BANKRUPTCY AND CORPORATE GOVERNANCE - THE IMPACT OF BOARD COMPOSITION AND STRUCTURE

• 成果类型: Note
• 署名作者: DAILY, CM; DALTON, DR
• 署名单位: Indiana University System; Indiana University Bloomington
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256801
• 发表日期: 1994
• 页码: 1603-1617
• 关键词: GOLDEN PARACHUTES; organizational performance; Financial distress; management; FIRMS; DIRECTORS; top; OWNERSHIP; strategy; POWER

摘要

In this study, we examined the relationships among governance structures and corporate bankruptcy. A logistic regression analysis of bankrupt major corporations and a matched group of survivor firms indicated robust power for financial indicators, constituent common stock holdings, board of director quality, and corporate governance structures as predictors of bankruptcy. Specifically, the model indicates differences between the bankrupt and matched groups in proportions of affiliated directors, chief executives, board chairperson structure, and their interaction.