Debt capital, firm performance and change of CEO in firms listed on the Nairobi Securities Exchange.

Otieno, Odhiambo Luther; Ngwenya, Sam.

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dc.contributor.author	Otieno, Odhiambo Luther
dc.contributor.author	Ngwenya, Sam.
dc.date.accessioned	2016-12-19T14:03:16Z
dc.date.available	2016-12-19T14:03:16Z
dc.date.issued	2015
dc.identifier.citation	Otieno, O.L. and Ngwenya, S. 2015. Debt capital, firm performance and change of CEO in firms listed on the Nairobi Securities Exchange, Corporate Ownership & Control, 13(1): 663-677.	en
dc.identifier.issn	1810-3056
dc.identifier.uri	http://hdl.handle.net/10500/21874
dc.description.abstract	It is generally accepted that boards of directors play a fundamental role in corporate governance and the structure of the board plays a significant role in the functioning of a company (Jensen, 1993). The main objective of this study was to investigate the relationship between debt capital, firm performance, and change of CEO in firms listed on the NSE. The results of the study revealed that firms in which an individual shareholder has influence or controlling interest are reluctant to replace their CEO even when performance is below average. The results also revealed that the replacement of the CEO is not performance driven, but is debt capital driven. Specifically, the results suggest that medium leverage ratio is associated with change in CEOs on firms listed on the NSE.	en
dc.language.iso	en	en
dc.publisher	Virtus Interpress	en
dc.subject	Debt Capital; Firm Performance; Change of CEO; NSE	en
dc.title	Debt capital, firm performance and change of CEO in firms listed on the Nairobi Securities Exchange.	en
dc.type	Article	en
dc.description.department	Finance, Risk Management and Banking	en