Corporate governance and corporate failure: a survival analysis

Gary F. Peters · Howard F. Turetsky

199 citations0/0 files storedCorporate Governance

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Corporate Finance and Governance Corporate Insolvency and Governance Financial Distress and Bankruptcy Prediction

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.

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References

1992The Cross-Section of Expected Stock Returns 1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1996Higher market valuation of companies with a small board of directors 1980Financial Ratios and the Probabilistic Prediction of Bankruptcy 2001Forecasting Bankruptcy More Accurately: A Simple Hazard Model 1977ZETATM analysis A new model to identify bankruptcy risk of corporations 1988The Determinants of Board Composition 1972A Discriminant Analysis of Predictors of Business Failure

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