標題: A note on board characteristics, ownership structure and default risk in Taiwan
作者: Chiang, Shu-Mei
Chung, Huimin
Huang, Chien-Ming
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Corporate governance;Default risk;Ownership structure;Board characteristics;Kealhofer;McQuown and Vasicek model
公開日期: 1-Mar-2015
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.
URI: http://dx.doi.org/10.1111/acfi.12045
http://hdl.handle.net/11536/124618
ISSN: 0810-5391
DOI: 10.1111/acfi.12045
期刊: ACCOUNTING AND FINANCE
Volume: 55
起始頁: 57
結束頁: 74
Appears in Collections:Articles