Escaping zombiness: does corporate governance have the elixir of life?

Producción Científica

Detalhes bibliográficos
Autores: Rodríguez Sanz, Juan Antonio, Vallelado González, Eleuterio, Velasco González, María Del Pilar
Formato: artículo
Estado:Versión publicada
Fecha de publicación:2024
País:España
Recursos:Universidad de Valladolid
Repositorio:UVaDOC. Repositorio Documental de la Universidad de Valladolid
OAI Identifier:oai:uvadoc.uva.es:10324/67034
Acesso em linha:https://doi.org/10.1111/1467-8551.12822
https://uvadoc.uva.es/handle/10324/67034
Access Level:acceso abierto
Palavra-chave:Corporate governance
Zombiness
Chief executive officers (CEOs)
Firms
5311 Organización y Dirección de Empresas
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spelling Escaping zombiness: does corporate governance have the elixir of life?Rodríguez Sanz, Juan AntonioVallelado González, EleuterioVelasco González, María Del PilarCorporate governanceZombinessChief executive officers (CEOs)Firms5311 Organización y Dirección de EmpresasProducción CientíficaThis 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.Ministerio de Ciencia e Innovación. Grant Number: MICIU/AEI/10.13039/501100011033,ref.PID2020-114797GB-I00Wiley2024info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://doi.org/10.1111/1467-8551.12822https://uvadoc.uva.es/handle/10324/67034reponame:UVaDOC. Repositorio Documental de la Universidad de Valladolidinstname:Universidad de ValladolidIngléshttps://onlinelibrary.wiley.com/doi/10.1111/1467-8551.12822info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-nd/4.0/oai:uvadoc.uva.es:10324/670342026-06-13T12:44:47Z
dc.title.none.fl_str_mv Escaping zombiness: does corporate governance have the elixir of life?
title Escaping zombiness: does corporate governance have the elixir of life?
spellingShingle Escaping zombiness: does corporate governance have the elixir of life?
Rodríguez Sanz, Juan Antonio
Corporate governance
Zombiness
Chief executive officers (CEOs)
Firms
5311 Organización y Dirección de Empresas
title_short Escaping zombiness: does corporate governance have the elixir of life?
title_full Escaping zombiness: does corporate governance have the elixir of life?
title_fullStr Escaping zombiness: does corporate governance have the elixir of life?
title_full_unstemmed Escaping zombiness: does corporate governance have the elixir of life?
title_sort Escaping zombiness: does corporate governance have the elixir of life?
dc.creator.none.fl_str_mv Rodríguez Sanz, Juan Antonio
Vallelado González, Eleuterio
Velasco González, María Del Pilar
author Rodríguez Sanz, Juan Antonio
author_facet Rodríguez Sanz, Juan Antonio
Vallelado González, Eleuterio
Velasco González, María Del Pilar
author_role author
author2 Vallelado González, Eleuterio
Velasco González, María Del Pilar
author2_role author
author
dc.subject.none.fl_str_mv Corporate governance
Zombiness
Chief executive officers (CEOs)
Firms
5311 Organización y Dirección de Empresas
topic Corporate governance
Zombiness
Chief executive officers (CEOs)
Firms
5311 Organización y Dirección de Empresas
description Producción Científica
publishDate 2024
dc.date.none.fl_str_mv 2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://doi.org/10.1111/1467-8551.12822
https://uvadoc.uva.es/handle/10324/67034
url https://doi.org/10.1111/1467-8551.12822
https://uvadoc.uva.es/handle/10324/67034
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv https://onlinelibrary.wiley.com/doi/10.1111/1467-8551.12822
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Wiley
publisher.none.fl_str_mv Wiley
dc.source.none.fl_str_mv reponame:UVaDOC. Repositorio Documental de la Universidad de Valladolid
instname:Universidad de Valladolid
instname_str Universidad de Valladolid
reponame_str UVaDOC. Repositorio Documental de la Universidad de Valladolid
collection UVaDOC. Repositorio Documental de la Universidad de Valladolid
repository.name.fl_str_mv
repository.mail.fl_str_mv
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