A Note on Board Characteristics, Ownership Structure, and Default Risk in Taiwan
學年 103
學期 2
出版（發表）日期 2015-03-01
作品名稱 A Note on Board Characteristics, Ownership Structure, and Default Risk in Taiwan
作品名稱（其他語言）
著者 Chiang, S.M.; Chung, H.M.; Huang, Chien-Ming
單位
出版者
著錄名稱、卷期、頁數 Accounting and Finance 55(1), p.57-74
摘要 This study applies dynamic generalized method of moments estimation to examine the influences of ownership structure and board characteristics on default risk for a full samples and two subsamples (high‐tech and conventional) of publicly listed firms in Taiwan. Our findings reveal that certain characteristics of corporate governance have explanatory power for default probability, but the impact is not straightforward. In particular, the impact of internal and external governance structures on default risk is industry dependent. Accordingly, governance proposals that encourage higher ownership among directors and large block shareholdings in high‐tech firms or reduce managerial ownership in conventional companies can have a counterproductive effect on corporate governance and result in higher bankruptcy possibility.
關鍵字 Corporate governance;Default risk;Ownership structure;Board characteristics;Kealhofer, McQuown and Vasicek model
語言 en_US
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版
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