Impact of Firm Specificities and Board Characteristics on Corporate Financial Leverage: Case of Tunisian Listed Firms
The aim of this study is to investigate the impact of board characteristics and Firm specificities on corporate
financial leverage. To test this relationship we adopt a multiple linear regression model based on a sample of 33 Tunisian
listed firms for the period 2006-2015. Our main empirical findings show that board size is significantly positively related to
corporate leverage, while duality is negatively significantly related to debt. Board independence has no impact on corporate
leverage. Firm size, Growth rate and tangibilty have a positive significant impact on Debt. Whereas, profitabilty has a
negative and significant impact on debt.
Key words- firm specificities, Board characteristics, corporate financial leverage