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Why did some firms perform better in the global financial crisis?

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  • Chien-Chiang Lee
  • Mei-Ping Chen
  • Shao-Lin Ning

Abstract

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.

Suggested Citation

  • Chien-Chiang Lee & Mei-Ping Chen & Shao-Lin Ning, 2017. "Why did some firms perform better in the global financial crisis?," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 30(1), pages 1339-1366, January.
    • Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1339-1366
    DOI: 10.1080/1331677X.2017.1355258
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