The impact of compliance, board committees and insider CEOs on firm survival during crisis

Sardar Ahmad*, Subhan Ullah, Saeed Akbar, Devendra Kodwani, Sanjukta Brahma

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

42 Downloads (Pure)


This study investigates the relationship between internal corporate governance mechanisms and firm survival during a financial crisis. Using a sample of FTSE 350 listed companies for the time period 2003–2010, our results show significant differences in the corporate governance mechanisms of firms that survived and those that failed during the 2007–2009 financial crisis. The findings indicate that compliance with the UK Corporate Governance Code is negatively associated with the survival of firms when they experience exogenous shocks. However, the existence of insider CEOs and a higher number of board committees in organisations increase the chances of survival during an economic downturn. These findings have policy implications and show that non-compliance with a prescribed code of corporate governance does not necessarily lead to poor governance. Moreover, the establishment of extra board committees and CEO succession planning are shown as important dynamics in firms’ strategic decisions, as they have implications for the survival of firms during difficult economic conditions.
Original languageEnglish
Article number102979
Number of pages19
JournalInternational Review of Financial Analysis
Early online date13 Oct 2023
Publication statusPublished - Jan 2024


  • Firm survival
  • corporate governance
  • compliance
  • insider CEOs
  • board committees
  • financial crisis

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance


Dive into the research topics of 'The impact of compliance, board committees and insider CEOs on firm survival during crisis'. Together they form a unique fingerprint.

Cite this