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

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-05-06 DOI:10.1016/j.ememar.2024.101142

Lorne N. Switzer , Jun Wang , Yuehao Jiang

引用次数: 0

Abstract

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 non-state-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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公司治理和国有产权对中国企业违约概率的影响

本研究探讨了自 2014 年国有企业违约制裁以来，国有所有权和公司治理机制对中国违约风险的影响。我们发现，无论是国有企业还是非国有企业，内部所有权与违约风险之间都存在正相关关系。无论国有企业所有权如何，机构所有权都是降低违约风险的监督机制。首席执行官双重身份的非国有企业违约概率更高。董事会规模越大、独立性越强，国有企业的违约概率就越低。大流行病对国有企业的影响较小。

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

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.