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Debt financing and firm performance: The moderating role of board independence
Journal of General Management Pub Date : 2020-04-01 , DOI: 10.1177/0306307019886829
Hanh Song Thi Pham 1 , Duy Thanh Nguyen 2
Affiliation  

This article investigates the moderating role of board independence in the relationship between debt financing and performance of emerging market firms. We have used an empirical model in which the firm’s accounting profitability is a dependent variable and the independent variables are debt financing, board independence, the interaction variable made of debt financing and board independence as well as various control variables. Our analysis is based on a panel data set of 300 listed firms in Vietnam between 2013 and 2017. Our study finds that debt financing has a significantly negative effect and that board independence reduces the adverse impact of debt financing on accounting profitability. Our results are consistent across different estimation models and methods.

中文翻译:

债务融资和公司业绩:董事会独立性的调节作用

本文研究了董事会独立性在债务融资与新兴市场公司业绩之间的关系中的调节作用。我们使用了一个实证模型,其中公司的会计盈利能力是一个因变量,自变量是债务融资、董事会独立性、债务融资与董事会独立性的交互变量以及各种控制变量。我们的分析基于 2013 年至 2017 年越南 300 家上市公司的面板数据。我们的研究发现债务融资具有显着的负面影响,董事会独立性降低了债务融资对会计盈利能力的不利影响。我们的结果在不同的估计模型和方法中是一致的。
更新日期:2020-04-01
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