Board Structure, State Ownership, Firm Age and Corporate Performance in Crisis

Abstract

This paper aims to study the relationship between the structure of the board and corporate performance in crisis. More specifically, the paper investigates whether CEO duality, board independence, board size and share concentration have an impact on corporate performance in a stock market crash. Furthermore, this paper tests whether state ownership and firm age will moderate this effect. Based on the panel data in 2007, 2008 and 2015, the empirical evidence suggests that CEO duality and share concentration positively affect corporate performance, while board independence works in the opposite direction. SOE and firm age are also confirmed to play a moderating role.