Capital structure and board of directors: a quintile regression approach


  • Omar Farooq ADA University
  • Zakir Pashayev ADA University



This paper documents asymmetric impact of various board characteristics on capital structure in six European countries (Austria, Belgium, France, Germany, Luxembourg and Netherlands) during the period between 2008 and 2014. Quintile regression estimates show asymmetric impact of independence of board’s audit committee, presence of CEO in the board, and Chairmanship of Ex-CEO on capital structure at 10th and 90th quintile.


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How to Cite

Farooq, O., & Pashayev, Z. (2019). Capital structure and board of directors: a quintile regression approach. Economics and Business Letters, 8(3), 130–137.