Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia

The separation of ownership and control in public listed companies limits the involvement of shareholders in management decision making, including capital structure decisions. In the capital structure decision-making process, managers always get to push through their preferences, which focus on debt...

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Main Author:	Aza Azlina, Md Kassim
Format:	Thesis
Language:	eng eng
Published:	2013
Subjects:	HD58.9 Organizational Effectiveness.
Online Access:	https://etd.uum.edu.my/3801/1/s92296.pdf https://etd.uum.edu.my/3801/8/s92296.pdf
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id	my-uum-etd.3801
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ishak, Zuaini Abdul Manaf, Nor Aziah
topic	HD58.9 Organizational Effectiveness.
spellingShingle	HD58.9 Organizational Effectiveness. Aza Azlina, Md Kassim Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia
description	The separation of ownership and control in public listed companies limits the involvement of shareholders in management decision making, including capital structure decisions. In the capital structure decision-making process, managers always get to push through their preferences, which focus on debt instead of equity. Shareholders rely on the board of directors to evaluate and challenge management decisions. This study examines the effect of board governance on company leverage that focus on how directors discharge their duties, referred to as the board process. Four variables of board process are analysed: performance of independent directors, board’s risk oversight, Chief Executive Officer (CEO) performance evaluation, and directors’ accessibility to information. Besides, the interaction between the manager’s ownership and the board process on company leverage is examined. This study also investigates the mediation effect of capital structure decisions on the relationship between board process and company performance. The study uses two types of data which are questionnaire survey of Malaysian directors and the companies’ annual reports. Based on returned questionnaires representing 175 companies, results of the regression analysis indicate that directors with lower risk appetite and a more effective board are more likely to make less risky capital structure decisions. Moreover, owner-managers with large ownership influence the board’s capital structure decisions. The results also show that effective independent directors and boards who monitor company risks vigorously are more likely to monitor management from adopting excessive leverage, which results in positive company performance. The findings provide several implications for policymakers in terms of assessing existing guidelines, particularly related to board effectiveness.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Aza Azlina, Md Kassim
author_facet	Aza Azlina, Md Kassim
author_sort	Aza Azlina, Md Kassim
title	Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia
title_short	Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia
title_full	Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia
title_fullStr	Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia
title_full_unstemmed	Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia
title_sort	board governance characteristics, capital structure decisions and company performance in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2013
url	https://etd.uum.edu.my/3801/1/s92296.pdf https://etd.uum.edu.my/3801/8/s92296.pdf
_version_	1747827649317699584
spelling	my-uum-etd.38012022-04-10T02:45:41Z Board Governance Characteristics, Capital Structure Decisions and Company Performance in Malaysia 2013-05 Aza Azlina, Md Kassim Ishak, Zuaini Abdul Manaf, Nor Aziah Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HD58.9 Organizational Effectiveness. The separation of ownership and control in public listed companies limits the involvement of shareholders in management decision making, including capital structure decisions. In the capital structure decision-making process, managers always get to push through their preferences, which focus on debt instead of equity. Shareholders rely on the board of directors to evaluate and challenge management decisions. This study examines the effect of board governance on company leverage that focus on how directors discharge their duties, referred to as the board process. Four variables of board process are analysed: performance of independent directors, board’s risk oversight, Chief Executive Officer (CEO) performance evaluation, and directors’ accessibility to information. Besides, the interaction between the manager’s ownership and the board process on company leverage is examined. This study also investigates the mediation effect of capital structure decisions on the relationship between board process and company performance. The study uses two types of data which are questionnaire survey of Malaysian directors and the companies’ annual reports. Based on returned questionnaires representing 175 companies, results of the regression analysis indicate that directors with lower risk appetite and a more effective board are more likely to make less risky capital structure decisions. Moreover, owner-managers with large ownership influence the board’s capital structure decisions. The results also show that effective independent directors and boards who monitor company risks vigorously are more likely to monitor management from adopting excessive leverage, which results in positive company performance. The findings provide several implications for policymakers in terms of assessing existing guidelines, particularly related to board effectiveness. 2013-05 Thesis https://etd.uum.edu.my/3801/ https://etd.uum.edu.my/3801/1/s92296.pdf text eng public https://etd.uum.edu.my/3801/8/s92296.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abor, J. (2007). Corporate governance and financing decisions of Ghanaian listed firms. The International Journal of Effective Board Performance, 7(1), 83-92. Abor, J. (2008). Determinants of the capital structure of Ghanaian firms. African Economic Research Consortium, Research Paper 176. Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. 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