Board Structure and Capital Structure – Empirical Evidence of Romanian Listed Companies

This study investigates the relationship between board of directors and company’s capital structure in context of Romanian firms. Our research paper covers information about 50 companies for the fiscal year 2010. A regression analysis has been used to examine the linkage between the level of debt and board of directors. Measures of board’s characteristics employed are size of the board, its independence and duality of leadership. Results reveal that the size of the board affect positively and significantly the level of debt, but board independence and CEO Duality has no significant relationship with firm debt.