Crisis Propagation and Governance
| Autor: | Ezzine, Hanene, Olivero, Bernard, Shabou, Ridha |
|---|---|
| Přispěvatelé: | FSEG, Université de Sfax - University of Sfax, Centre de Recherche en Ingénierie Financière et Finances Publiques (CRIFP), Université Nice Sophia Antipolis (... - 2019) (UNS), COMUE Université Côte d'Azur (2015-2019) (COMUE UCA)-COMUE Université Côte d'Azur (2015-2019) (COMUE UCA) |
| Rok vydání: | 2009 |
| Předmět: | |
| Zdroj: | 30ème congrès de l'Association Francophone de Comptabilité La place de la dimension européenne dans la Comptabilité Contrôle Audit La place de la dimension européenne dans la Comptabilité Contrôle Audit, May 2009, Strasbourg, France. pp.CD ROM |
| Popis: | International audience; Following the appearance of the recent scandals, the question of the efficiency of the corporate governance mechanisms to appease the financial crisis can be raised. The purpose of this paper is to study the impact of the board of directors effectiveness on the firm's ability to resist the Asian stock market crisis. The firm ability to resist the Asian stock market crisis is assessed by minimization of financial return's conditional volatility estimated by ARCH and GARCH models. Using a data from 94 listed and industrial firms in four East Asian countries: Malaysia, Thailand, Indonesia, and the Philippines between 1996 and 1998, we find that the board size and the presence of the outside directors are negatively linked to the financial return's conditional volatility. This result seems to be compatible with the argument which supposes that the efficient boards can increase the ability to control the managers and the capability of firms to resist the crisis. The leadership structure would be without effect on the resistance to the crisis and the CEO turnover would have a positive effect on the financial return's conditional volatility. |
| Databáze: | OpenAIRE |
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