Hypothesis Result

1a The presence of a wedge between cash flow and voting

rights has a negative impact on firm performance during a
financial crisis.
1b Institutional ownership has a negative impact on firm
performance during a financial crisis.
1c Government ownership has a negative impact on firm
performance during a financial crisis
1d Family ownership has a positive impact on firm
performance during a financial crisis.
1e Parent corporation ownership has a positive impact on
firm performance during a financial crisis.
2 Vigilant boards (those characterized by the separation of
CEO and chair roles, a high fraction of independent
directors, smaller boards, frequent meetings, and the
presence and independence of functional committees) will
have a negative impact on a firms financial performance
during a financial crisis.
3 The employment of high-powered incentive compensation
contracts for senior executives will be associated with
lower firm performance during a financial crisis.
4a Companies located in countries with a more developed
legal framework have better firm performance during a
financial crisis.
4b Firms based in bank-based financial systems are likely to
perform better during a financial crisis than firms in a
market-based financial system.