Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2017.1355258
Why did some firms perform better in the global financial crisis?
Chien-Chiang Lee
; Department of Finance, National Sun Yat-sen University, Kaohsiung, Taiwan
Mei-Ping Chen
; Department of Accounting Information, National Taichung University of Science and Technology, Taichung, Taiwan;
Shao-Lin Ning
; Department of Finance, School of Management, Beijing Normal University, Zhuhai, Guangdong, China
Sažetak
We explore what firm and macroeconomic factors assisted Chinese
firms to resist the global financial crisis. We find that firms with higher
top ten shareholder ratios or firms that are older exhibited saliently
higher performance during the crisis, but performed poorly during
the non-crisis period. Firm size has a notably negative impact on firm
performance. Firms audited by the Big Four accounting firms have a
significantly negative correlation with performance. During the crisis,
stock markets became less efficient in incorporating firm-specific
information into stock prices, signifying that the determinants of firm
performance vary across non-crisis and crisis periods.
Ključne riječi
Global financial crisis; firm performance; contingency theory; panel data; China
Hrčak ID:
193186
URI
Datum izdavanja:
1.12.2017.
Posjeta: 1.681 *