We examine the impact of board characteristics on the speed of adjustment and the capital structure dynamics of firms in bank-based economies. Using 3927 firm-year observations over a 10-year (2009–2019), we find that board characteristic influences firms' speed of adjustment in a bank-based (stakeholder-oriented) system. We also find some evidence that board characteristics have varying impacts on the capital structure of Japanese, French and German firms. We conclude that firms' capital structure reflects the corporate governance environment they operate. Our results are robust to accounting for endogeneity and alternative leverage measure.

中文翻译：

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董事会监督和资本结构动态：来自以银行为基础的经济体的证据

我们研究了董事会特征对银行经济中公司的调整速度和资本结构动态的影响。使用 10 年（2009-2019）的 3927 个公司年观察，我们发现董事会特征影响公司在基于银行（利益相关者导向）系统中的调整速度。我们还发现一些证据表明董事会特征对日本、法国和德国公司的资本结构有不同的影响。我们得出结论，公司的资本结构反映了他们经营的公司治理环境。我们的结果在考虑内生性和替代杠杆措施方面是稳健的。