جستجوی مقالات مرتبط با کلیدواژه "composition of the board of directors" در نشریات گروه "حسابداری"

The aim of the research: 

to investigate the impact of corporate governance mechanisms on the capital structure with regard to the mediating role of the cost of capital is the aim of this study.

In this study, using the information of 153 companies admitted to the Tehran Stock Exchange (1224 companies) during an 8-year period from 1392 to 1399, the hypothesis was tested. Also, in order to test the hypotheses, the panel data econometric technique and Eviuse software have been used.

The findings of this study showed that the size of the board of directors has a negative and significant effect and the duality of the duties of the CEO and institutional ownership has a positive and significant effect on the capital structure, however, the composition of the board of directors does not have a significant effect on the capital structure. It was also found that the composition of the board of directors and institutional ownership have a negative and significant effect on the cost of capital, but the size of the board of directors and the dual duties of the CEO do not play a decisive role in this regard. In addition, it was found that the cost of capital has a negative effect on determining the capital structure, and finally, it was found that the composition of the board of directors and institutional ownership can also influence the choice of the company's capital structure through influencing the cost of capital.

The findings of this study are consistent with the agency theory argument that effective governance strategies, by reducing information asymmetry and agency costs, have reduced the cost of capital, which ultimately forces companies to restructure their financial mix and capital structure. Therefore, some components of corporate governance and cost of capital have important implications for capital structure decisions of companies admitted to the Tehran Stock Exchange.

Audit committee is one of the effective monitoring mechanisms to increase the quality of disclosure of the internal control system, which helps reduce the cost of representation. Hence, many researchers have argued that the existence of an effective audit committee can play effective role in improving the information system and in ensuring the credibility of the company's financial reports. Based on this argument, the present study examines the relationship between company's characteristics and the effectiveness of audit committee, regarding the approach of structural equation modeling. A sample of 147 companies listed in the Tehran Stock Exchange during the years 2013 to 2017 was selected. The effectiveness of audit committee (hidden variable) was measured by the observed variables of financial expertise, independence and size of audit committee, and the characteristics of the company (hidden variable) was measured by the observed variables of firm size, financial leverage, composition of the board of directors, institutional shareholders, profitability, liquidity , and company growth. After ensuring the correctness of measurement results and structural model, findings showed that size of company, financial leverage, composition of the board, shareholders, profitability, liquidity and company growth increase the effectiveness of audit committee.