Recently, the importance of traditional firm-specific determinants of capital structure has been challenged. The paper uses the trade-off theory to investigate the managerial experience of top managers as a determinant of capital structure. The paper applies systemgeneralized method of moments (GMM) which corrects endogeneity problem. Our results reveal that top managers' experience is positively related to book value measures of capital structure. As top managers' (CEOs) experience increases, both the book total debt and longterm debt ratios increase. Our results are robust using both the market total debt and longterm debt ratios. Based on the findings, the results suggest that top managers' experience is a potential determinant of firms' capital structure. The findings also suggest that experienced top managers maximize the benefits of debt interest tax-shield; top managers can increase firm value.

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PurposeThe purpose of this paper is to provide new empirical evidence on the impact of country governance on the revenue efficiency of Islamic and conventional banks. The empirical analysis is confined to Islamic and conventional banks operating in the Gulf Cooperation Council (GCC) countries banking sectors during the period of 2007-2011.

Global financial crisis, ownership and bank profit efficiency in the Bangladesh's state owned and private commercial banks Crisis financiera global, propiedad y eficiencia de las ganancias en los bancos comerciales estatales y privados en Bangladesh