A Note on Board Characteristics, Ownership Structure, and Default Risk in Taiwan

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Title:	A Note on Board Characteristics, Ownership Structure, and Default Risk in Taiwan
Authors:	Chiang, S.M.;Chung, H.M.;Huang, Chien-Ming
Keywords:	Corporate governance;Default risk;Ownership structure;Board characteristics;Kealhofer, McQuown and Vasicek model
Date:	2015-03
Issue Date:	2019-09-11 12:10:39 (UTC+8)
Abstract:	This study applies dynamic generalized method of moments estimation to examine the influences of ownership structure and board characteristics on default risk for a full samples and two subsamples (high‐tech and conventional) of publicly listed firms in Taiwan. Our findings reveal that certain characteristics of corporate governance have explanatory power for default probability, but the impact is not straightforward. In particular, the impact of internal and external governance structures on default risk is industry dependent. Accordingly, governance proposals that encourage higher ownership among directors and large block shareholdings in high‐tech firms or reduce managerial ownership in conventional companies can have a counterproductive effect on corporate governance and result in higher bankruptcy possibility.
Relation:	Accounting and Finance 55(1), p.57-74
DOI:	10.1111/acfi.12045
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Journal Article

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