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Moderating effects of corporate governance mechanism on the relation between capital structure and firm performance

机译：企业治理机制对资本结构与企业绩效关系的调节效应

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The purpose of this study is to examine the moderating effect of corporate governance on the relationship between capital structure and firm performance. This study uses secondary data in the form of financial reports at the end of 2019 from micro-financial institutions (rural banks) with a total of 506 units. Data were analyzed using the Moderated Regression Analysis. Results indicate that capital structure financing decisions have a positive contribution to financial performance. However, this only applies to short-term debt. Otherwise, long-term debt has a negative and insignificant effect on both return on assets and return on equity. These results support the view of the pecking order theory, as empirical evidence that the opposite effect between firm profits and capital structure. The results of the moderation analysis show that only the size of the board of commissioners can strengthen the relationship between capital structure and company performance, while board size and ownership concentration are not able to moderate the relationship between capital structure and company performance.
机译：本研究的目的是审查公司治理对资本结构与公司业绩之间关系的调节效果。本研究在2019年底，从2019年底，从微金融机构（农村银行）的财务报告形式使用次要数据，共有506个单位。使用次要回归分析分析数据。结果表明，资本结构融资决策对财务业绩有积极贡献。但是，这仅适用于短期债务。否则，长期债务对资产回报和股权返回的影响产生了负面和微不足道的影响。这些结果支持啄食订单理论的观点，作为公司利润与资本结构之间相反的影响。适度分析的结果表明，只有专员委员会的规模只能加强资本结构与公司绩效之间的关系，董事会规模和所有权集中不能解决资本结构与公司业绩之间的关系。

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