Por favor, use este identificador para citar o enlazar este ítem:https://uvadoc.uva.es/handle/10324/67034
Título
Escaping Zombiness: Does Corporate Governance Have the Elixir of Life?
Año del Documento
2024
Editorial
Wiley
Descripción
Producción Científica
Documento Fuente
British Journal of Management, 2024, Vol. 35(4), p. 2174-2196.
Abstract
This study investigates the influence of corporate governance on firms’ transition into and out of zombiness.
We underscore the beneficial role of external members in the corporate governance structure
and long-tenured chief executive officers (CEOs) in facilitating access to the external resources that
firms need to be successful. Using a sample of European listed firms over the period 2008–2018, we
adopt a dynamic view of zombiness by identifying shifts in the state from zombie to non-zombie and
vice versa. The results show that board independence is a twofold panacea against zombies, prompting
zombie recovery and preventing healthy firms from becoming zombies. By contrast, leadership
independence, materialized by separating the CEO and chairperson roles, hampers the recovery of
zombies, probably because the cost of lacking unified leadership may exceed the benefits of external
dependence minimization. Finally, the results suggest that longer CEO tenure helps healthy firms
avoid zombiness. When considering a broader array of stakeholders, government bailout programmes
impair zombie recovery, and stronger trade unions help healthy firms escape zombiness. Overall, this
study brings a ray of hope to the zombie problem and provides a better appraisal of when supporting
zombies might be worthwhile vis-à-vis saving promising firms and bringing them back to life.
Materias Unesco
5311 Organización y Dirección de Empresas
Palabras Clave
Corporate governance
Zombiness
Chief executive officers (CEOs)
Firms
ISSN
1045-3172
Revisión por pares
SI
Patrocinador
Ministerio de Ciencia e Innovación. Grant Number: MICIU/AEI/10.13039/501100011033,ref.PID2020-114797GB-I00
Version del Editor
Propietario de los Derechos
© 2024 The Authors.
Idioma
eng
Tipo de versión
info:eu-repo/semantics/publishedVersion
Derechos
openAccess
Collections
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