The issue of the separation of the roles of Chief Executive Officer (CEO) and Chairman of the Board (COB) has been at the centre stage of various corporate governance guidelines. While in the US, these roles are typically combined, in the UK companies are advised to split them following the...

We test the determinants of leverage within the trade-off and pecking order framework, and the speed of adjustment to the target leverage of large and small firms quoted on a regulated (Main) and relatively unregulated market (AIM) in the UK. We find that both firm size and market of quotation...