Corporate governance issue has gained significant attention in management research especially among large listed firms; however, research has seldom been conducted on small and medium sized firms. The objective of this paper is therefore, to investigate the link between corporate governance and the financing decision and its impact on firm performance across a sample of 25 small growing firms operated in Sudan. Specifically, this paper examines how ownership structure and corporate control affect financing decisions through a theoretical characteristics and practice. The empirical findings show that managers are concerned with the cash flow and profitability to maintain high internal sourcing of finance, which ultimately affects financing decisions. The centralization of decision is influenced by their knowledge, experience and typology. The existence of the family at the higher echelon of the hierarchy affects the way in which the business is operated, managed and controlled. These empirical findings provide confirmation that ownership structure, financing planning and degree of financial control affect financing decisions and improve firm performance. Entrepreneurs and management profiles are the focal point in policy implication. At a level of macro strategies, policies are directed towards entrepreneur development as an agent of change for economic growth. Government policies also should be directed to increase the supply of entrepreneur and improve their efficiency.
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