Corporate Governance and Company Survival
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Published:
May 9, 2013
Keywords:
Company Survival Corporate Governance
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Abstract
The main purpose of this paper is to review the literature on the empirical methodologies utilized in bankruptcy prediction and the potential predictors of firm surviving. The paper has reviewed and briefly discussed previous literature examining firm survival or failure in various countries e.g. Australia, China, Germany, Taiwan, U.S.A. and Thailand using various research methodologies such as logistic regression, multivariate discriminant analysis, neural network, survival analysis and etc. These studies have been conducted both within the qualitative and quantitative framework. It can be seen that previous studies have been using various empirical methodologies in exploring the issue regarding company survival. Future research could improve upon this current research in various aspects. Some doubts may cast on the appropriateness of model specification and the omission of important variables in previous studies. Thus, more future research incorporated other feasible variables is needed for model validation. The examples of those possible variables are the qualitative variables e.g. ownership structure data, specifically, gender, education and attitudes.
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References
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Audretsch, D. B. and Lehmann, E. E. (2004) The effects of experience, ownership, and knowledge on IPO survival: Empirical evidence from Germany : The Group Entrepreneurship, Growth and Public Policy, Jena, Germany.
Bai, C.-E., Liu, Q., Lu, J., Song, F. M., and Zhang, J. (2004) Corporate governance and market valuation in China. Journal of Comparative Economics, 32(4): 599-616.
Balatbat, M. C. A., Taylor, S. L., and Walter, T. S. (2004) Corporate governance, insider ownership and operating performance of Australian initial public offerings. Accounting & Finance, 44(3): 299-328.
Beasley, M. S. (1996) An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71(4): 443-465.
Becht, M., Bolton, P., and Roell, A. A. (2002) Corporate governance and control: European Corporate Governance Institute (ECGI).
Bhagat, S. and Black, B. (2001) The Non-Correlation Between Board Independence and Long Term Firm Performance: Stanford Law School.
Boyd, B. K. (1995) CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4): 301-312.
Brennan, N. and McDermott, M. (2004) Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12(3): 325-336.
Brickley, J. A., Coles, J. L., and Jarrell, G. (1997) Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3(3): 189-220.
Chaganti, R. S., Mahajan, V., and Sharma, S. (1985) Corporate board size, composition and corporate failures in retailing industry. Journal of Management Studies, 22(4): 400-417.
Chen, K. C. W. and Lee, C.-W. J. (1993) Financial ratios and corporate endurance: A case of the oil and gas industry. Contemporary Accounting Research, 9(2): 667-694.
Claessens, S. and Djankov, S. (1999) Ownership concentration and corporate performance in the Czech Republic. Journal of Comparative Economics, 27(3): 498-513.
Cockburn, I. M. and Wagner, S. (2007) Patents and the survival of internet-related IPOs: National Bureau of Economic Research, Cambridge : MA.
Commonwealth of Australia. (2003) The Failure of HIH Insurance (Vol. 1). Canberra : National Capital Printing.
Connelly, J. T. and Limpaphayom, P. (2004) Board characteristics and firm performance: Evidence from the life insurance industry in Thailand. Chulalongorn Journal of Economics, 16(2): 101-124.
Daily, C. M. and Dalton, D. R. (1994) Corporate governance and the bankrupt firm: An empirical assessment. Strategic Management Journal, 15(8): 643-654.
Dayton, K. N. (1984) Corporate governance: The other side of the coin. Harvard Business Review, 62(1): 34-37.
Demsetz, H. and Lehn, K. (1985) The structure of corporate ownership: Causes and consequences. The Journal of Political Economy, 93(6): 1155-1177.
Dhnadirek, R. and Tang, J. (2003) Corporate governance problems in Thailand: Is ownership concentration the cause? Asia Pacific Business Review, 10(2): 121-138.
Elsayed, K. (2007) Does CEO duality really affect corporate performance? Corporate Governance: An International Review, 15(6): 1203-1214.
