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Corporate governance, blockholders, and financial distress: Global evidence

Author

Listed:
  • Mehmet Celiktas
  • Mine Ugurlu
  • Neslihan Yilmaz

Abstract

This study examines the impact of corporate governance mechanisms and ownership structure on financial distress for 23 developed and 27 emerging countries across different markets and legal systems and during the crisis period. In developed markets, CEO duality increases distress, which can be mitigated through independent boards and majority blockholders. Independent boards, specifically in common‐law countries, alleviate distress, yet, may escalate the adverse impact of blockholders as independent boards may not be effective monitors. In emerging markets (EM), independent boards increase distress, potentially reflecting political appointments. Institutional blockholders hurt firm financial health, though, strategic blockholders may substitute for board monitoring in weak governance environments. During the crisis period, a larger and independent board has the potential to decrease financial distress.

Suggested Citation

  • Mehmet Celiktas & Mine Ugurlu & Neslihan Yilmaz, 2025. "Corporate governance, blockholders, and financial distress: Global evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(2), pages 1347-1398, June.
    • Handle: RePEc:bla:acctfi:v:65:y:2025:i:2:p:1347-1398
    DOI: 10.1111/acfi.13371
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