This paper examines the relationship between several cases of corporate governance and capital structure of companies listed on the stock market in Romania. The study covers the period 2010-2012 for 52 listed companies, non-financial companies. Concrete cases of corporate governance used are the size of the Board of Directors, the composition of Board of Directors, CEO’s duality - Chairman of the Board of Directors, the shareholder’s structure and typology. Recent work on corporate finance has two important aspects of corporate governance: agent conflicts and separation of control ownership.
• Abor, J. 2005, The Effect of Capital Structure on Profitability: Empirical Analysis of Listed Firms in Ghana, Journal of Risk Finance, 6(5): 438-45.
• Berger, P. G., Ofek, E. and Yermack, D. L., 1997, Managerial Entrenchment and Capital Structure Decisions, Journal of Finance, 52(4), 1411-1438.
• Brailsford, T.J., Oliver, B.R., Pua, S.L.H., 2002, On the Relationship between Ownership Structure and Capital Structure, Accounting and Finance, 42, 1-26.
• Claessens S., Djankov S., Lang H.P., 2000, The Separation of Ownership and Control in East Asian Corporation, Journal of Financial Economics 58, pp.81-112.
• Fama, E., and Jensen, M., 1983, Separation of Ownership and Control, Journal of Law and Economics, 26, 301-325.
• Fosberg, R.H., 2004, Agency Problems and Debt Financing: Leadership Structure Effects, Corporate Governance, International Journal of Business in Society, 4(1), 31-38.
• Jensen, M., Meckling, W., 1976, Theory of the Firm: Managerial Behaviour, Agency Costs, and Ownership Structure, Journal of Financial Economics, 3, 305-360.
• Kim, W.S., Sorenson, E.H., 1986, Evidence on the Impact of Agency Costs of Debt on Corporate Debt Policy, Journal of financial and Quantitative Analysis, 21, 131-144
• Krishnan,V., Moyer,R., 1997, Performance, Capital Structure and Home Country: An Analysis of Asian Corporation, Global Finance Journal,8(1):130-143.
• McConnell, J., Servaes, H., 1990, Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics, 27, 595-612.
• Miguel, A., Pindado, J., 2001, Determinants of Capital Structure: New Evidence from Spanish Panel Data, Journal of Corporate Finance, 7, 77-99.
• Nenova T., 2000, The Value of Corporate Votes and Control Benefits: A Cross-country Analysis, Harvard University working paper.
• Pfeffer, J. and Salancick, G.R., 1978, The External Control of Organisations: a Resource dependence Perspective, Harper & Row, New York.
• Shleifer, A., and Vishny, R., 1986, Large Shareholders and Corporate Control, Journal of Political Economy, 94, 462-488.
• Wen, Y., Rwegasira, K., Bilderbeek, J., 2002, Corporate Governance and Capital Structure Decisions of Chinese Listed Firms. Corporate Governance: An International Review, 10, 2, pp. 75-83.
MOSCU, R.-G. (2014). The Relationship between the Capital and Ownership Structures of companies listed on the Bucharest Stock Exchange. International Journal of Academic Research in Business and Social Sciences, 4(2). 229-240.
Copyright: © 2014 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