Fama, E. F. and Jensen, M. C. (1983) Separation of Ownership and Control. Journal of Law and Economics, 26: 301-325.
Goktan, M. S., Kieschnick, R., and Moussawi, R. (2006) Corporate governance and corporate survival: University of Texas at Dallas.
Hensher, D. A., Jones, S., and Greene, W. H. (2007) An error component logit analysis of corporate bankruptcy and insolvency risk in Australia. Economic Record, 83(260): 86-103.
Hermalin, B. E. and Weisbach, M. S. (1991) The effects of board composition and direct incentives on firm performance. The Journal of the Financial Management Association, 20(4): 101-112.
Hill, C. W. L. and Snell, S. A. (1989) Effects of ownership structure and control on corporate productivity. Academy of Management Journal, 32(1): 25-46.
Himmelberg, C. P., Hubbard, R. G., and Palia, D. (1999) Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3): 353-384.
Hopenhayn, H. A. (1992) Entry, exit, and firm dynamics in long run equilibrium. Econometrica, 60(5): 1127-1150.
Hovey, M., Li, L., and Naughton, T. (2003) The relationship between valuation and ownership of listed firms in China. Corporate Governance: An International Review, 11(2): 112-122.
Jaikengkit, A. O. (2004) Corporate Governance and Financial Distress: An Empirical Analysis- the Case of Thai Financial Institutions.Unpublished PhD dissertation, Case Western Reserve University.
Jensen, M. C. (1993) The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3): 831-880.
Jensen, M. C. and Meckling, W. H. (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Johnson, S., Boone, P., Breach, A., and Friedman, E. (2000) Corporate governance in the Asian financial crisis. Journal of Financial Economics, 58(1-2): 141-186.
Jovanovic, B. (1982) Selection and the evolution of industry. Econometrica, 50(3): 649-670.
Kang, H., Cheng, M., and Gray, S. J. (2007) Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15(2): 194-207.
Kauffman, R. J. and Wang, B. (2007) Duration of internet firms: A semiparametric Cox and baysian survival analysis: Carlson School of Management, University of Minnesota.
Keasey, K. and Watson, R. (1987) Non-financial symptoms and the prediction of small company failure. Journal of Business Finance & Accounting, 14(3): 335-354.
Kim, K. A., Kitsabunnarat, P., and Nofsinger, J. R. (2004) Ownership and operating performance in an emerging market: Evidence from Thai IPO firms. Journal of Corporate Finance, 10(3): 355-381.
Klein, A. (1998) Firm performance and board committee structure. The Journal of Law and Economics, 41(1): 276-304.
Laing, D. and Weir, C. M. (1999) Governance structures, size and corporate performance in UK firms. Management Decision, 37(5/6): 457-464.
Laitinen, T. and Kankaanpaa, M. (1999) Comparative analysis of failure prediction methods: The Finnish case. The European Accounting Review, 8(1): 67-92.
Lamberto, A. P. and Rath, S. (2008) The survival of initial public offerings in Australia: Curtin University of Technology.
Lee, T.-S. and Yeh, Y.-H. (2004) Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance: An International Review, 12(3): 378-388.
Lee, T. S., Yeh, Y. H., and Liu, R. T. (2003) Can Corporate Governance Variables Enhance the Prediction Power of Accounting-based Financial Distress Prediction Models? (pp. 25): Institute of Economic Research, Tokyo : Japan.
Lehmann, E. and Weigand, J. (2000) Does the governed corporation perform better? Governance structures and corporate performance in Germany. European Finance Review, 4(2): 157-195.
Lensberg, T., Eilifsen, A., and McKee, T. E. (2004) Bankruptcy theory development and classification via genetic programming. European Journal of Operational Research, In Press, Corrected Proof, 1-21.
Leung, P. and Cooper, B. J. (2003) The mad hatter’s corporate tea party. Managerial Auditing Journal, 18(6/7): 505-516.
