (2018) Determinants of Capital structure: empirical evidence from Turkey. J Manag Sustain 8:32–45. https://doi.org/10.5539/jms.v8n1p31
Chow CW, Wong-Boren A (1987) Voluntary financial disclosure by mexican corporations. Account Rev 62:533–541
Chow YP, Muhammad J, Bany-Ariffin AN, Cheng FF (2018) Macroeconomic uncertainty, corporate governance and corporate capital structure. Int J Manag Financ 14:301–321. https://doi.org/10.1108/IJMF-08-2017-0156
Comunale M (2017) A panel VAR analysis of macro-financial imbalances in the EU. SSRN Electron J. https://doi.org/10.2139/ssrn.2925662
Cunha V, Rodrigues LL (2018) Determinants of structure of corporate governance disclosure in Portugal. Rev Bus Manag 20:338–360. https://doi.org/10.7819/rbgn.v0i0.3359
Dao TTB, Nguyen PHC (2020) Analysis of corporate governance index using ASEAN balanced score card and firm performance. Res J Financ Account 11:11–20. https://doi.org/10.7176/rjfa/11-6-02
Doan TTT (2020) Financing decision and firm performance: evidence from an emerging country. Manag Sci Lett 10:849–854. https://doi.org/10.5267/j.msl.2019.10.012
Doorasamy M (2021) Capital structure, firm value and managerial ownership: evidence from East African countries. Invest Manag Financ Innov 18:346–356. https://doi.org/10.21511/imfi.18(1).2021.28
Elfeky MI (2017) The extent of voluntary disclosure and its determinants in emerging markets: evidence from Egypt. J Financ Data Sci 3:45–59. https://doi.org/10.1016/j.jfds.2017.09.005
Elgattani T, Hussainey K (2020) The determinants of AAOIFI governance disclosure in Islamic banks. J Financ Report Account 18:1–18. https://doi.org/10.1108/JFRA-03-2019-0040
Elghuweel MI, Ntim CG, Opong KK, Avison L (2017) Corporate governance, Islamic governance and earnings management in Oman. J Account Emerg Econ 7:190–224. https://doi.org/10.1108/jaee-09-2015-0064
Fama F, French KR (2002) Testing trade-off and pecking order predictions about dividends and debt. Rev Financ Stud 15:1–33
Fowdar S, Lamport MJ, Sannassee VR, Agathee US, Woon Woon Chong J (2009) Factors affecting leverage: an empirical analysis of Mauritius companies. Univ Mauritius Res J 15:230–243
Frank MZ, Goyal VK (2009) Capital Structure decisions : which factors are reliably important ? Capital Structure decisions : which factors are reliably important ? Munich Pers RePEc Arch 38:1–37
Gourdeale D, Polodoo V (2016) A Dynamic econometric modelling of the determinants of capital structure of listed companies- a Mauritian perspective. Appl Econ Financ. https://doi.org/10.11114/aef.v3i3.1567
Griffin D, Omrane G, Li K, Kwok CCY, Shao L (2018) National culture and the value implication of corporate governance. J Law, Financ Account 3:333–372. https://doi.org/10.1561/108.00000028
Haque F, Arun TG, Kirkpatrick C (2011) Corporate governance and capital structure in developing countries: a case study of Bangladesh. Appl Econ 43:673–681. https://doi.org/10.1080/00036840802599909
Hassouna D, Ouda H, Hussainey K (2017) Transparency and disclosure as an internal corporate governance mechanism and corporate performance: Egypt’s case. Corp Ownersh Control 14:182–195. https://doi.org/10.22495/cocv14i4c1art1
Healy PM, Palepu KG (2001) Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. J Account Econ 31:405–440
Herlambang A, Murhadi WR, Anggasta Susanto G (2018) The effect of corporate governance on the capital structure of non-financial companies in the period of 2011–2015. Adv Soc Sci Educ Humanit Res 186:40–43. https://doi.org/10.2991/insyma-18.2018.10
Ingriyani L, Chalid D (2021) Interactive Effects between Corporate Governance, Executive Compensation, and Firm Performance of the Manufacturing Industry in Indonesia. In: ICISPE 2020, October, Semarang, Indonesia, p 1–18
Isukul AC, Chizea JJ (2017) An evaluation of corporate governance disclosure in ghanaian and nigerian banks. Int J Innov Econ Dev 3:51–71. https://doi.org/10.18775/ijied.1849-7551-7020.2015.31.2003
Iyoha AOI, Umoru D (2017) Capital structure and firm financial performance in Nigeria : empirical evidence of the. J Contemp Econ 2:69–83
