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首页> 外文期刊>Nature reviews neuroscience >CAPITAL STRUCTURE AND CORPORATE GOVERNANCE: EVIDENCE FROM EASTERN EUROPEAN LISTED COMPANIES
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CAPITAL STRUCTURE AND CORPORATE GOVERNANCE: EVIDENCE FROM EASTERN EUROPEAN LISTED COMPANIES

机译：资本结构和公司治理：来自东欧上市公司的证据

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摘要

The goal of this paper is to investigate the relationship between corporate governance quality and capital structure of a firm. Survey sample consists of 799 listed companies in 9 Eastern European countries. OLS regression is done with book and market leverage as dependent variables and a corporate governance index constructed by the authors serves as the main explanatory variable. Other control variables, mostly positions and ratios from financial statements, are also used. The regression models with market leverage as dependent variable have larger explanatory power than models with book leverage. The results of the survey reveal negative relation between corporate governance index and market leverage, which means the higher level of corporate governance, the lower level of debt. Other existing empirical findings from other countries show various conclusions - some similar, some - contrary to this survey, and some have inconclusive results.
机译：本文的目标是调查公司治理质量与公司资本结构之间的关系。 调查样本由9个东欧国家的799家上市公司组成。 随着依赖变量和作者构建的公司治理指数，OLS回归是用书籍和市场杠杆完成的，并由作者构建的公司治理指数是主要的解释性变量。 还使用其他控制变量，主要是财务报表的职位和比率。 由于依赖变量的市场杠杆的回归模型具有比具有书杠杆的模型更大的解释性力量。 调查结果揭示了公司治理指数与市场杠杆之间的负面关系，这意味着较高水平的公司治理，债务水平较低。 其他国家的其他现有实证发现表明了各种结论 - 有些相似，有些 - 与此调查相反，有些结果具有不确定的结果。

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