Levy, L. (1981) Reforming board reform. Harvard Business Review, 59(1): 166-172.
Li, H., Zhang, W., and Zhou, L.-A. (2005) Ownership, efficiency, and firm survival in economic transition: Evidence from a Chinese science park: Department of Economics, the Chinese University of Hong Kong.
Li, L. and Naughton, T. (2007). Going public with good governance: Evidence from China. Corporate Governance: An International Review, 15(6): 1190-1202.
Limpaphayom, P. and Connelly, J. T. (2004) Corporate governance in Thailand : Chulalongkorn University.
Mainkamnurd, S. (1999) Management and Financial Distress: The Case of Thai Listed Companies. Unpublished PhD dissertation, National Institute of Development Administration, Bangkok : Thailand.
Parker, S., Peters, G., and Turetsky, H. (2002) Corporate governance factors and auditor going concern assessments: Santa Clara University.
Parker, S., Peters, G. F., and Turetsky, H. F. (2002) Corporate governance and corporate failure: A survival analysis. Corporate Governance: International Journal of Business in Society, 2(2): 4-12.
Pass, C. (2004) Corporate governance and the role of non-executive directors in large UK companies: An empirical study. Corporate Governance, 4(2): 52-63.
Pfeffer, J. and Salancik, G. R. (1978) The External Control of Organizations: A Resource Dependence Perspective (Vol. xiii). New York : Harper and Row.
Porter, M. E. (1991) Towards a dynamic theory of strategy. Strategic Management Journal, 12 (Special Issue): 95-117.
Rechner, P. L. and Dalton, D. R. (1991) CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2): 155-160.
Rommer, A. D. (2004) Firms in Financial Distress: An Exploratory Analysis(pp. 68): Danmarks Nationalbank and Centre for Applied Microeconometrics (CAM), Institute of Economics, University of Copenhagen, Copenhagen, Denmark.
Rommer, A. D. (2005) A comparative analysis of the determinants of financial distress in French, Italian and Spanish firms (pp. 76): Danmarks Nationalbank, Copenhagen, Denmark.
Rosenstein, S. and Wyatt, J. G. (1990) Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2): 175-191.
Schultz, P. (1993) Unit initial public offerings : A form of staged financing. Journal of Financial Economics, 34(2): 199-229.
Shekhar, C. and Stapledon, G. (2007) Governance structures of initial public offerings in Australia. Corporate Governance: An International Review, 15(6): 1177-1189.
Suehiro, A. (2001) Family business gone wrong? Ownership patterns and corporate performance in Thailand: Asian Development Bank Institute.
Sukcharoensin, S. (2003) Essays on Corporate Governance, Outside Directors, and Firm Performance. Unpublished DBA dissertation, Thammasat University, Chulalongkorn University, and National Institute Development Administration, Thailand.
Vafeas, N. and Theodorou, E. (1998) The relationship between board structure and firm performance in the UK. The British Accounting Review, 30(4): 383-407.
Van der Goot, T., Van Giersbergen, N., and Botman, M. (2008) What determines the survival of internet IPOs? Applied Economics, 99999(1): 1 - 15.
Weir, C. and Laing, D. (2001) Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2): 86-94.
Wiwattanakantang, Y. (2001) Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9(4): 323-362.
Woo, L.-A. E., Jeffrey, A. M., and Lange, H. P. (1995) An examination of survival rates of newly listed firms in Australia. Research in Finance, 12: 217-229.
Xu, X. and Wang, Y. (1999) Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10(1): 75-98.
Yammeesri, J., Lodh, S. C., and Herath, S. K. (2006) Influence of ownership structure and corporate performance precrisis: evidence from Thailand. International Journal of Electronic Finance, 1(2): 181-199.
Yang, C.-Y. and Sheu, H.-J. (2006) Managerial ownership structure and IPO survivability. Journal of Management and Governance, 10(1): 59-75.Yermack, D. (1996) Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2): 185-211.
