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دانلود رایکان مقاله انگلیسی ISI با موضوع ترکیب هیات مدیره و ساختار سرمایه

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ترکیب هیات مدیره و ساختار سرمایه

عنوان انگلیسی مقاله:

Board of directors’ composition and capital structure

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3. Data and methodology

This study builds on a sample of firms extracted from Bloomberg data base. This data vendor provides market, accounting and corporate governance data from a wide set of listed firms across the world. The initial data sample consists of all nonfinancial firms with both financial and corporate governance data available between 2006 and 2010. We select this time period because this data vendor only provides corporate governance data for a wide set of firms from 2006 onwards. Selecting a longer time window would significantly reduce the total number of firms in the initial sample. Financial firms are excluded because they are subject to specific capital requirement regulations that can potentially influence their financing choices (Alves and Ferreira, 2011). The initial sample results in 2,427 firms (12,135 observations) from 33 countries. Column (1) and (2) of table 1 provides a description of sample data over the various countries. Similar to other capital structure studies (e.g. Alves and Ferreira, 2011) our sample is composed with roughly 50% of firms from the US and Japan. Table 1 shows that the capital structure is quite heterogeneous across countries. The whole sample firms have a capital structure comprised of circa 60% of equity. In Australia, companies have a capital structure comprised of 70% external while in Japan is only 24%. Although these indicators on capital structure are not directly comparable with other studies on this topic, in general we can say that the results are in line with the literature on international capital structure (e.g. Alves and Ferreira, 2011; Arosa, et al., 2014)