Production Suspension, Corporate Governance, and Firm Value

被引：1
|
作者：
Kwon, Yonghyun [1 ]
Han, Seung Hun [2 ]
Koh, Young Woo [3 ]
机构：
[1] Changwon Natl Univ, Dept Global Business, Changwon Si, South Korea
[2] Korea Adv Inst Sci & Technol, Coll Business, Sch Business & Technol Management, 373-1 Gwahangno, Daejeon 305701, South Korea
[3] Shinhan Bank, Seoul, South Korea
来源：
EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 10期
关键词：
Corporate governance; production suspension; business risk; CAPITAL-MARKETS EVIDENCE; BUSINESS GROUPS EVIDENCE; SUPPLY CHAIN DISRUPTION; INFORMATION ASYMMETRY; OWNERSHIP STRUCTURE; PARTY TRANSACTIONS; ABANDONMENT VALUE; RISK-MANAGEMENT; PERFORMANCE; ANNOUNCEMENTS;
D O I：
10.1080/1540496X.2021.1984227
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study investigates the effects of planned and unplanned production suspension on firm value. We find that the increased business risk caused by the production suspension negatively affects firm value. Additionally, good corporate governance alleviates the negative effect of planned suspensions, while only firm-specific factors affect unplanned suspensions. Moreover, among firms facing unplanned suspensions, those with strong governance recover faster than firms with weak governance because the former have stable managerial structures. Finally, business group-affiliated firms cope with planned production suspensions well, whereas they are more vulnerable to unplanned suspensions. The result suggests that the group-level supplier-demander relationships have potential business risk owing to low flexibility in unexpected business situations.
引用
收藏
页码：2711 / 2735
页数：25
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