The impact of corporate governance and state ownership on the default probabilities of Chinese firms

被引：0
|
作者：
Switzer, Lorne N. [1 ]
Wang, Jun [2 ]
Jiang, Yuehao [1 ]
机构：
[1] Concordia Univ, John Molson Sch Business, 1455 De Maisonneuve Blvd, Montreal, PQ H3G 1M8, Canada
[2] Univ Manitoba, Asper Sch Business, 181 Freedman Crescent, Winnipeg, MB R3T 5V4, Canada
来源：
EMERGING MARKETS REVIEW | 2024年 / 60卷
关键词：
Credit risk; Default probability; Corporate governance; State ownership; Global pandemic; CEO COMPENSATION; PERFORMANCE; PRIVATIZATION; AGENCY; RISK; PERSPECTIVES; LEVERAGE; MARKET; DEBT;
D O I：
10.1016/j.ememar.2024.101142
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of state ownership and corporate governance mechanisms on the default risk in China since the sanctioning of default of state-owned firms in 2014. We find a positive relationship between inside ownership and default risk for both state-owned and nonstate-owned firms. Institutional ownership serves as a monitoring mechanism that reduces default risk, irrespective of state ownership. Non-state-owned firms with CEO duality have higher default probabilities. Larger boards and more independent boards reduce the default probabilities of state-owned firms. Pandemic effects are less severe for state-owned firms.
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页数：16
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