CORPORATE GOVERNANCE AND THE BANKRUPT FIRM - AN EMPIRICAL-ASSESSMENT

• 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: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.4250150806
• 发表日期: 1994
• 页码: 643-654
• 关键词: CORPORATE GOVERNANCE; bankruptcy; BOARD COMPOSITION; board leadership structure

摘要

The incidence of bankruptcy has risen dramatically among firms of all types and sizes in the past decade. Little is known, however, about the effects of alternative governance structures on the propensity of an organization to file Chapter 11 bankruptcy. Relying on logistic regression for periods 5 years and 3 years prior to the bankruptcy, as well as the contemporaneous period, we examine the relationships among independent/interdependent board composition and the structure of CEO/board chairperson positions and the filing of bankruptcy. While controlling for a series of financial indicators and firm size, the results illustrate robust explanatory power for the governance variables for both lagged periods.