THE INVESTIGATION OF THE BOARD CHARACTERISTICS' EFFECT ON FIRM DEBT MATURITY STRUCTURE

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HAJIHA Z.; AKHLAGHI H.

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: MANAGEMENT ACCOUNTING Year:2013 | Volume:6 | Issue:17 Page(s): 59-74

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Title

THE INVESTIGATION OF THE BOARD CHARACTERISTICS' EFFECT ON FIRM DEBT MATURITY STRUCTURE

Author(s)

HAJIHA Z. | AKHLAGHI H. | Issue Writer Certificate

Keywords

DEBT MATURITY STRUCTUREQ2

BOARD SIZEQ2

PERCENTAGE OF NON-EXECUTIVE DIRECTORS CEO/CHAIR DUALITYQ2

Abstract

In this study, the effect of board characteristics as corporate governance determinants on the firm DEBT MATURITY STRUCTURE has been investigated. Therefore, the main objective of this paper is to review the effect of BOARD SIZE, percentage of non-executive directors in the board and CEO/Chair duality as independent variables on DEBT MATURITY STRUCTURE as a dependent variable in Tehran Stock Exchange. To achieve the objective, 8 year information (2002-2009) of 72 firms were analyzed. To hypotheses testing, we have employed multivariate regression with panel data.The research results imply that there is a positive significant relation between BOARD SIZE and DEBT MATURITY STRUCTURE. There is also a negative significant relation between percentage of non-executive directors and DEBT MATURITY STRUCTURE. Additionally, it was not found any relation between CEO/Chair duality and DEBT MATURITY STRUCTURE. Research findings represent the effect of strong board on financing decisions. Furthermore, hypnoses testing among different industries indicate that about relation of the BOARD SIZE and DEBT MATURITY STRUCTURE in Drug and Automobile industries there are significant positive relations and in Cement industry there exists a negative relation. In Cement and Food Industries, percentage of non-executive directors in the board has a significant negative relation. The relation between CEO/Chair duality and DEBT MATURITY STRUCTURE is also negative in the level of Chemical, Drug and Food.

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APA: Copy

HAJIHA, Z., & AKHLAGHI, H.. (2013). THE INVESTIGATION OF THE BOARD CHARACTERISTICS' EFFECT ON FIRM DEBT MATURITY STRUCTURE. MANAGEMENT ACCOUNTING, 6(17), 59-74. SID. https://sid.ir/paper/198920/en

Vancouver: Copy

HAJIHA Z., AKHLAGHI H.. THE INVESTIGATION OF THE BOARD CHARACTERISTICS' EFFECT ON FIRM DEBT MATURITY STRUCTURE. MANAGEMENT ACCOUNTING[Internet]. 2013;6(17):59-74. Available from: https://sid.ir/paper/198920/en

IEEE: Copy

Z. HAJIHA, and H. AKHLAGHI, “THE INVESTIGATION OF THE BOARD CHARACTERISTICS' EFFECT ON FIRM DEBT MATURITY STRUCTURE,” MANAGEMENT ACCOUNTING, vol. 6, no. 17, pp. 59–74, 2013, [Online]. Available: https://sid.ir/paper/198920/en

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