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- Publisher
- Emerald Publishing
- Copyright
- Copyright © 2002 MCB UP Ltd. All rights reserved.
- ISSN
- 1472-0701
- DOI
- 10.1108/14720700210430298
- Publisher site
- See Article on Publisher Site
Abstract
This study investigates the association of various corporate governance attributes and financial characteristics with the survival likelihood of distressed firms. To address the manner in which firms evolve over time, we employ survival analysis techniques by incorporating Cox Proportional Hazards regressions. We longitudinally track an ex ante sample of 176 financially distressed firms. The results suggest that firms that replaced their CEO with an outsider, were more than twice as likely to experience bankruptcy. Furthermore, larger levels of blockholder and insider ownership over the sample period are positively associated with the likelihood of firm survival.
Journal
Corporate Governance – Emerald Publishing
Published: Jun 1, 2002
Keywords: Bankruptcy; Corporate governance; Ownership