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Corporate Governance Characteristics of Delisted Firms – A Discriminant Analysis Approach

Author

Listed:
  • Muhammad Nasir Malik

    (COMSATS Institute of Information Technology, Lahore, Pakist)

  • Muhammad Xia Xinping

    (Huazhong University of Science & Technology, Wuhan, China)

  • Muhammad Asif Muzaffar

    (Institute of Business & Management, UET, Lahore, Pakistan)

Abstract

The purpose of this study is to distinguish between delisting and surviving firms using corporate governance characteristics of the firms.To this end, we employ discriminant analysis on a sample of industry and size matched pair of delisting firms. The sample was retrieved as a subset of firms listed on Shanghai and Shenzhen stock exchange between 2000 and 2008. The corporate governance characteristics used are shareholder activism, board activity, audit committee, board size, board independence, ownership concentration and insider ownership. We show that board activity, insider ownership, shareholder activism and ownership concentration are the most important characteristics that can distinguish between delisting and surviving firms two years prior to the actual delisting event.

Suggested Citation

  • Muhammad Nasir Malik & Muhammad Xia Xinping & Muhammad Asif Muzaffar, 2014. "Corporate Governance Characteristics of Delisted Firms – A Discriminant Analysis Approach," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 2(4), pages 156-162, April.
    • Handle: RePEc:ijr:journl:v:2:y:2014:i:4:p:156-162
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    More about this item

    Keywords

    Corporate governance; involuntary delisting; Shanghai stock exchange;
    All these keywords.

    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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