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Zombie firms and corporate governance: What room for maneuver do companies have to avoid becoming zombies?
Review of Managerial Science ( IF 7.8 ) Pub Date : 2021-04-03 , DOI: 10.1007/s11846-021-00462-z
Leire San-Jose , Sara Urionabarrenetxea , Jose-Domingo García-Merino

This paper is an attempt to empirically examine the influence of corporate governance on zombie theory. Recent data indicates that the problem affects more than 10% of all firms and is worth close to a billion Euros in the European Union. It is thus an important problem worth analysing in European countries, and Spain is one of the worst affected. The sample studied here thus consists of Spanish companies with negative equity over the five business years from 2013 to 2017. The analysis focuses on establishing how corporate government aspects-board size, dedication to board meetings, concentration of ownership, owners and gender of the CEO-, affect the severity of extreme zombie firms. It uses the amount and temporality dimensions of EZIndex. The results confirm that internal dimensions such as corporate governance are important aspects to be introduced into zombie analysis. To control zombiness our results suggest structuring boards of directors with more than one member, CEOs with non-exclusive dedication, non-concentrated ownership and female CEOs. We also find that all these factors affect both amount and temporality, so factors do not affect zombie companies partially but totally. The contributions of the paper are twofold: first it includes corporate governance factors as a relevant approach for understanding zombie theory; and second, it encourages companies to manage risk-taking decisions efficiently so as to avoid the proliferation of zombies.



中文翻译:

僵尸公司和公司治理:公司必须避免什么回旋余地?

本文旨在尝试检验公司治理对僵尸理论的影响。最新数据表明,该问题影响了所有公司的10%以上,在欧盟价值近10亿欧元。因此,这是一个值得欧洲国家分析的重要问题,西班牙是受影响最严重的国家之一。因此,本文研究的样本包括在2013年至2017年的五个营业年度内拥有负资产的西班牙公司。该分析着重于确定公司政府各个方面,包括董事会规模,致力于董事会会议,所有权的集中度,所有者和首席执行官的性别-,影响极端僵尸公司的严重性。它使用EZIndex的数量和时间维度。结果证实,内部维度(例如公司治理)是要引入僵尸分析的重要方面。为了控制僵尸,我们的结果建议建立董事会,由多于一名成员,具有非排他性奉献精神,非集中所有制的CEO和女性CEO组成。我们还发现所有这些因素都会影响数量和时间,因此这些因素不会部分但完全影响僵尸公司。本文的贡献是双重的:首先,它包括公司治理因素,作为理解僵尸理论的一种相关方法;其次,它鼓励公司有效地管理冒险决策,以避免僵尸扩散。具有非排他性奉献,所有权非集中的CEO和女性CEO。我们还发现所有这些因素都会影响数量和时间,因此这些因素不会部分但完全影响僵尸公司。本文的贡献是双重的:首先,它包括公司治理因素,作为理解僵尸理论的一种相关方法;其次,它鼓励公司有效地管理冒险决策,以避免僵尸扩散。具有非排他性奉献,所有权非集中的CEO和女性CEO。我们还发现所有这些因素都会影响数量和时间,因此这些因素不会部分但完全影响僵尸公司。本文的贡献是双重的:首先,它包括公司治理因素,作为理解僵尸理论的一种相关方法;其次,它鼓励公司有效地管理冒险决策,以避免僵尸扩散。

更新日期:2021-04-04
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