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

被引：2

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.

引用

页数：16

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