International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Open Access | Fully Refereed | Peer Reviewed

ISSN: 2319-7064


Downloads: 124

Research Paper | Finance | China | Volume 7 Issue 3, March 2018


Finance Governance and Dynamic Capital Structure

Juan Shang, Jiang Li


Abstract: This paper studied the influence of finance governance on the adjustment speeds of capital structure under the below- and above-target debt level based on the data of listed companies for the period of 2010 to 2015. The finding of the empirical study show that finance governance does not significantly correlate with upward adjustment speeds when firms have below-target debt and that finance governance significantly negatively correlate with downward adjustment speeds when firms have above-target debt. The finding of this paper not only proves the disciplining effect of debt that the agency problem has influence on dynamic adjustment of capital structure, but also enriches the literature about dynamic capital structure, agency cost and corporate governance.


Keywords: finance governance, capital structure, adjustment speeds, disciplining effect


Edition: Volume 7 Issue 3, March 2018,


Pages: 1765 - 1769


How to Cite this Article?

Juan Shang, Jiang Li, "Finance Governance and Dynamic Capital Structure", International Journal of Science and Research (IJSR), https://www.ijsr.net/get_abstract.php?paper_id=ART20181162, Volume 7 Issue 3, March 2018, 1765 - 1769

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