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Corporate governance and capital structure: evidence from listed firms in Nigeria stock exchange

The Journal of Accounting and Management

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Title Corporate governance and capital structure: evidence from listed firms in Nigeria stock exchange
 
Creator UWUIGBE, Uwalomwa; Department of Accounting, School of Business
College of Development Studies
Covenant University,
Ota, Ogun State, Nigeria
 
Subject Nigeria; Corporate Governance; Management Ownership, Board Composition. Board Size; CEO Duality; Capital Structure
 
Description ABSTRACT This study examined the relationship between corporate governance and capital structure decisions of listed firms in Nigeria. To achieve the objectives of this study, a total of 40 listed firms in the Nigerian stock exchange market were selected and analyzed for the study. The choice of the selected firms’ arises based on the capital structure and the availability of data for the listed firms. Also, the corporate annual reports for the period 2006-2011 were used for the study. The study was basically modeled to examine the relationship between corporate governance and capital structure decisions of listed firms operating in the Nigerian stock exchange market using the regression analysis method. The study in its findings observed that there is a significant positive relationship between CEO duality and the capital structure of listed firms in Nigeria.  In addition, it observed that board size, management ownership and board composition had a significant negative impact on the capital structure decisions firms’ in Nigeria. The paper therefore concludes that as the level of managerial ownership increases, firm control passes from external shareholders to the managers and after a certain period of managerial ownership, managerial entrenchment leads to debt avoidance.
 
Publisher The Journal of Accounting and Management
 
Contributor —
 
Date 2014-06-30
 
Type Peer-reviewed Article
 
Format application/pdf
 
Identifier http://journals.univ-danubius.ro/index.php/jam/article/view/1843
 
Source The Journal of Accounting and Management; Vol 4, No 1 (2014): JAM
 
Language en
 
Rights The author fully assumes the content originality and the holograph signature makes him responsible in case of trial.