Jarallah S, Saleh AS, Salim R (2019) Examining pecking order versus trade-off theories of capital structure: new evidence from Japanese firms. Int J Financ Econ 24:204–211
Jensen MC (1986) Agency costs of free cash flow, corporate finance, and takeovers. Am Econ Rev 76:323–329
Jensen C, Meckling H (1976) Theory of the firm: managerial behavior, agency costs and ownership structure. J Financ Econ 3:305–360
Jouida S (2018) Diversification, capital structure and profitability: a panel VAR approach. Res Int Bus Financ 45:243–256. https://doi.org/10.1016/j.ribaf.2017.07.155
Koralun-Bereźnicka J (2018) Determinants of capital structure across European Countries. Springer International Publishing, Cham, pp 199–209
La Rocca M (2007) The influence of corporate governance on the relation between capital structure and value. Corp Gov 7:312–325. https://doi.org/10.1108/14720700710756580
Lambert RA (2001) Discussion of “contracting theory and accounting.” J Account Econ 32:3–87. https://doi.org/10.1016/S0165-4101(01)00020-9
Lamiri I, Chaibi H, Khemiri H (2008) Interdependence between board and firm performance: Evidence from the stock exchange of Tunisia. Corp Ownersh Control 5:492–499. https://doi.org/10.22495/cocv5i4c4p8
Li K, Niskanen J, Niskanen M (2018) Capital structure and firm performance in European SMEs: does credit risk make a difference? Manag Financ. https://doi.org/10.1108/MF-01-2017-0018
Love I (2011) Corporate governance and performance around the world: what we know and what we don’t. World Bank Res Obs 26:42–70. https://doi.org/10.1093/wbro/lkp030
Mahadeo JD, Soobaroyen T (2012) Corporate governance implementation in an African emerging economy: the case of state-owned entities. Res Account Emerg Econ 12:227–254. https://doi.org/10.1108/S1479-3563(2012)000012A014
Mahadeo JD, Soobaroyen T (2016) A longitudinal study of the implementation of the corporate governance code in a developing country: the case of Mauritius. Bus Soc 55:738–777. https://doi.org/10.1177/0007650313501838
Majluf NS, Myers SC (1984) Corporate financing and investment decisions when firms have information that investors do not have*. J Financ Econ 13:187–221
Mallin C, Ow-yong K (2009) Corporate governance in alternative investment market ( AIM ) companies : determinants of corporate governance disclosure: third singapore international conference 2009. SSRN J. https://doi.org/10.2139/ssrn.1326627
Mansour M, Al Amosh H, Alodat AY, Khatib SFA, Saleh MWA (2022) The relationship between corporate investment decision and firm performance: moderating role of cash flows. Sustain 14:1–25. https://doi.org/10.1002/pa.2445
Masum MH, Abdul Latiff AR, Hisham Osman MN (2020) Determinants of corporate voluntary disclosure in a transition economy. Probl Perspect Manag 18:130–141. https://doi.org/10.21511/ppm.18(4).2020.12
Miglo A (2016) Capital Structure in the Modern World, World Plag. Springer International Publishing AG Switzerland, Cham
Morellec E, Nikolov B, Schurhoff N (2012) Corporate governance and capital structure dynamics. J Finance 67:803–848
Mwambuli EL (2019) Analysis of the role of corporate governance on listed firm’s capital structure: the east african stock markets perspective. Int J Account Financ Report 9:143. https://doi.org/10.5296/ijafr.v9i3.15411
Nawaz K, Nawaz A (2019) The effect of corporate governance and capital structure on firms’ performance: Investigation on petroleum sector in Pakistan. J Indep Stud Res Soc Sci Econ 15:51–67. https://doi.org/10.31384/jisrmsse/2017.15.1.4
Ntim CG, Soobaroyen T (2013) Black economic empowerment disclosures by South African listed corporations: the influence of ownership and board characteristics. J Bus Ethics 116:121–138. https://doi.org/10.1007/s10551-012-1446-8
Odit MP, Gobardhun YD (2011) The determinants of financial leverage of SMEs in Mauritius. Int Bus Econ Res J 10:113. https://doi.org/10.19030/iber.v10i3.4107
