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Corporate governance mechanisms and the cost of capital: evidence from Canadian firms

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Corporate governance mechanisms and the cost of capital: evidence from Canadian firms

Wan, Peiyi (2015) Corporate governance mechanisms and the cost of capital: evidence from Canadian firms. Masters thesis, Concordia University.

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Abstract

This paper investigates the effects of corporate governance mechanisms on the cost of capital of Canadian firms listed on the Toronto Stock Exchange after the 2008 financial crisis. Since the end of the crisis, the cost of capital has fallen for Canadian firms. Insider ownership, board size, and CEO duality are found to be negatively related to the cost of capital. In contrast, institutional ownership is shown to be positively related to the cost of capital. Most examined governance mechanisms have differential impacts on firms across industries and regions in Canada. In Canadian mining firms, which have a higher cost of capital than firms in other industries, insider ownership is negatively associated with the cost of capital. In the transportation industry, both institutional ownership and insider ownership are positively related to the cost of capital. Firms domiciled in Quebec have a lower cost of capital that reflects its industrial structure.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Wan, Peiyi
Institution:Concordia University
Degree Name:M. Sc.
Program:Administration (Finance option)
Date:17 November 2015
Thesis Supervisor(s):Switzer, Lorne
Keywords:Corporate governance, cost of capital
ID Code:980800
Deposited By: PEIYI WAN
Deposited On:17 Jun 2016 14:16
Last Modified:18 Jan 2018 17:52
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