Does executive characteristics have any effects on firm financial distress? - Evidence from Chinese listed companies.Tools Wang, Xindi (2022) Does executive characteristics have any effects on firm financial distress? - Evidence from Chinese listed companies. [Dissertation (University of Nottingham only)]
AbstractAt present, Chinese economy is in an important period of structural adjustment, and the development of enterprises is faced with many challenges of uncertain factors and financial risks. In the fierce market competition environment, enterprises fall into financial difficulties and even go bankrupt due to improper business and development strategies. For most listed companies, the biggest advantage of the enterprise is the existence of a good executive team. Although the existing literature deals with the research on the impact of corporate governance on financial distress, most of them focus on foreign enterprises, and there is almost no research on Chinese listed companies. Therefore, this paper will take the agency theory and upper echelons theory as the theoretical basis, collect the data of listed companies from 2016 to 2020 based on the existing research basis of foreign companies and combine the actual situation of Chinese enterprises, and conduct descriptive, correlation, regression analysis and robustness test on the sorted sample data. The relationship between the characteristics of executives in corporate governance structure and financial distress is analyzed in detail. The results show that the size of the executive team is positively correlated with financial distress, while the characteristics of educational background, professional background and age are negatively correlated with financial distress. At the end of this paper, based on relevant literature research and empirical results, relevant suggestions are provided for the company to optimize the structure of the senior management team.
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