Omrawoo TV, Jaunky VC, Ramesh V (2017) Determinants of Capital Structure of Non-Financial Firms in Mauritius: A Panel Data Approach. In: Recent Advances in Business and Economics, p 194–220
Padachi K, Ramsurrun V, Ramen M (2017) Corporate governance and firm’s performance of mauritian listed companies. Int J Financ Manag Report Anal 1:1–26
Paredes Gómez A, Ángeles Castro G, Flores Ortega M (2016) Determinants of leverage in mining companies, empirical evidence for Latin American countries. Contaduria y Adm 61:26–40. https://doi.org/10.1016/j.cya.2015.09.010
Perez de Toledo E (2011) The relationship between corporate governance and firm value: a simultaneous equations approach for analyzing the case of Spain. SSRN Electron J. https://doi.org/10.2139/ssrn.1535073
Ponce HG, Montalvo CM, Murillo RP (2019) Determinants of capital structure: an empirical study of the manufacturing sector at Ecuador. Contaduria y Adm. https://doi.org/10.22201/fca.24488410e.2018.1848
Rajput N, Joshi B (2014) Shareholder types, corporate governance and firm performance: an anecdote from indian corporate sector. Asian J Financ Account 7:45. https://doi.org/10.5296/ajfa.v7i1.6070
Renders A, Gaeremynck A, Sercu P (2010) Corporate-governance ratings and company performance: a cross-European study. Corp Gov an Int Rev 18:87–106. https://doi.org/10.1111/j.1467-8683.2010.00791.x
Roy A, Pal AM (2017) Corporate governance compliance, governance structures, and firm performance. Indian Account Rev 21:31–50. https://doi.org/10.2139/ssrn.2988073
Saona P, San Martín P (2018) Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors. Rev Manag Sci 12:65–112
Seetanah B, Seetah K, Appadu K, Padachi K (2014) Capital structure and firm performance: evidence from an emerging economy. Bus Manag Rev 4:168–179
Shahzad A, Zulfiqar B, Hassan M, ul et al (2022) Investigating the effects of capital structure and corporate governance on firm performance: an analysis of the sugar industry. Front Psychol 13:1–8. https://doi.org/10.3389/fpsyg.2022.905808
Shank CA, Vianna AC (2016) Are US-Dollar-Hedged-ETF investors aggressive on exchange rates? A panel VAR approach. Res Int Bus Financ 38:430–438. https://doi.org/10.1016/j.ribaf.2016.05.002
Shao L (2018) Dynamic study of corporate governance structure and firm performance in China: evidence from 2001–2015. Chinese Manag Stud. https://doi.org/10.1108/CMS-08-2017-0217
Sharma N (2014) Extent of corporate governance disclosure by banks and finance companies listed on Nepal Stock Exchange. Adv Account 30:425–439. https://doi.org/10.1016/j.adiac.2014.09.014
She R, Guo J (2018) Capital Structure and Firm Performance: Empirical Research Based on Global E-Retailing Companies. In: 2018 IEEE 15th International Conference on e- Business Engineering (ICEBE). p 2018
Sheaba Rani DM, Adhena RK (2017) Corporate governance and firm financial performance - a case study on EFFORT conglomerate companies. Int J Trend Sci Res Dev 1:11–25
Siddiqui MR, Malik F, Gul S (2013) Internal corporate governance mechanisms and agency cost : evidence from large KSE listed firms. eur J Bus Manag 5:103–110
Soobaroyen T, Mahadeo JD (2008) Selective compliance with the corporate governance code in Mauritius : is legitimacy theory at work ? Res Account Emerg Econ 8:239–272
Suwaidan MS, Al-Khoury AF, Areiqat AY, Cherrati SO (2021) The determinants of corporate governance disclosure: the case of jordan. Acad Account Financ Stud J 25:1–12
Tariq S, Khan RAA, Awan ZUR (2018) An investigation of corporate governance and firm performance after revised code 2012 in pakistan author’s details. Int J Manag Sci Bus Res 7:2226–8235
Traoré M (2018) Government spending and inclusive growth in sub-Saharan Africa : A panel VAR analysis. Études Doc, p 1–50. https://cerdi.uca.fr/etudes-et-documents/
Trofimov ID (2021) Public capital and productive economy profits: evidence from OECD economies
Vijayakumaran R (2018) Capital structure decisions and corporate performance: evidence from chinese listed industrial firms. Int J Account Financ Report 7:562. https://doi.org/10.5296/ijafr.v7i2.12455