| 摘要(英) |
This study utilized data from Taiwanese listed and over-the-counter companies spanning from 2013 to 2022 to investigate the relationship between family businesses and board
characteristics with company risk. Additionally, we explored whether these variables exhibited different behaviors during the Covid-19 pandemic. Thisstudy employs Altman′s Z-score model to measure company risk, and estimation is conducted using Ordinary Least Squares (OLS), logistic regression (logit model), and fixed-effects models. Additionally, we categorize the data into differentsub-samples based on industry、Z-score ranges and company type to conduct heterogeneous analysis.
The empirical results indicate a negative relationship between family businesses and corporate risk. Regarding board characteristics, only the proportion of independent directors shows a positive relationship. The Covid-19 dummy variable does not exhibit a significant relationship with corporate risk. However, considering the interaction effect, it is observed that companies with better profitability have lower risk during crises. As for the explanatory variables, leverage ratio, company size, and company age show negative relationships, while asset turnover ratio and profitability show positive relationships. When further utilizing the logit model (with the dependent variable being the probability of bankruptcy), having the chairman also serve as the CEO reduces the probability of bankruptcy. Additionally, under the firm fixed effects model, an increase in the proportion of female directors can reduce
corporate risk. |
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