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Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3.

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Article

The Impact of the Ownership Structure and the Quality of Financial Information on the Cost of Debt of Tunisian Firms

1Depatment of Finance, Higher Institute of Management of Sousse, University of Sousse, Tunisia

2Department of Economy, Faculty of Economic Sciences and Management of Sousse, University of Sousse, Tunisia


International Journal of Econometrics and Financial Management. 2015, Vol. 3 No. 2, 57-63
DOI: 10.12691/ijefm-3-2-2
Copyright © 2015 Science and Education Publishing

Cite this paper:
Abdelkader Derbali, Manel Ben Ayeche. The Impact of the Ownership Structure and the Quality of Financial Information on the Cost of Debt of Tunisian Firms. International Journal of Econometrics and Financial Management. 2015; 3(2):57-63. doi: 10.12691/ijefm-3-2-2.

Correspondence to: Abdelkader  Derbali, Depatment of Finance, Higher Institute of Management of Sousse, University of Sousse, Tunisia. Email: derbaliabdelkader@outlook.fr

Abstract

The objective of this paper is to highlight the interaction of the board with other internal governance mechanisms such as ownership structure, the quality of financial reporting and the cost of debt. The relationship between the ownership structure and the quality of financial information on the one hand and the other debt cost was well treated in the financial literature. Tests conducted on a sample of 28 Tunisian firms show that the ownership structure and the quality of financial information plays an important role in determining the characteristics of the cost of debt. The results also indicate that the cost of debt is related to factors from the board, the size of the company and the stock exchange listing.

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