Escaping Zombiness: Does Corporate Governance Have the Elixir of Life?

IF 4.5 2区 管理学 Q1 BUSINESS
Juan Antonio Rodríguez-Sanz, Eleuterio Vallelado, Pilar Velasco
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Abstract

This study investigates the influence of corporate governance on firms’ transition into and out of zombiness. We underscore the beneficial role of external members in the corporate governance structure and long-tenured chief executive officers (CEOs) in facilitating access to the external resources that firms need to be successful. Using a sample of European listed firms over the period 2008–2018, we adopt a dynamic view of zombiness by identifying shifts in the state from zombie to non-zombie and vice versa. The results show that board independence is a twofold panacea against zombies, prompting zombie recovery and preventing healthy firms from becoming zombies. By contrast, leadership independence, materialized by separating the CEO and chairperson roles, hampers the recovery of zombies, probably because the cost of lacking unified leadership may exceed the benefits of external dependence minimization. Finally, the results suggest that longer CEO tenure helps healthy firms avoid zombiness. When considering a broader array of stakeholders, government bailout programmes impair zombie recovery, and stronger trade unions help healthy firms escape zombiness. Overall, this study brings a ray of hope to the zombie problem and provides a better appraisal of when supporting zombies might be worthwhile vis-à-vis saving promising firms and bringing them back to life.

摆脱僵尸状态:公司治理有生命之药吗?
本研究探讨了公司治理对企业进入和摆脱僵尸状态的影响。我们强调公司治理结构中的外部成员和长期任职的首席执行官(CEO)在促进企业获得成功所需的外部资源方面的有益作用。我们以 2008-2018 年期间的欧洲上市公司为样本,通过识别从僵尸到非僵尸以及反之亦然的状态转变,对僵尸企业采取了动态的观点。结果表明,董事会独立性是对付僵尸企业的双重灵丹妙药,既能促使僵尸企业复苏,又能防止健康企业变成僵尸企业。相比之下,通过分离首席执行官和董事长角色实现的领导层独立性则会阻碍僵尸企业的复苏,这可能是因为缺乏统一领导的成本可能超过外部依赖最小化的收益。最后,研究结果表明,延长首席执行官的任期有助于健康企业避免僵尸化。如果考虑到更广泛的利益相关者,政府的救助计划会损害僵尸企业的复苏,而更强大的工会则有助于健康企业避免僵尸化。总之,这项研究为僵尸企业问题带来了一线希望,并更好地评估了何时支持僵尸企业与拯救有前途的企业并使其起死回生相比更有价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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