Ajinkya, B., Bhojraj, S., and Sengupta, P. (2005) The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research, 43(3): 343-376.
Alba, P., Claessens, S., and Djankov, S. (1998) Thailand’s corporate financing and governance structures: Impact on firm’s competitiveness, Thailand’s Dynamic Economic Recovery and Competitiveness. Bangkok : Thailand.
Altman, E. I. (1983) Corporate Financial Distress: A Complete Guide to Predicting, Avoiding and Dealing with Bankruptcy. New York : John Wiley & Sons.
Altman, E. I. and Hotchkiss, E. S. (2006) Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt (3rd ed.). New York : John Wiley & Sons.
Argenti, J. (1976) Corporate Collapse: The Causes and Symptoms. London : McGraw Hill.
Arthur, N., Garvey, G., Swan, P., and Taylor, S. (1993) Agency theory and “Management Research”: A comment. Australian Journal of Management, 18(1): 93-102.ASX. (March 2003) Principles of Good Corporate Governance and Best Practice Recommendations: ASX Corporate Governance Council.
Audretsch, D. B. and Lehmann, E. E. (2004) The effects of experience, ownership, and knowledge on IPO survival: Empirical evidence from Germany : The Group Entrepreneurship, Growth and Public Policy, Jena, Germany.
Bai, C.-E., Liu, Q., Lu, J., Song, F. M., and Zhang, J. (2004) Corporate governance and market valuation in China. Journal of Comparative Economics, 32(4): 599-616.
Balatbat, M. C. A., Taylor, S. L., and Walter, T. S. (2004) Corporate governance, insider ownership and operating performance of Australian initial public offerings. Accounting & Finance, 44(3): 299-328.
Beasley, M. S. (1996) An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71(4): 443-465.
Becht, M., Bolton, P., and Roell, A. A. (2002) Corporate governance and control: European Corporate Governance Institute (ECGI).
Bhagat, S. and Black, B. (2001) The Non-Correlation Between Board Independence and Long Term Firm Performance: Stanford Law School.
Boyd, B. K. (1995) CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4): 301-312.
Brennan, N. and McDermott, M. (2004) Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12(3): 325-336.
Brickley, J. A., Coles, J. L., and Jarrell, G. (1997) Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3(3): 189-220.
Chaganti, R. S., Mahajan, V., and Sharma, S. (1985) Corporate board size, composition and corporate failures in retailing industry. Journal of Management Studies, 22(4): 400-417.
Chen, K. C. W. and Lee, C.-W. J. (1993) Financial ratios and corporate endurance: A case of the oil and gas industry. Contemporary Accounting Research, 9(2): 667-694.
Claessens, S. and Djankov, S. (1999) Ownership concentration and corporate performance in the Czech Republic. Journal of Comparative Economics, 27(3): 498-513.
Cockburn, I. M. and Wagner, S. (2007) Patents and the survival of internet-related IPOs: National Bureau of Economic Research, Cambridge : MA.
Commonwealth of Australia. (2003) The Failure of HIH Insurance (Vol. 1). Canberra : National Capital Printing.
Connelly, J. T. and Limpaphayom, P. (2004) Board characteristics and firm performance: Evidence from the life insurance industry in Thailand. Chulalongorn Journal of Economics, 16(2): 101-124.
Daily, C. M. and Dalton, D. R. (1994) Corporate governance and the bankrupt firm: An empirical assessment. Strategic Management Journal, 15(8): 643-654.
Dayton, K. N. (1984) Corporate governance: The other side of the coin. Harvard Business Review, 62(1): 34-37.
Demsetz, H. and Lehn, K. (1985) The structure of corporate ownership: Causes and consequences. The Journal of Political Economy, 93(6): 1155-1177.
Dhnadirek, R. and Tang, J. (2003) Corporate governance problems in Thailand: Is ownership concentration the cause? Asia Pacific Business Review, 10(2): 121-138.
Elsayed, K. (2007) Does CEO duality really affect corporate performance? Corporate Governance: An International Review, 15(6): 1203-1214.
