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Baghdadi, Ghasan - 2020

We find that co-opted boards facilitate more erratic and arbitrary decision-making, contributing towards default risk. A one standard deviation increase in co-option increases default risk by 11% relative to normal levels. Supporting the notion that co-option makes decision-making more erratic,...

Persistent link: https://www.econbiz.de/10012848864

Board Composition, Grey Directors and Corporate Failure in the UK

Hsu, Hwa-Hsien - 2014

This study examines the effect of board composition on the likelihood of corporate failure in the UK. We consider both independent and non-independent (grey) non-executive directors (NEDs) to enhance our understanding of the impact of NEDs' personal or economic ties with the firm and its...

Persistent link: https://www.econbiz.de/10013070406

The Rise of Bankruptcy Directors

Ellias, Jared A.; Kamar, Ehud; Kastiel, Kobi - 2021

In this Article, we use hand-collected data to shed light on a troubling innovation in bankruptcy practice. We show that distressed companies, especially those controlled by private-equity sponsors, often now prepare for a Chapter 11 filing by appointing bankruptcy experts to their boards of...

Persistent link: https://www.econbiz.de/10013221140

Governance in Financial Distress and Bankruptcy

Ayotte, Kenneth - 2012

This chapter, for the Oxford Handbook of Corporate Governance, provides a survey of law, economics, and finance scholarship at the intersection of corporate governance and financial distress. In financial distress, both inside and outside of bankruptcy court, formal and informal control rights...

Persistent link: https://www.econbiz.de/10013097916

Corporate board vigilance and insolvency risk : a mediated moderation model of debt maturity and fixed collaterals

Hussain, Rana Yassir; Wen, Xuezhou; Hussain, Haroon; … - In: International journal of management and economics 57 (2021) 1, pp. 14-33

Studies indicate that a consistent rise in insolvency risk should be addressed at the strategic level. Vigilant boards … can use leverage maturity structure as a tool to control insolvency risk. However, according to the information asymmetry … theory, leverage acquisition is subject to the presence of fixed assets which can be used as collateral. The current study …

Persistent link: https://www.econbiz.de/10012519593

Director Networks, Mobility, and Governance : Evidence from Corporate Bankruptcies

Hshieh, Shenje - 2018

We exploit a quasi-natural experiment to identify the importance of professional connections in determining a firm's board composition. At the individual level, directors who share work experiences with the executives/directors of bankrupt firms experience on average a 6-percentage-point decline...

Persistent link: https://www.econbiz.de/10012933163

Contemplating a Corporate Governance Model for Bankruptcy Reorganizations : Lessons from Canada

Rotem, Yaad - 2011

What is the optimal form of corporate governance during court supervised attempts to reorganize and restructure a financially distressed firm? Corporate bankruptcy scholarship has contemplated this normative query against the backdrop of two prevailing models: the American Debtor-In-Possession...

Persistent link: https://www.econbiz.de/10013120709

Corporate Governance and Bankruptcy Risk

Darrat, Ali F. - 2014

We examine how firm characteristics, particularly the degree of firm complexity and the firm's need for specialty knowledge, affect the relationship between corporate governance and the risk of bankruptcy. We find that having larger boards reduces the risk of bankruptcy only for complex firms....

Persistent link: https://www.econbiz.de/10013069021

Corporate governance and corporate creditworthiness

Parnes, Dror - In: Journal of risk and financial management : JRFM 4 (2012) 1, pp. 1-42

We examine the relation between corporate governance and bankruptcy risk as an underlying force affecting a bond’s yield. The level of corporate governance is captured by the G-index, along with the explicit groups of governance provisions. We estimate bankruptcy risk by Z-score, by...

Persistent link: https://www.econbiz.de/10011555892

Determinants of acquisition and failure : stylized facts and lessons for empirical studies

Köke, F. Jens - 2001

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

Persistent link: https://www.econbiz.de/10011446202

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