Financial versus Non-Financial Information for Default Prediction: Evidence from Sri Lanka and the USA

Jayasuriya Mahapatabendige Ruwani Fernando · Leon Li · Yang Hou

11 citations0/0 files storedEmerging Markets Finance and Trade

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

Abstract

We report the effectiveness of corporate governance variables (GOVs) in default prediction, in a comparative study between Sri Lanka and the USA. Twelve GOVs are tested in addition to the standard financial data. A panel logit model framework is employed to conduct empirical tests on 730 Sri Lankan and 3280 USA observations from 2000 to 2015. Whilst an integrated model provides overall stronger predictive value; financial information is more relevant for USA firms. GOVs appear more relevant in emerging markets than in mature markets, but the effectiveness of the individual GOVs differs between countries.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1973The Pricing of Options and Corporate Liabilities 1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1974ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES*1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 2003Corporate Governance and Equity Prices 1966Financial Ratios As Predictors of Failure 2002Audit committee, board of director characteristics, and earnings management

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