George Kyriazopoulos
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Corporate governance and capital structure in the periods of financial distress. Evidence from Greece
George Kyriazopoulos doi: http://dx.doi.org/10.21511/imfi.14(1-1).2017.12Investment Management and Financial Innovations Volume 14, 2017 Issue #1 (cont.) pp. 254-262
Views: 1825 Downloads: 1173 TO CITE АНОТАЦІЯThis study examines the relationship between corporate governance and capital structure employing data from the Athens Stock Exchange for the period 2005-2014. This period encompasses the sovereign debt crisis erupted in Greece at the end of 2009 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance structures in determining the capital structure of the Greek listed firms. In particular, the empirical results reveal a negative impact of board size on debt levels, which is weakened during the debt crisis period. In contrast, the presence of outside directors provides the appropriate certification to use more debt. Finally, growth opportunities and profitability are the two firm-specific factors which effect was weakened during the financially-constraint period.