Financial crises , natural selection and governance structure : Evidence from the thrift crisis

  • John W. Byrda Donald R. Fraserb, D. Scott Leeb Thomas G. E. Williamsc
  • Published 2001


We exploit the natural experiment provided by the thrift crisis of the 1980s to examine the influence of governance structure on firm survival. Using a sample of 86 publicly-traded thrifts, we show that a firm’s probability of surviving this economic crisis was enhanced by internal governance arrangements that aligned the interests of managers and… (More)

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