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Examining Corporate Governance Impact on Capital Structure in Publicly Traded Companies.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Examining Corporate Governance Impact on Capital Structure in Publicly Traded Companies./
Author:	Cole, Corey David.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	118 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Contained By:	Dissertations Abstracts International81-03A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13901675
ISBN:	9781085630719

Examining Corporate Governance Impact on Capital Structure in Publicly Traded Companies.
Cole, Corey David.

Examining Corporate Governance Impact on Capital Structure in Publicly Traded Companies. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 118 p.

Source: Dissertations Abstracts International, Volume: 81-03, Section: A.

Thesis (Ph.D.)--Northcentral University, 2019.

This item must not be sold to any third party vendors.

Agency problems exist in the principal-agent relationship whenever there are conflicts of interest between the shareholders (principals) and the management team (agents). Recent financial crises have highlighted the importance of mitigating agency problems related to increased risk within the company. The problem addressed in this study was the potential misalignment between board compensation packages and the preferred capital structure for publicly traded companies. Previous research applied agency theory from a managerial perspective. However, shareholders rely on board members to monitor managerial behavior, so it was imperative to apply agency theory from a board of directors’ perspective. The purpose of this quantitative research was to analyze corporate governance theory by assessing the possible differences in capital structure associated with various levels of board compensation packages. This study used a two-way factorial analysis of variance to examine differences in capital structure based on the various levels of board compensation and various levels of board size for 158 (N=158) publicly traded companies from the Standard and Poor 500 Index. The results showed there were significant differences in the mean capital structure based on different levels of board compensation, but there were no significant differences in the mean capital structure based on different levels of board size. The results also showed there was no significant interaction between board compensation and board size. These findings contribute to the theoretical perspective of agency theory by providing empirical evidence of agency theory among the board members used in this sample. Future research could include adding a variable to delineate economic sectors as well as using times series data instead of cross-sectional data. Future research could also utilize a qualitative approach by interviewing board members to find patterns in these data applicable to agency theory.

ISBN: 9781085630719Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Agency theory

Examining Corporate Governance Impact on Capital Structure in Publicly Traded Companies.
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300 $a 118 p.
500 $a Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
500 $a Advisor: Dereshiwsky, Mary.
502 $a Thesis (Ph.D.)--Northcentral University, 2019.
506 $a This item must not be sold to any third party vendors.
520 $a Agency problems exist in the principal-agent relationship whenever there are conflicts of interest between the shareholders (principals) and the management team (agents). Recent financial crises have highlighted the importance of mitigating agency problems related to increased risk within the company. The problem addressed in this study was the potential misalignment between board compensation packages and the preferred capital structure for publicly traded companies. Previous research applied agency theory from a managerial perspective. However, shareholders rely on board members to monitor managerial behavior, so it was imperative to apply agency theory from a board of directors’ perspective. The purpose of this quantitative research was to analyze corporate governance theory by assessing the possible differences in capital structure associated with various levels of board compensation packages. This study used a two-way factorial analysis of variance to examine differences in capital structure based on the various levels of board compensation and various levels of board size for 158 (N=158) publicly traded companies from the Standard and Poor 500 Index. The results showed there were significant differences in the mean capital structure based on different levels of board compensation, but there were no significant differences in the mean capital structure based on different levels of board size. The results also showed there was no significant interaction between board compensation and board size. These findings contribute to the theoretical perspective of agency theory by providing empirical evidence of agency theory among the board members used in this sample. Future research could include adding a variable to delineate economic sectors as well as using times series data instead of cross-sectional data. Future research could also utilize a qualitative approach by interviewing board members to find patterns in these data applicable to agency theory.
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