Manager Retention and Post-Bankruptcy Performance: Evidence from South Korea

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This study uses a sample of bankrupt firms in South Korea to reexamine the effect of manager retention on a firm's post-bankruptcy performance, with a particular focus on the attributes of retained managers. Prior studies did not clarify whether a lack of ability of the retained manager or their self-serving behavior contributes more to a firm's poor post-bankruptcy performance. Our results show that firms that retain their pre-bankruptcy managers are more likely to experience poor post-bankruptcy firm performance than those that replace incumbent managers, possibly because of the lack of ability of the retained managers rather than their self-serving behavior.
Publisher
ROUTLEDGE JOURNALS
Issue Date
2016
Language
English
Article Type
Article; Proceedings Paper
Keywords

CORPORATE GOVERNANCE; FINANCIAL DISTRESS; CHAPTER 11; REORGANIZATION; TURNOVER; FIRMS; PRIORITY

Citation

EMERGING MARKETS FINANCE AND TRADE, v.52, no.11, pp.2530 - 2545

ISSN
1540-496X
DOI
10.1080/1540496X.2016.1196588
URI
http://hdl.handle.net/10203/218776
Appears in Collection
MT-Journal Papers(저널논문)
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