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May board committees reduce the probability of financial distress? A survival analysis on Italian listed companies

Valentina Lagasio, Marina Brogi, Carmen Gallucci and Rosalia Santulli

International Review of Financial Analysis, 2023, vol. 87, issue C

Abstract: The aim of this research was to study the effect of the composition and functioning of board committees on firms' financial distress. Exponential, Weibull and Cox regression models were used to conduct a survival analysis on a sample of 273 Italian listed companies for the period 2004–2017, which indicated that the presence of non-executive members on remuneration and audit committees, and remuneration committees meeting more frequently may enhance firms' stability. In contrast, a high frequency of nomination committee meetings seems to be positively related to the probability of financial distress.

Keywords: Corporate governance; Board committees; Financial distress; Survival analysis (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1016/j.irfa.2023.102561

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Handle: RePEc:eee:finana:v:87:y:2023:i:c:s1057521923000777