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Asia Pacific Journal of Management

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02.01.2021

Does board committee independence affect financial distress likelihood? A comparison of China with the UK

verfasst von: Sumaira Ashraf, Elisabete G. S. Félix, Zélia Serrasqueiro

Erschienen in: Asia Pacific Journal of Management | Ausgabe 2/2022

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Abstract

This study explores the relationship between board committees’ independence and the financial distress of firms in China and the UK. Akin to previous literature, we estimate this relationship between 2007 and 2016 using a conditional logit model on a sample of matched pair firms. For China, the results indicate a positive and statistically significant association between the percentage of independent audit committee members and the financial distress of firms. In contrast, the opposite relationship was found for independent compensation and nomination committee members. For the UK, the relationships are the same, but the results are significant only for nomination committee independence. Our overall results suggest that independent audit committee members are not favorable for firm survival. In contrast, the independent compensation and nomination committee members are beneficial for the financial health of firms, as they are responsible for designing fair compensation packages and for selecting the most suitable persons to decide the strategic moves of the firm, respectively. A robustness test demonstrates that the results are robust to the assumed functional form imposed by the conditional logit model and confirms our core findings for both Chinese and UK firms.

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Propensity Score Matching was performed using the user-written STATA module psmatch2.

A caliper is the maximum tolerated difference in propensity score between matched firms. Following previous researches of Barbopoulos, Adra, and Saunders (2020), Leong and Yang (2020), Rijal and Khanna (2020), Majumdar and Bose (2019), Adra and Barbopoulos (2018), and Vithanage, Neupane, and Chung (2016), we used a caliper distance of 0.1 for PSM.

The ivprobit command with two-step estimator in Stata13 was used.

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Titel: Does board committee independence affect financial distress likelihood? A comparison of China with the UK
verfasst von: Sumaira Ashraf
Elisabete G. S. Félix
Zélia Serrasqueiro
Publikationsdatum: 02.01.2021
Verlag: Springer US
Erschienen in: Asia Pacific Journal of Management / Ausgabe 2/2022
Print ISSN: 0217-4561
Elektronische ISSN: 1572-9958
DOI: https://doi.org/10.1007/s10490-020-09747-5

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