標題: | The role of corporate governance in forecasting bankruptcy: Pre- and post-SOX enactment |
作者: | Chan, Chia-Ying Chou, De-Wai Lin, Jane-Raung Liu, Feng-Ying 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: | Bankruptcy prediction model;Sarbanes-Oxley Act;Corporate governance |
公開日期: | 一月-2016 |
摘要: | This paper contributes to the literature by documenting the improved performance of bankruptcy prediction models after including corporate governance variables. The empirical results demonstrate better predictive power for financial bankruptcy than previous bankruptcy prediction models, particularly in the post SOX period. Our theoretical argument emphasizes the urgent need for such improvements to the bankruptcy prediction model following the introduction of the SOX Act, with the empirical results providing intuitive economic meaning for all relevant market participants. Policymakers may consider enacting laws to include designs for corporate governance monitoring mechanisms, entrepreneurs may use this model to improve their own governance structures and compensation mechanisms to avoid financial bankruptcy, and investors may refer to it to ensure that \'losers\' are excluded from their investment portfolios. (C) 2015 Elsevier Inc. All rights reserved. |
URI: | http://dx.doi.org/10.1016/j.najef.2015.10.008 http://hdl.handle.net/11536/133824 |
ISSN: | 1062-9408 |
DOI: | 10.1016/j.najef.2015.10.008 |
期刊: | NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE |
Volume: | 35 |
起始頁: | 166 |
結束頁: | 188 |
顯示於類別: | 期刊論文 |