Fama, E. F. and Jensen, M. C. (1983) Separation of Ownership and Control. Journal of Law and Economics, 26: 301-325.
Goktan, M. S., Kieschnick, R., and Moussawi, R. (2006) Corporate governance and corporate survival: University of Texas at Dallas.
Hensher, D. A., Jones, S., and Greene, W. H. (2007) An error component logit analysis of corporate bankruptcy and insolvency risk in Australia. Economic Record, 83(260): 86-103.
Hermalin, B. E. and Weisbach, M. S. (1991) The effects of board composition and direct incentives on firm performance. The Journal of the Financial Management Association, 20(4): 101-112.
Hill, C. W. L. and Snell, S. A. (1989) Effects of ownership structure and control on corporate productivity. Academy of Management Journal, 32(1): 25-46.
Himmelberg, C. P., Hubbard, R. G., and Palia, D. (1999) Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3): 353-384.
Hopenhayn, H. A. (1992) Entry, exit, and firm dynamics in long run equilibrium. Econometrica, 60(5): 1127-1150.
Hovey, M., Li, L., and Naughton, T. (2003) The relationship between valuation and ownership of listed firms in China. Corporate Governance: An International Review, 11(2): 112-122.
Jaikengkit, A. O. (2004) Corporate Governance and Financial Distress: An Empirical Analysis- the Case of Thai Financial Institutions.Unpublished PhD dissertation, Case Western Reserve University.
Jensen, M. C. (1993) The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3): 831-880.
Jensen, M. C. and Meckling, W. H. (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Johnson, S., Boone, P., Breach, A., and Friedman, E. (2000) Corporate governance in the Asian financial crisis. Journal of Financial Economics, 58(1-2): 141-186.
Jovanovic, B. (1982) Selection and the evolution of industry. Econometrica, 50(3): 649-670.
Kang, H., Cheng, M., and Gray, S. J. (2007) Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15(2): 194-207.
Kauffman, R. J. and Wang, B. (2007) Duration of internet firms: A semiparametric Cox and baysian survival analysis: Carlson School of Management, University of Minnesota.
Keasey, K. and Watson, R. (1987) Non-financial symptoms and the prediction of small company failure. Journal of Business Finance & Accounting, 14(3): 335-354.
Kim, K. A., Kitsabunnarat, P., and Nofsinger, J. R. (2004) Ownership and operating performance in an emerging market: Evidence from Thai IPO firms. Journal of Corporate Finance, 10(3): 355-381.
Klein, A. (1998) Firm performance and board committee structure. The Journal of Law and Economics, 41(1): 276-304.
Laing, D. and Weir, C. M. (1999) Governance structures, size and corporate performance in UK firms. Management Decision, 37(5/6): 457-464.
Laitinen, T. and Kankaanpaa, M. (1999) Comparative analysis of failure prediction methods: The Finnish case. The European Accounting Review, 8(1): 67-92.
Lamberto, A. P. and Rath, S. (2008) The survival of initial public offerings in Australia: Curtin University of Technology.
Lee, T.-S. and Yeh, Y.-H. (2004) Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance: An International Review, 12(3): 378-388.
Lee, T. S., Yeh, Y. H., and Liu, R. T. (2003) Can Corporate Governance Variables Enhance the Prediction Power of Accounting-based Financial Distress Prediction Models? (pp. 25): Institute of Economic Research, Tokyo : Japan.
Lehmann, E. and Weigand, J. (2000) Does the governed corporation perform better? Governance structures and corporate performance in Germany. European Finance Review, 4(2): 157-195.
Lensberg, T., Eilifsen, A., and McKee, T. E. (2004) Bankruptcy theory development and classification via genetic programming. European Journal of Operational Research, In Press, Corrected Proof, 1-21.
Leung, P. and Cooper, B. J. (2003) The mad hatter’s corporate tea party. Managerial Auditing Journal, 18(6/7): 505-516.
