Kang, Jun-Koo; Lee, Inmoo; Na, Hyun Seung - In: Journal of Corporate Finance 16 (2010) 3, pp. 333-351
We examine how owner-managers incentives and firm-specific measures of corporate governance affect restructuring decisions during an economy-wide shock. Using a large sample of Korean firms that had experienced a severe financial crisis during 1997-1998, we find that the likelihood of...