Revisão do Jornal Árabe de Negócios e Gestão

In Eastern Europe, privatization raises the question of how private firms should be governed. China is experimenting with some forms of corporate governance that combine features of the market system with public ownership. Notwithstanding all these debates, observations about the effects of different corporate governance systems remain fragmented. In the area of corporate governance, the facts have been swept away by judgments. Building a governance index that synthesizes all control mechanisms has prompted empirical research to test the effectiveness of a governance structure for aligning leaders' interests with those of others shareholders. This framework focuses on the governance-performance relationship. Empirical studies have sought to test whether "well-governed" firms with low agency costs and low information asymmetry are doing more call option on debt to finance their investment opportunities. This article is organized around the two main parts. In the first part, we will summarize the main previous empirical works that have dealt with governance mechanisms and the choice of a financial structure. In the second part, we will empirically validate these governance mechanisms of the twenty-eight firms listed on the Securities Exchange in Tunisia during the period from 2012 to 2016. However, the governance mechanisms and the choice of the financial structure will be modified over time and the sample