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dc.contributor.authorPornsit Jirapornen_US
dc.contributor.authorPandej Chintrakarnen_US
dc.contributor.authorYixin Liuen_US
dc.contributor.otherPennsylvania State Universityen_US
dc.contributor.otherThammasat Universityen_US
dc.contributor.otherThailand National Institute of Development Administrationen_US
dc.contributor.otherMahidol Universityen_US
dc.contributor.otherUniversity of New Hampshire Durhamen_US
dc.date.accessioned2018-06-11T04:41:02Z-
dc.date.available2018-06-11T04:41:02Z-
dc.date.issued2012-12-01en_US
dc.identifier.citationJournal of Financial Services Research. Vol.42, No.3 (2012), 139-158en_US
dc.identifier.issn09208550en_US
dc.identifier.other2-s2.0-84868448172en_US
dc.identifier.urihttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84868448172&origin=inwarden_US
dc.identifier.urihttp://repository.li.mahidol.ac.th/dspace/handle/123456789/13874-
dc.description.abstractWe use agency theory to investigate the influence of CEO dominance on variation in capital structure. Due to agency conflicts, managers may not always adopt leverage choices that maximize shareholders' value. Consistent with the prediction of agency theory, the evidence reveals that, when the CEO plays a more dominant role among top executives, the firm adopts significantly lower leverage, probably to evade the disciplinary mechanisms associated with debt financing. Our results a re important as they demonstrate that CEO power matters to critical corporate outcomes such as capital structure decisions. In addition, we find that the impact of changes in capital structure on firm performance is more negative for firms with more powerful CEOs. Overall, the results are in agreement with prior literature, suggesting that strong CEO dominance appears to exacerbate agency costs and is thus detrimental to firm value. © 2011 Springer Science+Business Media, LLC.en_US
dc.rightsMahidol Universityen_US
dc.source.urihttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84868448172&origin=inwarden_US
dc.subjectBusiness, Management and Accountingen_US
dc.subjectEconomics, Econometrics and Financeen_US
dc.titleCapital Structure, CEO Dominance, and Corporate Performanceen_US
dc.typeArticleen_US
dc.rights.holderSCOPUSen_US
dc.identifier.doi10.1007/s10693-011-0109-8en_US
Appears in Collections:Scopus 2011-2015

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