Levy, L. (1981) Reforming board reform. Harvard Business Review, 59(1): 166-172.
Li, H., Zhang, W., and Zhou, L.-A. (2005) Ownership, efficiency, and firm survival in economic transition: Evidence from a Chinese science park: Department of Economics, the Chinese University of Hong Kong.
Li, L. and Naughton, T. (2007). Going public with good governance: Evidence from China. Corporate Governance: An International Review, 15(6): 1190-1202.
Limpaphayom, P. and Connelly, J. T. (2004) Corporate governance in Thailand : Chulalongkorn University.
Mainkamnurd, S. (1999) Management and Financial Distress: The Case of Thai Listed Companies. Unpublished PhD dissertation, National Institute of Development Administration, Bangkok : Thailand.
Parker, S., Peters, G., and Turetsky, H. (2002) Corporate governance factors and auditor going concern assessments: Santa Clara University.
Parker, S., Peters, G. F., and Turetsky, H. F. (2002) Corporate governance and corporate failure: A survival analysis. Corporate Governance: International Journal of Business in Society, 2(2): 4-12.
Pass, C. (2004) Corporate governance and the role of non-executive directors in large UK companies: An empirical study. Corporate Governance, 4(2): 52-63.
Pfeffer, J. and Salancik, G. R. (1978) The External Control of Organizations: A Resource Dependence Perspective (Vol. xiii). New York : Harper and Row.
Porter, M. E. (1991) Towards a dynamic theory of strategy. Strategic Management Journal, 12 (Special Issue): 95-117.
Rechner, P. L. and Dalton, D. R. (1991) CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2): 155-160.
Rommer, A. D. (2004) Firms in Financial Distress: An Exploratory Analysis(pp. 68): Danmarks Nationalbank and Centre for Applied Microeconometrics (CAM), Institute of Economics, University of Copenhagen, Copenhagen, Denmark.
Rommer, A. D. (2005) A comparative analysis of the determinants of financial distress in French, Italian and Spanish firms (pp. 76): Danmarks Nationalbank, Copenhagen, Denmark.
Rosenstein, S. and Wyatt, J. G. (1990) Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2): 175-191.
Schultz, P. (1993) Unit initial public offerings : A form of staged financing. Journal of Financial Economics, 34(2): 199-229.
Shekhar, C. and Stapledon, G. (2007) Governance structures of initial public offerings in Australia. Corporate Governance: An International Review, 15(6): 1177-1189.
Suehiro, A. (2001) Family business gone wrong? Ownership patterns and corporate performance in Thailand: Asian Development Bank Institute.
Sukcharoensin, S. (2003) Essays on Corporate Governance, Outside Directors, and Firm Performance. Unpublished DBA dissertation, Thammasat University, Chulalongkorn University, and National Institute Development Administration, Thailand.
Vafeas, N. and Theodorou, E. (1998) The relationship between board structure and firm performance in the UK. The British Accounting Review, 30(4): 383-407.
Van der Goot, T., Van Giersbergen, N., and Botman, M. (2008) What determines the survival of internet IPOs? Applied Economics, 99999(1): 1 - 15.
Weir, C. and Laing, D. (2001) Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2): 86-94.
Wiwattanakantang, Y. (2001) Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9(4): 323-362.
Woo, L.-A. E., Jeffrey, A. M., and Lange, H. P. (1995) An examination of survival rates of newly listed firms in Australia. Research in Finance, 12: 217-229.
Xu, X. and Wang, Y. (1999) Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10(1): 75-98.
Yammeesri, J., Lodh, S. C., and Herath, S. K. (2006) Influence of ownership structure and corporate performance precrisis: evidence from Thailand. International Journal of Electronic Finance, 1(2): 181-199.
Yang, C.-Y. and Sheu, H.-J. (2006) Managerial ownership structure and IPO survivability. Journal of Management and Governance, 10(1): 59-75.Yermack, D. (1996) Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2): 185-211.